3244 Panama, Carmichael, CA 95608, Carmichael, 95608 - 3 bed, 2 bath
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Carmichael, CA 95608
This Prime Redevelopment Asset represents a Strong Value Opportunity, listed at $380,000—positioned well below the $420,981 Fair Market Value by 9%. This valuation gap offers $40,981 in Instant Equity for buyers prepared to address the Condition Rating of 5. The property boasts an Expansive 15,181 SQFT Lot with versatile SPA Zoning and includes Approved Permits and Plans for a new 1,700 sqft residence. This high-upside project is a strategic acquisition for Developers or Contractors seeking forced appreciation in Carmichael.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 3244 Panama Subject | $380,000* List Price | 3 | 2 | 1,706 | $223 | - |
A 3244 Panama Avenue Active | $380,000 List Price | 3 | 2 | 1,706 | $223 | 0.0 mi |
* Subject property listed price vs sold prices of comps.
Property is extensive renovation needed.
Built in 1945 with no evidence of recent major renovations. The exterior shows significant deferred maintenance, including a visibly aged and potentially failing roof, worn siding, and dated windows. Given the age and exterior state, the property likely requires a full interior rehab and replacement of major systems (HVAC/Electric) to meet modern safety standards.
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 property sits on a generous 15,181 square foot lot, providing ample space for potential ADU construction, gardening, or outdoor entertainment areas.
With a list price of $380,000 for over 1,700 square feet, this home offers a highly attractive price-per-square-foot compared to regional averages in Carmichael.
Built in 1945, the home likely requires updates to major systems such as plumbing, electrical, and insulation to meet modern efficiency and safety standards.
Given the age and price point, the property may require significant capital investment for cosmetic or structural modernization to reach its full market potential.
(Supra) Unique property ideal for many uses. Privately located in the Carmichael Colony Neighborhood. Seller considers no actual value to the existing house as its current condition is nowhere near any value whatsoever. The value of this property lies within the land, the two foundations, access to utilities, zoning, buildable density, and the location. SITE PLANS for a 3-bed, 2-bath, 1,700 SQFT Single-Family Residence are available upon buyer's request. Offering SPA Zoning with flexible land uses for mixed use opportunities. For more land to expand upon there is an adjacent vacant lot also for sale: 3252 Panama Ave. With the High Density Zoning the owner is allowed to build up to a high unit density across both 3244 Panama Ave & 3252 Panama Ave. Enjoy fast commuter access to Fair Oaks, Folsom, Downtown Sacramento, and El Dorado Hills. 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, an extra 0.36 acre lot. Totaling approximately 30,863 square feet (0.71 acres).DISCLAIMER: Agents, buyers, inspectors, contractors, and all other parties are strictly prohibited from entering the home without the Seller's prior written authorization. Interior access is NOT permitted under any circumstances without advance approval. Any party requesting access to the interior of the property must first sign and submit a Release of Liability. The required form will be provided upon request and must be fully executed and approved before any interior access will be considered. Unauthorized entry onto the property or into any structure is strictly prohibited and may constitute trespassing. All parties enter the property at their own risk. Property is being sold AS IS. Seller makes no representations or warranties regarding the condition or safety of the structures.Extreme caution is advised. Do not leave children unattended while visiting the property. Parents and guardians are responsible for supervising minors at all times. The property may contain conditions or hazard that are unsafe for unsupervised children.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 3.0 | 0.0 |
| Baths | 2.0 | 0.0 |
| Square foot | 1,706 | - |
| Lot Size | 15,181 | - |
| Price | $380.0K | $576.3K |
| Price per sq ft | $223 | $376 |
| Built year | 1945 | 0 |
| HOA | $0 | $0 |
| Days on market | 130 | 35 |
Mar 14, 2026
$380,000
Initial Listing
May 10, 2002
$350,000
Public Record