3501 E 3rd Place, Los Angeles, California 90063, Los Angeles, 90063 - bed, bath
3501 E 3rd Place
Los Angeles, California 90063
Property Price
SUMMARY
Analysis of 3501 E 3rd Place, Los Angeles, California 90063 is currently available with a list price of $1,199,899. The property maintains a Fair Condition Rating (50/100), suggesting the property is in acceptable condition with potential for value enhancement through selective updates and improvements. Located in a high-demand neighborhood within the Los Angeles Unified School District, this asset is categorized as a low-risk, high-reward acquisition suitable for both Buy-and-Hold Investors and Owner-Occupants willing to undertake light renovation work.
Condition Analysis
OVERALL CONDITION SCORE
Property is moderate renovation needed.
Built in 1961, this multi-unit property is described as well-maintained and freshly painted, but it does not meet the criteria for a recent full renovation. The interiors show functional but dated features, including older wall-mounted heating units, standard cabinetry, and basic light fixtures. While the property is move-in ready and generates immediate cash flow, its age and the lack of significant modern system upgrades place it in the 'Fair' category.
PROSSTRENGTHS & OPPORTUNITIES
- Immediate Cash Flow
The property is fully occupied with a gross annual income of $84,600 and all tenants reported as current, providing a stable, turn-key investment opportunity from day one.
- Versatile Unit Configuration
Featuring a detached 3-bedroom main house and three additional units with separate addresses, the layout is ideal for owner-occupants seeking rental offsets or multi-generational living.
- Strategic Location
Situated minutes from Downtown Los Angeles and major freeways, the property is positioned in a high-demand rental area that supports long-term appreciation and low vacancy risk.
CONSRISKS & DEFICIENCIES
- MLS Listing Discrepancy
Living area discrepancy between mls listing and other public or private record. mls listing living area = 5081, other record living area = 2747.
- High Density on Limited Lot Size
With four units situated on a 5,081 square foot lot, the property likely faces constraints regarding on-site parking and private outdoor space for tenants.
- Verification and Condition Risks
The listing notes that marketing photos have been edited and all information requires independent verification, suggesting potential discrepancies between the digital presentation and the actual physical condition.
About 3501 E 3rd Place
4- Unit Income Property with strong in Place Cash Flow - East Los Angeles (90063). (Residential/Commercial) Well- maintained, freshly painted 4 unit income property offering immediate cash flow and long term upside in a high demand rental area. The property consists of a detached 3bed/1bath, (2 units) 2bed/1bath, and a studio, all current occupied. All units are separated addressed, enhancing tenant privacy and operational flexibility. Making it ideal for investors seeking immediate cash flow with minimal vacancy risk and or first time home buyer looking to live in one and profit from the others. All tenants are reported by the seller to be current on rent. Located minutes from DTLA, major freeways, public transportation, employment centers and local amenities. Strong rental demand in the area supports long term appreciation and income growth. **IDEAL FOR BUY AND HOLD INVESTORS, MULTI-GENERATIONAL LIVING, OR OWNER OCCUPANTS SEEKING RENTAL INCOME** CURRENT RENT ROLL: - Main House 326 Velasco Ave 3bed/1bath): $3,000 - 3501 E 3rd (2bed/1) $1,350 - 3501 1/2 E Ave (2bed/1bath) $1,800 -Studio $900 Income: Gross Monthly Income: $7,050 Gross Annual Income: $84,600 **Buyer and buyer's agent to independently verify all information and perform their own due diligence. Listing agent, broker and seller make no warranties or representation.** Photos have been edited to give buyer's a vision and also to remove personal items.
Property Details
Public Facts
- Property Type
- Quadruplex
- Year Built
- 1961
- Lot Size
- 5,081 Sq. Ft.
Interior
- Total Bedrooms
- -
- Total Bathrooms
- -
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $0 / Month
Neighborhood Insights
Los Angeles Unified Schools
Belvedere Elementary School
Grades K-5 • 0.5 mi
Rowan Avenue Elementary School
Grades K-5 • 0.5 mi
Lorena Street Elementary School
Grades K-5 • 0.7 mi
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | - | - | 50% |
| Baths | - | - | 50% |
| Square foot | 5,081 | 2,150 | 95% |
| Lot Size | 5,081 | 5,661 | 38% |
| Price | $1.20M | $810.0K | 95% |
| Price per sq ft | $236 | $384 | 10% |
| Built year | 1961 | 1924 | 90% |
| HOA | $0 | $0 | 50% |
| Days on market | 42 | 212 | 5% |
Pricing History
Listed for Sale
Mar 2, 2026
$1,199,899
$1,199,999
+0% Price Increase
Initial Listing
Price Change
Feb 16, 2026
$1,199,999
$1,999,999
-40% Price Drop
Initial Listing
Price Change
Jan 23, 2026
$1,999,999
Initial Listing
Sold
Jun 28, 2022
$940,000
Public Record