231 Blackshear Avenue, Los Angeles, California 90022, Los Angeles, 90022 - 0 bed, 0 bath
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Los Angeles, California 90022
This Value-Add Triplex Asset is listed at $950,000, representing a strategic acquisition aligned with its $863,347 Fair Market Value considering the significant development upside. The property’s core value lies in the City-Approved ADU Plans to transform the existing 4-car garage into a 950 sqft unit, providing a clear path to increased rental income and ROI. Although currently holding a Poor Condition Rating necessitating rehabilitation, the corner lot location and Metro proximity offer long-term stability. This is an ideal opportunity for Buy-and-Hold Investors or Developers focused on forced appreciation.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 231 Blackshear Avenue Subject | $950,000* List Price | 0 | 0 | 2,271 | $380 | - |
A 468 S Fetterly Sold | $700,000 | 5 | 2 | 1,888 | $371 | 1.0 mi |
B 631 Leonard Avenue Sold | $735,000 | 5 | 3 | 1,960 | $375 | 0.8 mi |
C 670 Keenan Avenue Sold | $849,000 | 0 | 0 | 2,386 | $356 | 0.8 mi |
D 264 Margaret Active | $770,000 List Price | 0 | 0 | 2,174 | $354 | 0.1 mi |
* Subject property listed price vs sold prices of comps.
Property is extensive renovation needed.
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photos combined with the age and the need for 'substantial updates' indicates that the existing units are likely very outdated and require significant rehabilitation, aligning with the 'poor' condition criteria.
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.
The property is already a three-unit residential income property (triplex), providing immediate rental income and a foundation for further investment growth.
Strategically located in East Los Angeles near Montebello, offering excellent access to Metro stops, shops, schools, and major freeways, enhancing tenant desirability and convenience.
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.
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.
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.
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.
No exterior & parking available.
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 | 2,271 | 1,892.5 | 86% |
| Lot Size | 5,188 | 6,252 | 29% |
| Price | $950.0K | $759.0K | 93% |
| Price per sq ft | $418 | $430 | 50% |
| Built year | 1948 | 1929 | 64% |
| HOA | $0 | $0 | 50% |
| Days on market | 106 | 239 | 7% |
Mar 20, 2026
$950,000
$975,000
-3% Price Drop
Initial Listing
Jan 6, 2026
$975,000
Initial Listing
Jul 25, 2022
$900,000
Public Record
May 5, 1999
$233,000
Public Record