Welcome to an extraordinary development opportunity in Colfax Meadows, one of the best neighborhoods in Studio City! Situated on a generous 6,864 sqft lot, this home plus an ADU, boasts LARD1.5 zoning, presenting a canvas of possibilities for the savvy investor or visionary developer to maximize the lot and build multiple units. The added convenience of a corner lot enhances the appeal, providing flexibility for design and construction. The existing 2 bedroom, 1 bath home is currently leasing for $2,950 and the permitted ADU is leasing for $1,600. Close to the Farmers Market, Tujunga Village, and Ventura Blvd for shops and restaurants. Located in the coveted Carpenter Community Charter School. TENANT OCCUPIED. PLEASE DO NOT WALK THE PROPERTY.