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

231 Blackshear Avenue, Los Angeles, California 90022 home-pic-0
ACTIVE$1,075,000
231 Blackshear Avenue, Los Angeles, California 90022
0Bed
0Bath
2,271Sqft
5,188Lot
Year Built
1948
Close
-
List price
$1.07M
Original List price
$1.07M
Price/Sqft
$473
HOA
-
Days on market
-
Sold On
-
MLS number
PF25095284
Home ConditionPoor
Features
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $1.07M(76th), 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
Poor
Built in 1948, this 76-year-old property shows clear signs of age from the exterior images, consistent with the listing's analysis noting 'outdated systems' and 'deferred maintenance.' The description explicitly states that 'significant capital expenditure for renovations and upgrades to existing units' will be required. While it's an income property, implying livability, the need for substantial rehabilitation due to its age and lack of apparent major recent renovations places it in the 'Poor' category. The focus on ADU potential rather than the existing units' condition further supports this assessment.
Pros & Cons

Pros

Approved ADU Plans: The City of Los Angeles has already approved plans for a 950 sqft, 2-bedroom, 2-bathroom ADU, offering a significant value-add opportunity to increase income and property value.
Existing Multi-Unit Income Property: Currently a three-unit property (triplex), providing immediate rental income and a solid foundation for investment.
Prime Location & Accessibility: Located on a peaceful corner in East Los Angeles, minutes from a Metro stop, shops, schools, and offering easy freeway access, enhancing tenant appeal and convenience.
Significant Value-Add Opportunity: The existing empty four-car garage is designated for the approved ADU, allowing for the transformation of underutilized space into a high-value fourth unit.
Dual Street Addresses: The property benefits from dual street addresses, offering enhanced flexibility for access and potential for separate entrances, which is advantageous for multi-unit properties.

Cons

Age of Property: Built in 1948, the property is 76 years old, suggesting potential for deferred maintenance, outdated systems, and the need for significant capital expenditure for renovations and upgrades to existing units.
Capital Investment Required for ADU: While ADU plans are approved, the construction of the fourth unit requires substantial financial investment and project management from the buyer to realize its full income potential.
Potentially Smaller Unit Sizes: With 2271 sqft distributed among three existing units, individual unit sizes are likely modest, which could limit tenant demographics or rental income potential compared to properties with larger units.

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