
Los Angeles, California 90023
This Value-Add Quadruplex Asset is listed at $899,000, representing a stable entry point relative to its $851,164 Fair Market Value and significant development upside. Currently holding a Condition Rating of 5, the property is a prime candidate for a full modernization project on a sprawling 7,500-square-foot lot. The "campus-style" layout includes separate utility meters and an oversized garage primed for ADU conversion, projecting a future annual revenue of $119,000. This is an elite opportunity for Buy-and-Hold Investors or Owner-Occupants targeting the high-growth Boyle Heights market.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 926 Spence Subject | $798,988* List Price | 0 | 0 | 2,990 | $225 | - |
A 3752 E 6th Sold | $845,000 | 0 | 0 | 2,624 | $322 | 0.5 mi |
B 3507 Sabina Pending | $899,000 List Price | 0 | 0 | 2,812 | $320 | 0.2 mi |
* Subject property listed price vs sold prices of comps.
Property is extensive renovation needed.
Built in 1932, the property shows significant age with no evidence of major renovations in the last 30+ years. The kitchen lacks modern cabinetry and uses wire racks for storage, while the bathroom is in disrepair with a missing mirror and dated vanity. Visible wall heaters indicate outdated HVAC systems, and the overall condition requires a full rehab to meet modern living standards.
The 7,500-square-foot lot is zoned for quadruplex use and includes an oversized garage primed for ADU conversion, offering a clear path to increase density and maximize rental yield.
The property features separate meters for gas and electricity, along with individual water heaters for each unit, significantly reducing owner utility expenses and simplifying management.
The 'campus-style' configuration provides rare separation and private outdoor areas for each unit, enhancing tenant retention and making it an ideal candidate for a high-end house-hack.
Originally built in 1932, the property may require significant capital expenditure for modernization or repairs to aging systems common in homes of this era.
With long-term tenants currently in place, reaching the projected $119,000 annual revenue will require a strategic and potentially lengthy stabilization process to align rents with market rates.
MOVE IN READY, LIVE IN 1, RENT OUT THE OTHERS! 3 Units with 3 bedroom 2 bath home delivered vacant. Rare find so close to downtown LA, where you can live in 1 unit and have 2 more units pay you rent. The 3-bed, 2-bath was never a rental property and sits next to an oversized 2-car garage with workshop, a perfect layout for an ADU. 926 Spence Street is a huge opportunity in Historic East Los Angeles, specifically tailored for investors or houseowners looking to leverage a Trust Sale into a generational wealth-building project. This sprawling 7,500-square-foot lot, zoned for Quadruplex use, is currently used as a 3 compound with a detached oversized garage begging to be converted into an ADU. By acquiring this asset, an investor secures a primary 3-bedroom, 2-bathroom rear residence ($4,000/mo market) in the back, with 2, 1-bedroom units (928 & 930) in front providing immediate, stable cash flow of $2,920/mo from long-term tenants. The "campus-style" layout gives you separation, providing the kind of privacy and outdoor areas increasingly rare in East LA. For property management ease, the units feature separate water heaters, gas meters, and electrical meters, the owner covers trash/water. The oversized garage an immediate footprint for a $2,200/mo ADU conversion, allowing the next owner to stabilize the asset as a four-unit powerhouse with projected annual revenue over $119,000 by Year 3. The "House-Hack" math is staggering: by living in the 3BR unit and applying rental income and the $2,000 monthly tax subsidy (check with your CPA), the net effective mortgage can feel like paying rent. Positioned in a high-velocity development zone near the Arts District and DTLA, this asset offers 100% Bonus Depreciation for a potential Day-1 tax shield. This rare convergence of zoning density, utility efficiency, and massive financial upside is the premier investment in East LA today.
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 | 2,990 | 1,719 | 88% |
| Lot Size | 7,504 | 5,592.5 | 75% |
| Price | $799.0K | $765.0K | 63% |
| Price per sq ft | $267 | $409 | 13% |
| Built year | 1932 | 1923 | 81% |
| HOA | $0 | $0 | 50% |
| Days on market | 31 | 122 | 6% |
Jun 5, 2026
$798,988
$799,000
+0% Price Increase
Initial Listing
May 25, 2026
$799,000
$899,000
-11% Price Drop
Initial Listing
May 6, 2026
$899,000
Initial Listing