Quadplex with Carriage
For Sale
$865,000
405 Massalina Drive, Panama City, FL 32401
MULTI_FAMILY - Panama City, FL
Property Size2,988 SF
Lot Size0.14 Acres
Price / SF$289.49
Days on Market49
Property Features for 405 Massalina Drive
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Property condition
Under Construction
Zoning description
Resid Single Family
Bedrooms
7
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 3, Bathroom 6, Bedroom 5, Bedroom 4, Bedroom 2, Bathroom 4, Bedroom 1, Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 7, Bedroom 6, Bathroom 5
Patio and Porch features
Porch
Appliances
GasRange, TanklessWaterHeater
Subdivision
Cove
Lot features
Sprinkler System, Paved
Elementary school
Cherry Street
Middle school
Jinks
High school
Bay
Directions
US-98 BUS E/W Beach Drive, turn left on 4th St, right on Oak Avenue, left to W 4th St. cross over bridge. Home is on the left. Corner Massalina Drive and 4th St
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
Legal 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
Amenities
dock
pool
fish cleaning station
decking
Building Details
Year built
2025
Building materials
HardiplankType
Roof type
Metal
Listing Agency:
Keller Williams Realty Emerald
(850) 654-2900
Listed By:
Mike S Herring · License #3256219
(850) 321-0917
Added: Jul 6
Changed: Aug 6
Last Checked: Aug 23 at 9:06PM
MLS# 792225
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 quadplex property with a carriage house is currently under construction, with an expected 2025 build. The home includes a porch and a waterfront seawall, and it comes equipped with a tankless water heater and a gas range. Heating is electric with central heating, and cooling is central air with ceiling fan(s). Exterior construction materials include Hardiplank type, and the roof is metal.
The property is located at 405 Massalina Drive in Panama City, FL 32401 (Bay County), on a 0.14-acre lot totaling 2,988 square feet. Waterfront features include direct views of Massalina Bayou and a shared dock with a fish cleaning station.
With its quadplex layout plus an additional carriage house, the configuration provides flexibility for multiple occupants while keeping the waterfront setting and dock access central to the property’s setup.
The property is located at 405 Massalina Drive in Panama City, FL 32401 (Bay County), on a 0.14-acre lot totaling 2,988 square feet. Waterfront features include direct views of Massalina Bayou and a shared dock with a fish cleaning station.
With its quadplex layout plus an additional carriage house, the configuration provides flexibility for multiple occupants while keeping the waterfront setting and dock access central to the property’s setup.
Key Highlights
- Quadplex property with carriage house, under construction with 2025 year built
- Waterfront seawall plus direct views of Massalina Bayou
- Shared dock with fish cleaning station
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$36,145
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.18%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$722,900
$722.9K
Cap Rate 7%
$516,357
$516.4K
Cap Rate 9%
$401,611
$401.6K
Market Conditions
NOI Build-Up for 2,988 SF
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.
Gross rent
$61.0K $20.40/SF
− Vacancy
−$9.3K −$3.12/SF
EGI
$51.6K $17.28/SF
− OpEx
−$15.5K −$5.18/SF
NOI
$36.1K $12.10/SF
Area
Walton County, FL
Vacancy
15.29%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$722,900
Cap Rate 7%
$516,357
Cap Rate 9%
$401,611
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,835
Businesses Nearby
Explore this area
Business Placement
Demographics for 32401, FL
20,487
Population
10,239
Households
2
Avg Household Size
42
Median Age
20%
College-Educated
86%
High-School Grad
12.5 sq mi
ZIP Area
1,639
Density / Sq Mi
$49,901
Median Household Income
$35,885
Median Earnings
$1,194
Median Rent
$207,000
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Newly built quadplex with carriage house under construction, featuring a shared dock with fish cleaning station and seawall access.
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: Quadplex property with carriage house, under construction with 2025 year built; Waterfront seawall plus direct views of Massalina Bayou; Shared dock with fish cleaning station
