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Listed by Clayton Tom • Act Realty Group
$ 1,688,000
Est. payment /mo
Active
2232 2232 Workman Los Angeles, CA 90031
9,980 Sqft Lot
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CROC25240373
Year Built 1890
Lot Size 9,980 Sqft
Source California Regional MLS
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
Area 677 - Lincoln Hts
Interior
Heating Central Forced Air
Cooling None
Laundry Laundry Area, Other, 38
Exterior
Garage Spaces 5.0
Pool None
Roof Type Composition
Building
Water District - Public
Others
Tax ID 5204017013
Special Listing Condition Not Applicable
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