Triplex in East LA with Huge ADU Upside 231 Blackshear Ave 3 Unit Apartment Building $958,000 ($319,333/Unit) 4.64% Cap Rate East Los Angeles, CA 90022

231 Blackshear Avenue presents a clean, well-maintained triplex in the heart of East Los Angeles, offering an investor a stabilized asset with multiple paths to meaningful upside. The property features an attractive unit mix of one (1) 3-bedroom / 1-bathroom single-family residence and two (2) 1-bedroom / 1-bathroom units, appealing to a broad tenant base of families and individuals alike. Each unit is served by its own water heater, eliminating any gas expense for ownership and simplifying operations.
The opportunity here is defined by its upside. The vacant garages offer significant value-add potential through conversion to an ADU — with no loss of existing services — while the addition of community laundry provides a clear path to incremental income. Existing units carry strong rental upside of approximately ±15%, giving a new owner immediate room to grow in-place income. Expense efficiency adds to the appeal: ownership carries no garbage expense, as all trash services are paid through the property tax bill, and the individual water heaters keep gas costs off the owner's ledger.
Four open parking spaces sit in front of the garages, adding convenience and tenant value. Positioned with easy access to the 60 Freeway and just 7 miles from Downtown Los Angeles, the property is surrounded by major employment centers including Commerce Casino, Citadel Outlets, Bimbo Bakeries, AltaMed Health Services, and Beverly Hospital — anchoring sustained rental demand for years to come.