Waterfront Quadplex with Carriage
405 Massalina Drive Panama City, FL 32401
405 Massalina Drive, Panama City, FL, 32401
$865,000
For Sale
$865,000
MULTI_FAMILY - Panama City, FL
Property Size2,988 SF
Lot Size0.14 Acres
Price / SF$289.49
Days on Market12
Property Features for 405 Massalina Drive
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Property condition
- Under Construction
- Bedrooms
- 7
- Bathrooms
- 6
- Rooms
- Bedroom 3, Bathroom 1, Bathroom 6, Bedroom 5, Bathroom 3, Bedroom 7, Bathroom 4, Bedroom 2, Bedroom 4, Bathroom 2, Bathroom 5, Bedroom 6, Bedroom 1
- Patio and Porch features
- Porch
- Appliances
- GasRange, TanklessWaterHeater
- Standard status
- Active
- APN
- 20456-000-000
- Size
- 2,988 SF
- Lot size
- 0.14 Acres
Taxes and HOA fees
- Tax Description
- SUDDUTHS 1ST ADD. LOT 20 BLK 8 ORB 4783 P 213 MAP 105C2
Utilities
- Sewer type
- Public Sewer
- Heating system
- Electric (Heating), Central
- Cooling system
- Ceiling Fan(s), Central Air
- Water front features
- Seawall
- Water front
- 1
Building Details
- Year built
- 2025
- Building materials
- HardiplankType
- Roof type
- Metal
Listing Agency
Keller Williams Realty Emerald
(850) 654-2900
3925 W County Hwy 30a Suite 1, Destin, FL
Listed by
Mike S Herring · License #3256219
(850) 321-0917
Added: Jul 6 Checked: Jul 17 at 11:06 am
MLS# 792225
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.
Investment Insights
Based on property information with market context.
This property includes a quadplex/fourplex along with a separate carriage house. The listing states the carriage house is fully furnished. The rental income breakdown provided is $1,750 per month from the carriage house and $5,350 per month combined from four units in the quadplex, for total listed income of $7,100 per month ($85,200 per year).
Located at 405 Massalina Drive in Panama City, Florida, the home offers waterfront access with a shared dock described as providing deep-water access to Massalina Bayou and the Bay and Gulf of Mexico. The listing also references decking and a fish cleaning station as part of the dock area. The lot size is listed as 0.14 acres.
This configuration is well suited for owners seeking an income-producing residential setup with multiple separate units plus an additional carriage house that can serve as a flexible option for additional tenants or on-site use. The property also includes boat parking per the listing, which can be an important fit for tenants or residents who prioritize waterfront access and storage convenience.
Located at 405 Massalina Drive in Panama City, Florida, the home offers waterfront access with a shared dock described as providing deep-water access to Massalina Bayou and the Bay and Gulf of Mexico. The listing also references decking and a fish cleaning station as part of the dock area. The lot size is listed as 0.14 acres.
This configuration is well suited for owners seeking an income-producing residential setup with multiple separate units plus an additional carriage house that can serve as a flexible option for additional tenants or on-site use. The property also includes boat parking per the listing, which can be an important fit for tenants or residents who prioritize waterfront access and storage convenience.
Key Highlights
- Under construction with a 2025 build year
- Deep water waterfront with a seawall and shared dock with fish cleaning station
- Rental income stated at $7,100/month ($85,200/year) from carriage house and quadplex/fourplex
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $61.0k | $20.40 |
| − Vacancy | −$9.3k | −$3.12 |
| EGI | $51.6k | $17.28 |
| − OpEx | −$15.5k | −$5.18 |
| NOI | $36.1k | $12.10 |
2,988 SF · lease $20.40/SF/yr · vacancy 15.29% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$516.4K
$451.8K – $602.4K
NOI $36,145 @ 7.0% cap · market cap 4.18%
Second Best
Apartment 5plus
$472.7K
$413.7K – $551.5K
NOI $33,092 @ 7.0% cap · market cap 3.83%
Theoretical Best
Office A
$751.4K
$657.5K – $876.7K
NOI $52,601 @ 7.0% cap · market cap 6.08%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Quadplex - Carriage house and quadplex generate listed rental income and include deep-water dock access for boat parking.
Where is this quadplex located?
The property is located at 405 Massalina Drive Panama City, FL.
What is the asking price?
The asking price for this property is $865,000.
What are key features of this property?
This property features: Under construction with a 2025 build year; Deep water waterfront with a seawall and shared dock with fish cleaning station; Rental income stated at $7,100/month ($85,200/year) from carriage house and quadplex/fourplex
