2229 Hancock Street, Los Angeles, California 90031, Los Angeles, 90031 - 0 bed, 0 bath
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Los Angeles, California 90031
This Lincoln Heights fourplex represents a High-Potential Investment Opportunity, listed at a List Price of $785,000—positioned well below the $965,143 Fair Market Value by 18%. This valuation gap provides $180,143 in Instant Equity. Featuring a Detached Bungalow Configuration on a 9,899 sq ft LARD3-zoned lot, the property offers significant value-add potential. Despite a Fair Condition Rating requiring modernization, the Exceptional Parking Ratio and proximity to Downtown LA make this an ideal acquisition for Buy-and-Hold Investors or Owner-Occupants seeking to offset mortgage costs.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 2229 Hancock Street Subject | $785,000* List Price | 0 | 0 | 2,394 | $403 | - |
A 2713 Manitou Avenue Sold | $718,000 | 0 | 0 | 2,152 | $334 | 0.3 mi |
B 1709 Sichel Street Sold | $1,000,000 | 0 | 0 | 2,664 | $375 | 0.7 mi |
C 2430 Griffin Avenue Sold | $800,000 | 0 | 0 | 3,096 | $258 | 0.3 mi |
D 2500 Lincoln Park Ave Active | $999,000 List Price | 0 | 0 | 2,431 | $411 | 0.5 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1920, this fourplex is described as a 'value-add' opportunity, indicating it is dated and needs updates. While exterior stucco and some interior laminate flooring appear maintained, the presence of window AC units suggests a lack of modern central HVAC. The 100+ year age and lack of mentioned recent renovations to kitchens, baths, or major systems place it in the fair category, requiring modernization to reach full market potential.
Unlike traditional apartment complexes, this property features four standalone bungalow-style homes, offering superior privacy and a residential feel that commands higher tenant demand and appeals to owner-users.
With an expansive 9,899 sq ft LARD3-zoned lot and the ability to deliver one unit vacant, the property provides a prime opportunity for immediate owner-occupancy and long-term rental upside in a rapidly evolving submarket.
Each unit includes dedicated two-car parking spaces, a rare and highly coveted feature in high-density Northeast Los Angeles that significantly enhances the property's marketability and convenience.
Built in 1920, the property likely requires substantial capital investment for modernization and maintenance of aging systems, such as plumbing, electrical, and structural components common in vintage homes.
The property is served by several nearby schools with low performance ratings (as low as 2/10), which may deter families or long-term owner-occupants prioritizing high-quality educational districts.
Lincoln Heights fourplex , rare opportunity featuring 4 detached standalone bungalow-style homes on an expansive 9,899 sq ft LARD3-zoned lot in rapidly evolving Northeast Los Angeles. Unlike traditional apartment-style properties, each unit enjoys its own separate structure, creating a more private residential feel perfect for future Owner-Users and tenants alike . The property offers a wide central driveway, excellent unit separation, and strong value-add potential with the possibility of Delivering 1 Unit VACANT and Future Owner establishing Residency in the 2 bedroom unit ! The property consists of one 2-bedroom unit and three 1-bedroom units totaling approximately 2,394 sq ft of living space. Each home includes its own dedicated two-car parking spaces, a highly sought-after feature in this submarket. Ideal Opportunity for First time Home Buyers seeking to break into this sought-after area by occupying one unit as a primary residence while utilizing the rental income to offset mortagage. Investors will appreciate the opportunity to capture future rental upside while benefiting from the charm and functionality of individual detached homes and Centrally located just minutes from Downtown Los Angeles, Chinatown, Little Tokyo, Dodger Stadium, USC Medical Center, and the vibrant dining, nightlife, and cultural hubs throughout Northeast LA, with convenient access to the 5, 10, 101, and 110 freeways.
No exterior & parking available.
Grades K-5 • 0.2 mi
Grades K-5 • 0.2 mi
Grades K-6 • 0.7 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 0.0 | 0.0 | 50% |
| Baths | 0.0 | 0.0 | 50% |
| Square foot | 2,394 | 2,682 | 38% |
| Lot Size | 9,899 | 8,262.5 | 88% |
| Price | $785.0K | $869.5K | 38% |
| Price per sq ft | $328 | $355 | 38% |
| Built year | 1920 | 1918 | 50% |
| HOA | $0 | $0 | 50% |
| Days on market | 20 | 184 | 13% |
May 27, 2026
$785,000
Initial Listing
May 24, 2021
$745,000
Public Record