Listing Courtesy of: CENTRAL PANHANDLE / Listed By: Keller Williams Realty Emerald
401 & 405 Massalina Drive Panama City, FL 32401
Active (6 Days)
$1,700,000 (USD)
Description
MLS #:
792227
792227
Lot Size
0.28 acres
0.28 acres
Type
Single-Family Home
Single-Family Home
Year Built
2025
2025
Style
Craftsman
Craftsman
Views
Bayou
Bayou
County
Bay County
Bay County
Community
Cove
Cove
Listed By
Mike S Herring, Keller Williams Realty Emerald
Source
CENTRAL PANHANDLE
Last checked Jul 8 2026 at 7:25 AM GMT+0000
CENTRAL PANHANDLE
Last checked Jul 8 2026 at 7:25 AM GMT+0000
Bathroom Details
- Full Bathrooms: 8
Interior Features
- Tankless Water Heater
- Gas Range
- Interior Steps
- Main Level Primary
- Walk-In Closet(s)
- Double Vanity
Subdivision
- Cove
Lot Information
- Paved
- Sprinkler System
Heating and Cooling
- Electric
- Ceiling Fan(s)
- Central Air
Pool Information
- Private
- In Ground
- Electric Heat
Exterior Features
- Roof: Metal
Utility Information
- Utilities: Sewer Available
School Information
- Elementary School: Cherry Street
- Middle School: Jinks
- High School: Bay
Stories
- 2
Location
Estimated Monthly Mortgage Payment
*Based on Fixed Interest Rate withe a 30 year term, principal and interest only
Listing price
Down payment
%
Interest rate
%Mortgage calculator estimates are provided by CENTURY 21 Real Estate LLC and are intended for information use only. Your payments may be higher or lower and all loans are subject to credit approval.
Disclaimer: Copyright 2026 Central Panhandle MLS. All rights reserved. This information is deemed reliable, but not guaranteed. The information being provided is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data last updated 7/8/26 00:25
3 SEPARATE STRUCTURES, 2 SEPARATE PARCELS, 1 AWESOME PRICE!! Zoned for short term and long term rental.
Waterfront on Massalina Bayou!
Main House: Amazing 3-bedroom 2-bath with den/office *new construction*. Gorgeous views from covered porches on both floors. First floor has open kitchen with Forno Italian stainless appliances, large Island, gas stove, double door refrigerator w/ice maker and wine cooler. Living/dining walk out large sliding doors to covered porch, outdoor Thor stainless summer kitchen and pool/bayou views. Master bedroom and master bath with large custom shower, double vanity sink and walk in closet. Second floor open family room, den/office, large sliding doors to walk to walk out to covered porch overlooking pool/bayou. Two additional bedrooms and one bath. So much to offer with beautifully designed tile flooring throughout, tankless water heater and extra storage.
401 Massalina Drive is under a lease for 5 months with potential for 2 month extension. $3600 per month and includes utilities and pool service.
405 Massalina Drive:
Carriage House plus Quadplex/Fourplex:
$7100 per month or $85,200 per year in rental income from the carriage house and quadplex/fourplex. Perfect for a DSCR loan where your rental income pays for your mortgage, plus you get a dock and a place to park your boat on deep water. This is the most versatile quadplex/fourplex plus carriage house (comes fully furnished) in Panama City. Here is the rental income breakdown: Carriage house = $1750 per month; Apartment 1 (Civil Contractor) = $1450 per month; Apartment 2 (Realtor) = $1450 per month; Apartment 3 (Property Maintenance Man) = $1,000 per month (reduced because he takes care of the lawn and pool - you could charge $1450); Apartment 4 (Josh) = $1450 per month; Total income = $7100 per month or $85,200 per year.
New custom landscaping and pool to relax and enjoy. Beautiful decking, shared dock with fish cleaning station. Location is easy to access to newly renovated downtown entertainment with shopping, dining, concerts and ongoing festivities.