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    The Largest CRE Database in the US with Over 1 Million Listings

    2232 Workman 2232 Los Angeles, CA 90031

    Sponsored
    For Sale
    $1,648,000

    Apartment - Los Angeles, CA

    Type:Apartment
    Property size:
    4,161 SF
    Lot size:
    9,980.00 Acres
    Days on Market:
    104
    Last Refresh:
    Jan 26 at 3:06 am

    Property Features for 2232 Workman 2232

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Apartment
    Standard status
    Active
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Bedrooms
    11
    Bathrooms
    6
    APN
    5204017013
    Parking
    5
    Interior features
    Carbon Monoxide Detector(s)
    Exterior features
    Fence, Community Features Included: Urban, 0-1 Unit/Acre
    Fencing
    Fenced
    Size
    4,161 SF
    Lot size
    9,980.00 Acres

    Utilities

    Heating system
    Central
    Cooling system
    None (Cooling)

    Building Details

    Year built
    1890
    Floors in Building
    2
    Number of units
    31271
    Roof type
    Composition
    Architectural style
    Other

    We can help!

    Listing Contact
    Clayton Tom

    ACT Realty Group (323) 481-0691

    Listing agent Clayton Tom (323) 481-0691 License #01707471

    Listing date Oct 15, 2025

    MLS# OC25240373 Listing URL

    Copyright © 2026 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Lincoln Heights Five-Unit Investment Opportunity

    Located in Los Angeles, CA, the property at 2232-2234 Workman Street presents a five-unit investment opportunity in Lincoln Heights. The property features a two-building configuration on a 9,980 sq ft lot with LARD1.5 zoning. Constructed in 1921, the buildings offer a combination of classic architecture and rental fundamentals. The total building area is approximately 4,160 sq ft, comprising one 3-bedroom, 2-bath unit and four 2-bedroom, 1-bath units. 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. The large lot with LARD1.5 zoning may offer future ADU or redevelopment potential. The property is located 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 Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Map

    City
    Los Angeles
    County
    Los Angeles
    State
    California
    Longitude
    -118.208
    Latitude
    34.0791

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    FAQs

    What type of property is this?
    Apartment building - Five-unit property with upside potential in a rapidly appreciating neighborhood.
    Where is this apartment building located?
    The property is located at 2232 Workman 2232 Los Angeles, CA.
    What is the asking price?
    The asking price for this property is $1,648,000.
    What are key features of this property?
    This property features: - Five-unit investment property in Lincoln Heights featuring a desirable two-building configuration.; - Potential for a 5% cap rate at market rents, offering immediate upside.; - Large 9,980 sq ft lot with LARD1.5 zoning, potentially allowing for ADU or redevelopment.
    (323) 481-0691
    Request Owner's contact information
    2232 Workman 2232 Los Angeles, CA 90031
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    Los Angeles, CA 90031
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2232 Workman 2232 Los Angeles, CA 90031
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    We can help!
    Listing Contact
    Clayton Tom
    Real Estate License ID: 01707471
    (323) 481-0691
    Learn more
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