3550 The Paseo, Los Angeles, California 90065, Los Angeles, 90065 - 4 bed, 3 bath
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Los Angeles, California 90065
This Multi-Dwelling Value-Add Asset in Glassell Park is listed at $1,200,000, representing a strategic income opportunity positioned near the $1,117,308 Fair Market Value. The property currently features a Triplex configuration with permitting in progress for additional square footage on a spacious 7,715 sqft lot. Although the structure maintains a Fair Condition Rating requiring modernization of its original 1923 systems, the asset provides immediate rental income and exceptional City and Mountain Views. This flexible compound is an ideal match for Buy-and-Hold Investors or Owner-Occupants seeking a high-upside creative compound in Northeast Los Angeles.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 3550 The Paseo Subject | $1,200,000* List Price | 4 | 3 | 2,084 | $536 | - |
A 2973 W Avenue 33 Sold | $1,100,000 | 5 | 3 | 2,144 | $513 | 0.6 mi |
B 2468 W Avenue 32 Active | $1,350,000 List Price | 0 | 0 | 2,430 | $556 | 0.4 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
The property, built in 1923, shows significant age and is in need of substantial updates, particularly in the kitchen. The kitchen features dated honey-oak cabinets, older laminate or granite-look countertops, a beige tiled backsplash, and tiled flooring, suggesting renovations were done 15-30 years ago. Appliances are a mix of older white and newer stainless steel. Visible flooring includes worn hardwood and wood-look laminate. A window AC unit indicates a lack of central cooling. While functional and occupied, the property's 'vintage charm' and ongoing permitting process for additions, combined with neglected exterior areas and an overall dated aesthetic, place it firmly in the 'Fair' category, requiring minor updates and repairs to meet modern standards.
The property features multiple dwellings (three existing, potential fourth) with two units already tenant-occupied, providing immediate rental income and strong cash flow opportunities.
Described as having 'major upside potential' and flexibility for expansion on a spacious lot, allowing for various configurations such as live-in one/rent others, creative compound, or investment.
Situated in Glassell Park, a 'sought-after LA neighborhood' and 'one of Northeast LA's most desirable communities,' ensuring strong demand and appreciation potential.
The expanded living area and additional units are 'currently in the permitting process,' requiring the buyer to verify all information and assume the risk/responsibility of final approval.
Built in 1923, the main home's 'vintage charm' may imply older systems, potential deferred maintenance, or the need for significant updates in the original sections.
The listing explicitly states 'Buyer to verify all information and permitting with the city,' indicating a higher level of due diligence is necessary, which could be a deterrent for some buyers.
Nestled in the heart of Glassell Park, 3550 The Paseo offers a rare opportunity to own a unique multi-dwelling property with major upside potential. The main home features 2 bedrooms and 1 bath across 984 sq ft of vintage charm. Thoughtful additions have expanded the total living area to over 2,000 sq ft (currently in the permitting process), now offering three separate dwellings and a potential fourth space. The second unit includes 1 bedroom and 1 bath, while the third and fourth are stylish loft spaces with baths--one with a kitchen, one without. Two units are tenant-occupied, and one is owner-occupied, providing immediate rental income. Situated on a spacious 7,715 sq ft lot, there's plenty of land to expand or reimagine outdoor living. Whether you're looking to live in one and rent the others, create a creative compound, or invest in future cash flow, this flexible property offers multiple configurations in a sought-after LA neighborhood. Permit has been submitted for the additions. Buyer to verify all information and permitting with the city. Don't miss this incredible investment or live/work opportunity in one of Northeast LA's most desirable communities!
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 4.0 | 0.0 | 75% |
| Baths | 3.0 | 0.0 | 75% |
| Square foot | 2,084 | 1,680 | 63% |
| Lot Size | 7,715 | 6,289.5 | 63% |
| Price | $1.20M | $962.6K | 75% |
| Price per sq ft | $576 | $574 | 50% |
| Built year | 1923 | 1937 | 50% |
| HOA | $0 | $0 | 50% |
| Days on market | 308 | 222 | 0% |
Jun 18, 2025
$1,200,000
Initial Listing
Dec 29, 1994
$80,000
Public Record