Five-Unit Multifamily
2232-2232 Workman, Los Angeles, CA 90031
For Sale
Contact for pricing
Five-unit residential income property on a deep rectangular lot with LARD1.5 zoning.
Property Size4,160 SF
Lot Size0.23 Acres
Price / SF$391.35
Days on Market229
Property Features for 2232-2232 Workman
General Information
Standard status
Size
Lot size
Property subtype
Zoning
Site & Location
Neighborhood
Highway Access
Additional Details
Cap Rate
Multifamily Units
Building Details
Year Built
Buildings
Stories
Units
Listing Agency:
Act Realty Group
Listed By:
Clayton Tom · License CA #01707471
(323) 481-0691
Source:
Crexi
Added: Mar 26
Changed: Oct 26
Last Checked: Nov 8 at 6:31AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Act Realty Group
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Investment Insights
Based on property information with market context.
2232 Workman Street is a five-unit multifamily property built in 1921, configured across two separate buildings totaling approximately 4,160 square feet. The unit mix includes one 3-bedroom, 2-bath unit and four 2-bedroom, 1-bath units. The rear two-story building features a 3-bedroom, 2-bath unit on the ground floor and two 2-bedroom, 1-bath units above. The front building faces Workman Street and offers two 2-bedroom, 1-bath units, each with a private entrance.
The property sits on a deep 9,980 square foot rectangular lot and is identified with LARD1.5 zoning. The large lot may provide flexibility for future ADU or redevelopment opportunities, subject to buyer verification.
With a split-building layout and a mix that includes a larger 3-bedroom unit, the property is positioned as a straightforward small-balancehold rental asset within minutes of Downtown LA, Chinatown, the Arts District, and USC Health Sciences Campus, with convenient freeway access.
The property sits on a deep 9,980 square foot rectangular lot and is identified with LARD1.5 zoning. The large lot may provide flexibility for future ADU or redevelopment opportunities, subject to buyer verification.
With a split-building layout and a mix that includes a larger 3-bedroom unit, the property is positioned as a straightforward small-balancehold rental asset within minutes of Downtown LA, Chinatown, the Arts District, and USC Health Sciences Campus, with convenient freeway access.
Key Highlights
- Five‑unit residential property on a deep 9,980 sq ft rectangular lot with LARD1.5 zoning
- Two separate buildings totaling approximately 4,160 sq ft; built in 1921
- Unit mix: 1 three‑bedroom/2‑bath unit and 4 two‑bedroom/1‑bath units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$66,938
Cap Rate
4.11%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,338,760
$1.3M
Cap Rate 7%
$956,257
$956.3K
Cap Rate 9%
$743,756
$743.8K
Market Conditions
NOI Build-Up for 4,160 SF
Gross rent
$132.3K $31.80/SF
− Vacancy
−$10.6K −$2.54/SF
EGI
$121.7K $29.26/SF
− OpEx
−$54.8K −$13.17/SF
NOI
$66.9K $16.09/SF
Area
Los Angeles County, CA
Vacancy
8.00%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,338,760
Cap Rate 7%
$956,257
Cap Rate 9%
$743,756
Alternative Uses
Best Use
Apartment 5plus
$956.3K
$836.7K – $1.12M
NOI $66,938 @ 7.0% cap · market cap 4.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.74M
$1.52M – $2.03M
NOI $121,580 @ 7.0% cap · market cap 7.47%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
5
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,850
Businesses Nearby
Explore this area
Business Placement
Demographics for 90031, CA
37,333
Population
12,686
Households
2.9
Avg Household Size
37
Median Age
24%
College-Educated
66%
High-School Grad
3.5 sq mi
ZIP Area
10,667
Density / Sq Mi
$62,119
Median Household Income
$34,356
Median Earnings
$1,487
Median Rent
$758,500
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Los Angeles, CA
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Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Five-unit residential income property on a deep rectangular lot with LARD1.5 zoning.
Where is this apartment building located?
The property is located at 2232-2232 Workman Los Angeles, CA.
What is the asking price?
The asking price for this property is $1,628,000.
What are key features of this property?
This property features: Five‑unit residential property on a deep 9,980 sq ft rectangular lot with LARD1.5 zoning; Two separate buildings totaling approximately 4,160 sq ft; built in 1921; Unit mix: 1 three‑bedroom/2‑bath unit and 4 two‑bedroom/1‑bath units
