3244 Panama Avenue, Carmichael, CA 95608, Carmichael, 95608 - 3 bed, 2 bath
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Carmichael, CA 95608
This Prime Redevelopment Site represents a High-Potential Investment Opportunity with a List Price of $380,000. The property carries a Condition Rating of 6, as the primary value lies in the 0.35-Acre Lot and Approved Remodeling Plans for a 1,700 sqft residence. Featuring versatile SPA Zoning for residential or commercial use and preexisting slab foundations with utility access, the site is positioned for rapid development. Located near Top-Rated IB Schools, this is a strategic acquisition for Developers or Contractors.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 3244 Panama Avenue Subject | $380,000* List Price | 3 | 2 | 1,706 | $141 | - |
A 2546 El Vita Way Sold | $480,000 | 3 | 2 | 1,866 | $257 | 1.0 mi |
* Subject property listed price vs sold prices of comps.
Property is land value only, full reconstruction required.
The property, built in 1945, is explicitly described by the seller as having no value in the physical structure. It is being marketed as a redevelopment project with approved plans for a new residence, and the images confirm the existing building is in a dilapidated, unlivable state.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 15181, living area = 1706.
The Special Planning Area (SPA) zoning allows for a wide range of residential and commercial uses, including multi-unit housing, live-work spaces, and vocational schools, providing exceptional investment flexibility.
The property includes preexisting slab foundations with utility access and comes with approved remodeling plans and permits for a 1,700 sqft residence, significantly reducing pre-construction hurdles and timelines.
The seller attributes no value to the current physical home, meaning the buyer is essentially purchasing a teardown or major redevelopment project requiring significant additional capital.
The seller's preference to sell this lot in conjunction with the adjacent property may limit options for individual buyers and increase the total acquisition cost for the combined 0.71-acre site.
Unique property for sale in the Carmichael Colony Neighborhood! APPROVED PERMITS & PLANS for a NEW BUILD 3-bed, 2-bath, 1,700 sqft Single-Family Residence. Sitting on a 0.35 Acre lot, 3244 Panama Ave offers two preexisting slab foundations with access to utilities. Seller considers no actual value to the existing home! Fast commuter access to Fair Oaks, Folsom, Downtown Sacramento, and El Dorado Hills. As per Sacramento County the lot is zoned as Special Planning Area Zoning (SPA) Residential and Commercial use. Including but not limited to: multi-unit housing, warehouse, rehab centers, residential care facilities, vocational schools, churches, and Live-work properties. Also Enjoy the perks of being near Riverside Golf Course, Ancil Hoffman Nature Center,the American River Parkway, Pavilions Shopping Center, Arden Fair Mall, International dining, and a highly rated International Baccalaureate school. **Sellers prefers to sell 3244 Panama Ave with 3252 Panama Ave. Carmichael, CA 95608, an extra 0.36 acre lot. Totaling approximately 30,863 square feet (0.71 acres). Prospective buyers and buyer agent to verify all information with respective agencies.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 3.0 | 3.0 | 50% |
| Baths | 2.0 | 2.0 | 50% |
| Square foot | 1,706 | 1,707 | 50% |
| Lot Size | 15,181 | 9,583 | 88% |
| Price | $380.0K | $567.5K | 3% |
| Price per sq ft | $223 | $361 | 3% |
| Built year | 1945 | 1963 | 7% |
| HOA | $0 | $0 | 50% |
| Days on market | 39 | 167 | 1% |
Mar 14, 2026
$380,000
Initial Listing
May 10, 2002
$350,000
Public Record