231 Blackshear Avenue, Los Angeles, California 90022, Los Angeles, 90022 - bed, bath

231 Blackshear Avenue, Los Angeles, California 90022 home-pic-0
ACTIVE$1,175,000
231 Blackshear Avenue, Los Angeles, California 90022
0Bed
0Bath
2,271Sqft
5,188Lot
Year Built
1948
Close
-
List price
$1.18M
Original List price
$1.18M
Price/Sqft
$517
HOA
-
Days on market
-
Sold On
-
MLS number
PF25041839
Home ConditionFair
Features
Patio
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $1.18M(94th), sqft - 2271(59th), beds - undefined(50th), baths - undefined(50th).

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.

Price History

Date
Event
Price
07/25/22
Sold
$900,000
05/05/99
Sold
$233,000
Condition Rating
Fair

Built in 1948, the property's interior, particularly the kitchens and bathrooms, are significantly outdated. Kitchens feature older wood cabinets, laminate countertops, and non-stainless steel appliances, while bathrooms have dated vanities, tile work, and fixtures. Heating is provided by wall heaters and cooling by window AC units, indicating a lack of modern central HVAC. While the property appears maintained and functional, it requires substantial cosmetic and system updates to meet current quality and aesthetic standards, aligning with the 'Fair' category's description of an aged home with functional but outdated major components requiring minor updates.
Pros & Cons

Pros

Approved ADU Plans: City-approved plans for a 950 sqft, 2-bedroom, 2-bathroom Accessory Dwelling Unit (ADU) are already in place, offering a clear and significant path to increase property value and rental income.
Strong Income Potential: As an existing triplex, the property provides immediate multiple streams of rental income, making it a compelling asset for investors seeking cash flow.
Excellent Location & Accessibility: Strategically situated on a peaceful corner at the East Los Angeles/Montebello border, with convenient access to Metro, shops, schools, and major freeways, complemented by dual street addresses.
Value-Add Investment Opportunity: Explicitly marketed as a 'foundation for growth,' the property presents substantial upside potential through the development of the approved ADU and optimization of the existing units.
Multi-Unit Diversification: The current three-unit configuration offers diversified rental income, which helps mitigate vacancy risk compared to single-unit properties.

Cons

Property Age & Potential for Deferred Maintenance: Built in 1948, the property is over 75 years old, suggesting that existing systems and structures may require significant updates or repairs to meet modern standards and maximize rental appeal.
Additional Capital Investment for ADU: While ADU plans are approved, the substantial cost of constructing the fourth unit is an additional investment not included in the purchase price, requiring further capital outlay from the buyer.
Renovation Costs for Existing Units: The property description emphasizes the ADU, implying the existing triplex units may not be recently updated, and buyers should anticipate potential renovation costs to modernize them and optimize rental income.

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