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$ 1,688,000
Est. payment /mo
Active
2232 Workman Los Angeles, CA 90031
4,161 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 4,161 sqft
Price per Sqft $405
MLS Listing ID CROC25240373
HOA Y/N No
Year Built 1890
Lot Size 9,980 Sqft
Acres 0.23
Property Sub-Type Other
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.
Location
State CA
County Los Angeles
Interior
Heating Other
Cooling None
Fireplace No
Laundry Gas Dryer Hookup, Other, Inside
Building
New Construction No
Others
Tax ID 5204017013
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Listed by Clayton Tom • Act Realty Group