Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    401 Massalina Dr Panama City, FL 32401

    Sponsored
    For Sale
    $1,850,000

    MULTI_FAMILY - Panama City, FL

    Property size:
    4,698 SF
    Lot size:
    0.25 Acres
    Days on Market:
    30
    Last Refresh:
    Feb 4 at 1:06 pm

    Property Features for 401 Massalina Dr

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Property condition
    Under Construction
    Standard status
    Active
    Rooms
    Bedroom 5, Bathroom 1, Bathroom 5, Bathroom 4, Family Room, Bedroom 3, Bedroom 1, Bedroom 4, Bedroom 8, Living Room, Den, Bathroom 3, Bedroom 2, Bedroom 7, Bathroom 6, Bathroom 7, Bathroom 2, Bedroom 6, Bedroom 9
    Bedrooms
    9
    Bathrooms
    7
    APN
    20456-010-000 & 20456-000-000
    Patio and Porch features
    Porch, Patio
    Pool private
    1
    Exterior features
    Dock, OutdoorKitchen
    Appliances
    GasRange, TanklessWaterHeater
    Size
    4,698 SF
    Lot size
    0.25 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Central
    Cooling system
    Central Air, Ceiling Fan(s)
    Water front
    1

    Building Details

    Year built
    2025
    Floors in Building
    2
    Building materials
    HardiplankType

    We can help!

    Listing Contact
    Scott Suber
    Scott Suber

    Beach Haven Realty (770) 596-6599

    Listing agent Scott Suber (770) 596-6599 License #3380896

    Listing date Jan 6, 2026

    MLS# 781413 Listing URL

    Copyright © 2026 Central Panhandle 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.

    Learn more

    Property Insight Report

    Overview

    Waterfront Property with Income Potential

    This waterfront property on Massalina Bayou includes two separate parcels being sold together. The property features three separate structures: a new construction main residence scheduled for completion in 2025, a new construction carriage house also scheduled for completion in 2025, and four waterfront apartments. The main residence will feature 3 bedrooms and 2 bathrooms, a private pool with water views, and is scheduled to be fully furnished. The carriage house has 2 bedrooms and 1 bathroom and is currently leased. The four apartments each have 1 bedroom and 1 bathroom; two of the four units are currently rented. A newly constructed dock connects both parcels. The property is located near shopping, dining, entertainment, and local attractions. The total property size is 4698 square feet on a lot of 0.25 acres. The property offers possibilities for multi-generational living, income-producing investment, or a primary residence with rental opportunities. The property has manicured landscaping and direct views of Massalina Bayou.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Short term rental ...

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Panama City
    County
    Walton
    State
    Florida
    Longitude
    -85.655295
    Latitude
    30.155345

    Nearby Similar for Sale

    • $723,900
      1,293 SF

      Furnished Condo Near 30A Beaches

      Meticulously maintained, fully furnished condo near beaches and local restaurants.
      197 Milestone Dr, Inlet Beach, FL 32461
      View Details
    • New
      $500,000
      3,679 SF

      Dual-Home Family Retreat Investment

      Dual-home property near Beach Drive, ideal for living and investment.
      1016 W 12Th St, Panama City, FL 32401
      View Details
    • $470,000
      Pending

      Like-New Duplex Near the Beach

      Updated duplex perfect for investors or multi-generational living.
      9020/9022 Houston St, Panama City, FL 32408
      View Details
    • $3,650,000
      3.74 Acres

      Panama City Commercial Opportunity

      Three parcels with established businesses and equipment for sale.
      1220 W 19Th St, Panama City, FL 32405
      View Details
    • $949,000
      1,747 SF

      Turnkey Furnished Home in Prominence North

      Fully furnished, updated 3-bedroom home in Prominence North community.
      23 E York Ln, Inlet Beach, FL 32461
      View Details
    • $725,000
      10.00 Acres

      Sprawling Panama City Acreage with Home

      10-acre property with home, workshop, and secondary structure.
      7910 Gadsden Ave, Panama City, FL 32409
      View Details
    • New
      $379,900
      2,768 SF

      High-Visibility Commercial Building on Corner Lot

      2,768 SF commercial building on 0.446-acre corner lot.
      247 Highway 22 A, Panama City, FL 32404
      View Details
    • $1,825,000
      4.50 Acres

      Panama City Land Opportunity

      4.5 acre commercial property with flexible zoning.
      2515 E 15Th St, Panama City, FL 32405
      View Details
    • New
      $1,800,000
      31,875 SF

      Versatile Commercial Building in Panama City

      Three-level, 30,000 sq ft commercial building with flexible floor plan.
      551 Harrison Ave, Panama City, FL 32401
      View Details
    • $459,000
      Pending

      Furnished Duplex Near Laguna Beach

      Turnkey rental duplex near Laguna Beach access, fully furnished.
      203 Broderick Pl, Panama City, FL 32413
      View Details
    • $435,000
      2,337 SF

      Commercial Property with Residential Conversion

      Versatile commercial property with residential conversion potential and industrial building.
      922 N East Ave, Panama City, FL 32401
      View Details
    • $489,500
      3,200 SF

      Office, Warehouse, and Laydown Yard

      Office and warehouse space with fenced laydown yard in Panama City.
      625 Mercer Ave, Panama City, FL 32401
      View Details

    FAQs

    What type of property is this?
    Apartment building - Waterfront property featuring multiple residences and income-generating potential in Panama City.
    Where is this apartment building located?
    The property is located at 401 Massalina Dr Panama City, FL.
    What is the asking price?
    The asking price for this property is $1,850,000.
    What are key features of this property?
    This property features: - Waterfront property with significant income potential from multiple rental units (four 1-bed apartments and a 2-bed carriage house).; - New construction (2025) featuring a 3-bed main house with a private pool and a 2-bed carriage house.; - Expansive waterfront estate with a newly constructed dock, created by combining two separate parcels.
    (850) 830-3266
    Request Owner's contact information
    401 Massalina Dr Panama City, FL 32401
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    401 Massalina Dr
    Panama City, FL 32401
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    401 Massalina Dr Panama City, FL 32401
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Scott Suber
    Scott Suber
    Real Estate License ID: 3380896
    (850) 830-3266
    Learn more
    Google sign-in failed. Please try again or use another login method.