# 405 Massalina Drive, Panama City, FL 32401 > **TL;DR:** 7bd/6ba single family, $865,000 ($289/sqft), built 2025, 2,988 sqft. > Waterfront, A/C. Est. $4,626/mo. Listed 120 days. ## Property at a Glance | Attribute | Value | |-----------|-------| | Price | $865,000 | | Price/sqft | $289 | | Bedrooms | 7 | | Bathrooms | 6 full | | Square Feet | 2,988 | | Year Built | 2025 | | Stories | 2 | | Property Type | Single Family (Other) | | Status | Active | | Days on Market | 120 | ## Why This Home Stands Out - **Waterfront** - Waterfront location listed ## Estimated Monthly Costs | Category | Amount | |----------|--------| | Principal & Interest (20% down, 30-year at 6.5%) | $4,374 | | Estimated Insurance | $252 | | **Total** | **$4,626** | ## Nearby Schools - **Elementary:** Cherry Street - **Middle:** Jinks - **High:** Bay ## Key Amenities - Waterfront - A/C ## Property Highlights - Built in 2025 - 2 stories - 2 parking spaces - Waterfront ## Description ### Agent Description $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. Waterfront masterpiece with deep water access to the Bay and the Gulf of Mexico. 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. New custom landscaping and 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. Direct views of Massalina Bayou offering serene surroundings and a true coastal lifestyle. Prime location near top shopping, dining, entertainment, and local attractions. This unique combination of parcels provides endless possibilities--multigenerational living, a fully income-producing investment, or use the carriage house a primary residence and rent out the fourplex for excellent rental income. With its unmatched flexibility, new construction quality, and breathtaking bayou views, this property checks all the boxes. ## Location - **Address:** 405 Massalina Drive, Panama City, FL 32401 - **County:** Bay - **Neighborhood:** COVE THE - **Coordinates:** 30.155517, -85.655479 - **Google Maps:** https://www.google.com/maps?q=30.155517,-85.655479 ## Listing Agent - **Name:** Mike Herring · **License:** 3256219 - **Brokerage:** Keller Williams Realty- Emerald Coast - **Broker Phone:** (850) 654-2900 - **Listing URL:** [View original listing](https://www.realtor.com/realestateandhomes-detail/405-Massalina-Dr_Panama-City_FL_32401_M52230-58897?f=listhub&s=ECARMLSFL&m=1006983&c=propsimple) ## Photos ![405 Massalina Drive - Photo 1](http://lh.rdcpix.com/5ff21c6ccbaf99a2e5439716c921f4e2l-f3757199023r.jpg) ![405 Massalina Drive - Photo 2](http://lh.rdcpix.com/5ff21c6ccbaf99a2e5439716c921f4e2l-f2280241539r.jpg) ![405 Massalina Drive - Photo 3](http://lh.rdcpix.com/5ff21c6ccbaf99a2e5439716c921f4e2l-f3333198358r.jpg) ![405 Massalina Drive - Photo 4](http://lh.rdcpix.com/5ff21c6ccbaf99a2e5439716c921f4e2l-f3195212797r.jpg) ![405 Massalina Drive - Photo 5](http://lh.rdcpix.com/5ff21c6ccbaf99a2e5439716c921f4e2l-f64197950r.jpg) ![405 Massalina Drive - Photo 6](http://lh.rdcpix.com/5ff21c6ccbaf99a2e5439716c921f4e2l-f1156818084r.jpg) ![405 Massalina Drive - Photo 7](http://lh.rdcpix.com/5ff21c6ccbaf99a2e5439716c921f4e2l-f1100078311r.jpg) ![405 Massalina Drive - Photo 8](http://lh.rdcpix.com/5ff21c6ccbaf99a2e5439716c921f4e2l-f3447059871r.jpg) ![405 Massalina Drive - Photo 9](http://lh.rdcpix.com/5ff21c6ccbaf99a2e5439716c921f4e2l-f2569567393r.jpg) ![405 Massalina Drive - Photo 10](http://lh.rdcpix.com/5ff21c6ccbaf99a2e5439716c921f4e2l-f244010951r.jpg) ![405 Massalina Drive - Photo 11](http://lh.rdcpix.com/5ff21c6ccbaf99a2e5439716c921f4e2l-f2488756746r.jpg) ![405 Massalina Drive - Photo 12](http://lh.rdcpix.com/5ff21c6ccbaf99a2e5439716c921f4e2l-f1385936157r.jpg) ![405 Massalina Drive - Photo 13](http://lh.rdcpix.com/5ff21c6ccbaf99a2e5439716c921f4e2l-f1498781903r.jpg) ![405 Massalina Drive - Photo 14](http://lh.rdcpix.com/5ff21c6ccbaf99a2e5439716c921f4e2l-f1521312082r.jpg) ![405 Massalina Drive - Photo 15](http://lh.rdcpix.com/5ff21c6ccbaf99a2e5439716c921f4e2l-f1793996159r.jpg) ![405 Massalina Drive - Photo 16](http://lh.rdcpix.com/5ff21c6ccbaf99a2e5439716c921f4e2l-f2251744850r.jpg) ![405 Massalina Drive - Photo 17](http://lh.rdcpix.com/5ff21c6ccbaf99a2e5439716c921f4e2l-f1302988430r.jpg) ![405 Massalina Drive - Photo 18](http://lh.rdcpix.com/5ff21c6ccbaf99a2e5439716c921f4e2l-f3041403421r.jpg) ![405 Massalina Drive - Photo 19](http://lh.rdcpix.com/5ff21c6ccbaf99a2e5439716c921f4e2l-f817187543r.jpg) ![405 Massalina Drive - Photo 20](http://lh.rdcpix.com/5ff21c6ccbaf99a2e5439716c921f4e2l-f4249146694r.jpg) ![405 Massalina Drive - Photo 21](http://lh.rdcpix.com/5ff21c6ccbaf99a2e5439716c921f4e2l-f1807822333r.jpg) ![405 Massalina Drive - Photo 22](http://lh.rdcpix.com/5ff21c6ccbaf99a2e5439716c921f4e2l-f1918858461r.jpg) ![405 Massalina Drive - Photo 23](http://lh.rdcpix.com/5ff21c6ccbaf99a2e5439716c921f4e2l-f2984170545r.jpg) ![405 Massalina Drive - Photo 24](http://lh.rdcpix.com/5ff21c6ccbaf99a2e5439716c921f4e2l-f1629983312r.jpg) ![405 Massalina Drive - Photo 25](http://lh.rdcpix.com/5ff21c6ccbaf99a2e5439716c921f4e2l-f3758716410r.jpg) ![405 Massalina Drive - Photo 26](http://lh.rdcpix.com/5ff21c6ccbaf99a2e5439716c921f4e2l-f1210048808r.jpg) ![405 Massalina Drive - Photo 27](http://lh.rdcpix.com/5ff21c6ccbaf99a2e5439716c921f4e2l-f3552108338r.jpg) ![405 Massalina Drive - Photo 28](http://lh.rdcpix.com/5ff21c6ccbaf99a2e5439716c921f4e2l-f3660380168r.jpg) ![405 Massalina Drive - Photo 29](http://lh.rdcpix.com/5ff21c6ccbaf99a2e5439716c921f4e2l-f3048807772r.jpg) ![405 Massalina Drive - Photo 30](http://lh.rdcpix.com/5ff21c6ccbaf99a2e5439716c921f4e2l-f799431877r.jpg) ![405 Massalina Drive - Photo 31](http://lh.rdcpix.com/5ff21c6ccbaf99a2e5439716c921f4e2l-f2723724707r.jpg) --- **MLS#:** 1006983 | **Updated:** 2026-10-26 **Source:** listhub *Copyright © 2026 Emerald Coast Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.* [View on PropertySimple](https://www.propertysimple.ai/listing/405-massalina-drive-panama-city-fl-32401-cf5b1ee842e24960ac2a6c78c95a94e1) --- ## Structured Data ```json { "@context": "https://schema.org", "@type": "RealEstateListing", "@id": "https://www.propertysimple.ai/listing/405-massalina-drive-panama-city-fl-32401-cf5b1ee842e24960ac2a6c78c95a94e1#listing", "url": "https://www.propertysimple.ai/listing/405-massalina-drive-panama-city-fl-32401-cf5b1ee842e24960ac2a6c78c95a94e1", "name": "405 Massalina Drive, Panama City, FL 32401", "description": "$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. Waterfront masterpiece with deep water access to the Bay and the Gulf of Mexico. 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. New custom landscaping and 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. Direct views of Massalina Bayou offering serene surroundings and a true coastal lifestyle. Prime location near top shopping, dining, entertainment, and local attractions. This unique combination of parcels provides endless possibilities--multigenerational living, a fully income-producing investment, or use the carriage house a primary residence and rent out the fourplex for excellent rental income. 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