231 Blackshear Avenue, Los Angeles, California 90022, Los Angeles, 90022 - bed, bath
ACTIVE$975,000$2,271/sqft
231 Blackshear Avenue, Los Angeles, California 90022
0Bed
0Bath
2,271Sqft
5,188Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
Significant Value-Add Opportunity: City-approved plans for a 950 sqft, 2-bed, 2-bath ADU in the existing 4-car garage present a clear path to significantly increase the property's income potential and overall value.
Top Cons:
Age of Property & Potential Renovation Needs: Built in 1948, the existing triplex units may require substantial updates to systems, finishes, and overall aesthetics to optimize rental income and attract premium tenants.
Compared to the nearby listings
Price:$975.0K vs avg $834.5K (+$140,500)83%
Size:2,271 sqft vs avg 1,994 sqft67%
Price/sqft:$429 vs avg $42150%
More Insights
Built in 1948 (78 years old).
Condition: Built in 1948, this property is over 70 years old. The listing explicitly states that the 'existing triplex units may require substantial updates to systems, finishes, and overall aesthetics.' While exterior images show a functional structure, the lack of interior photos combined with the age and the need for 'substantial updates' indicates that the existing units are likely very outdated and require significant rehabilitation, aligning with the 'poor' condition criteria.
Year Built
1948
Close
-
List price
$975K
Original List price
$975K
Price/Sqft
$429
HOA
-
Days on market
-
Sold On
-
MLS number
PF26003504
Home ConditionPoor
Features
View-
About this home
Tucked away on a peaceful corner in East Los Angeles, right where the city meets Montebello, sits an opportunity waiting to be seized. This three-unit property doesn't just offer a prime location—it opens the door to something bigger. Step outside, and you'll find yourself minutes from everything that matters. The Metro stop beckons to commuters, while nearby shops and schools make daily life a breeze. Dual street addresses and easy freeway access add layers of convenience that modern city dwellers crave. But here's where it gets interesting: that empty four-car garage isn't just storage space—it's your next investment. The City of Los Angeles has already approved plans for a fourth unit, an ADU spanning 950 square feet. Picture this: two bedrooms, two bathrooms, and a dedicated laundry area, all ready to transform from blueprint to reality. Smart investors take note—this isn't just a building, it's a foundation for growth.
D
Danny Villela
Listing Agent
Price History
Date
Event
Price
05/05/99
Sold
$233,000
07/25/22
Sold
$900,000
Condition Rating
Poor
Built in 1948, this property is over 70 years old. The listing explicitly states that the 'existing triplex units may require substantial updates to systems, finishes, and overall aesthetics.' While exterior images show a functional structure, the lack of interior photos combined with the age and the need for 'substantial updates' indicates that the existing units are likely very outdated and require significant rehabilitation, aligning with the 'poor' condition criteria.
Pros & Cons
Pros
Significant Value-Add Opportunity: City-approved plans for a 950 sqft, 2-bed, 2-bath ADU in the existing 4-car garage present a clear path to significantly increase the property's income potential and overall value.
Established Income Property: The property is already a three-unit residential income property (triplex), providing immediate rental income and a foundation for further investment growth.
Prime Location & Accessibility: Strategically located in East Los Angeles near Montebello, offering excellent access to Metro stops, shops, schools, and major freeways, enhancing tenant desirability and convenience.
Corner Lot with Dual Access: Positioned on a peaceful corner with dual street addresses, which can offer increased privacy, better access, and potential flexibility for future development or tenant parking.
Investor-Ready Asset: Explicitly marketed as an opportunity for 'smart investors' and a 'foundation for growth,' highlighting its potential for expansion and increased returns.
Cons
Age of Property & Potential Renovation Needs: Built in 1948, the existing triplex units may require substantial updates to systems, finishes, and overall aesthetics to optimize rental income and attract premium tenants.
Additional Investment for ADU Construction: While ADU plans are approved, the actual construction of the fourth unit will require a significant additional capital investment and time commitment from the buyer, which is not included in the purchase price.
Limited Information on Existing Units: The property description lacks specific details regarding the current condition, rental income, or tenant status of the existing three units, making it challenging for investors to fully assess immediate cash flow and potential capital expenditures.