Deal numbers

A cap rate estimate is not available for this property yet. Ask Alex for a pro forma using comparable rent data.

Property details

Type

Apartment

Bedrooms

5

Building size

4,161 sqft

Lot size

9,980 sqft

Year built

1890

Stories

2

Garage spaces

0

Heating

Central

Cooling

None

Pool

None

Status

Active

Days on market

126

MLS #

241026902

About this property

Rare value-add opportunity in Lincoln Heights featuring a 5-unit property with significant vacancy, allowing a new owner to establish market rents from day one and implement a tailored lease-up strategy. Current income reflects existing vacancy, offering a clear path to repositioning and increased returns over time. Property consists of a desirable unit mix including multiple 2-bedroom units and one 3-bedroom unit, appealing to a broad tenant base. Vacancy provides operational flexibility, with no widespread tenant displacement required; one unit may require relocation depending on the buyer’s plan. All units are separately metered for gas and electricity, with a single water meter for the property, supporting efficient management and expense control. Market rent potential supports meaningful upside upon stabilization, making this an ideal opportunity for investors seeking a value-add, lease-up play with long-term income growth.

Location

2232 Workman

Los Angeles, Los Angeles, CA, 90031