37
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$1,688,000
Est. payment /mo
9,979 Sqft Lot
New
2232 2232 Workman Los Angeles, CA 90031
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Key Details
Property Type Commercial
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID OC25234060
HOA Y/N No
Year Built 1890
Lot Size 9,979 Sqft
Property Sub-Type Multi Family
Property Description
Rare five-unit investment in Lincoln Heights! 2232–2234 Workman Street features a desirable two-building configuration on a deep rectangular 9,980 sq ft lot (LARD1.5 zoning). The property consists of five total units — one (1) 3-bedroom, 2-bath, and four (4) 2-bedroom, 1-bath units — totaling approximately 4,160 sq ft. Built in 1921, the buildings combine classic architecture with solid rental fundamentals.
The rear two-story structure (2234) includes a spacious 3-bedroom, 2-bath unit on the ground floor and two 2-bedroom, 1-bath units above. The front building facing Workman Street (2232 & 2232 1/2) features two 2-bedroom, 1-bath units, each with separate entries.
Based on pro-forma numbers, the property can yield a 5% cap rate at market rents. This allows for immediate upside as units transition to market rents.
The large, deep lot with LARD1.5 zoning may offer future ADU or redevelopment potential (buyer to verify with the City).
Excellent location: minutes from Downtown LA, Chinatown, the Arts District, and USC Health Sciences Campus, with convenient freeway access. This is a value-add opportunity in a rapidly appreciating neighborhood with strong rental demand and long-term growth potential.
The rear two-story structure (2234) includes a spacious 3-bedroom, 2-bath unit on the ground floor and two 2-bedroom, 1-bath units above. The front building facing Workman Street (2232 & 2232 1/2) features two 2-bedroom, 1-bath units, each with separate entries.
Based on pro-forma numbers, the property can yield a 5% cap rate at market rents. This allows for immediate upside as units transition to market rents.
The large, deep lot with LARD1.5 zoning may offer future ADU or redevelopment potential (buyer to verify with the City).
Excellent location: minutes from Downtown LA, Chinatown, the Arts District, and USC Health Sciences Campus, with convenient freeway access. This is a value-add opportunity in a rapidly appreciating neighborhood with strong rental demand and long-term growth potential.
Location
State CA
County Los Angeles
Area 677 - Lincoln Hts
Interior
Heating Central
Cooling None
Fireplace No
Laundry Common Area, Electric Dryer Hookup, Gas Dryer Hookup, Inside
Exterior
Fence Average Condition
Roof Type Composition
Total Parking Spaces 5
Building
Lot Description 0-1 Unit/Acre
Story 2
Water Public
Others
Tax ID 5204017013
Security Features Carbon Monoxide Detector(s),Smoke Detector(s)
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Special Listing Condition Standard
Listed by Clayton Tom Act Realty Group 323-481-0691
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