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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 (2232½ A & B) contains two 2-bedroom, 1-bath units, each with separate entries. Based on pro-forma numbers, the property is projected to generate gross income of approximately $147,600 and a pro-forma NOI near $84,000, representing a market cap rate around 5% at the asking price of $1,688,000. 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.
Property Type(s):
Commercial
| Last Updated | 10/6/2025 | Year Built | 1890 |
|---|---|---|---|
| Community | 677 - Lincoln Hts | County | Los Angeles |
Additional Details
| AIR | None |
|---|---|
| AREA | 677 - Lincoln Hts |
| HEAT | Central |
| LOT | 9980 sq ft |
| STORIES | 2 |
| WATER | Public |
Location
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Listed with Act Realty Group
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