2232 Workman new Save Request In-Person Tour Request Virtual Tour
Los Angeles,CA 90031
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID OC25240373
Bedrooms 9
Lot Size 9,980 Sqft
Property Sub-Type Res Income 2-4 Units
Property Description
Rare five-unit investment in Lincoln Heights! 22322234 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
Zoning Public Rec
Direction 5 fwy, exit main st, left turn on Daly, r/t @ Vallejo and l/t at Workman st.
Interior
Fireplace No
Exterior
View Y/N No
Roof Type Composition
Building
Story 2
Level or Stories 2
Others
Tax ID 5204017013