Description

2232–2234 Workman Street offers a well-located five-unit property on a deep 9,980 sq ft rectangular lot with LARD1.5 zoning. The asset consists of two separate buildings totaling approximately 4,160 sq ft and features an excellent unit mix: one (1) 3-bedroom, 2-bath unit and four (4) 2-bedroom, 1-bath units. Built in 1921, the property blends classic character with solid rental fundamentals. The rear two-story building 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, offers two 2-bedroom, 1-bath units with private entrances. Projected at approximately a 5% cap rate at market rents, this property presents clear value-add potential as units transition. The large lot may offer future ADU or redevelopment opportunities (buyer to verify). Excellent location just minutes from Downtown LA, Chinatown, the Arts District, and USC Health Sciences Campus, with convenient freeway access. Strong rental demand and long-term growth potential make this a compelling investment opportunity.