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2429 Workman Street, Lincoln Heights, California 90031, Lincoln Heights, 90031 - bed, bath

2429 Workman Street, Lincoln Heights, California 90031 home-pic-0
ACTIVE$1,825,000
2429 Workman Street, Lincoln Heights, California 90031
0Bed
0Bath
6,376Sqft
9,899Lot
Year Built
1914
Close
-
List price
$1.82M
Original List price
$1.82M
Price/Sqft
$286
HOA
-
Days on market
-
Sold On
-
MLS number
DW23173990
Home ConditionFair
Features
Good View:
Patio
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $1.82M(50th), sqft - 6376(50th), beds - undefined(50th), baths - undefined(50th).

Welcome to your next lucrative investment in Los Angeles! This exceptional seven-unit multi-family property is now available and ready to generate steady rental income. Located in the vibrant community of Lincoln Heights, this property offers a fantastic opportunity.This seven unit represents an excellent investment opportunity in a thriving rental market. Perfect for investors or a family that wants to produce income and live on the property. First time on the market since 1969. Family owned and operated for 54 years. One unit has 3 bedrooms and 2 baths, two units have 2 bedrooms and 1.5 baths, the other four units are spacious 1 bedroom, 1 bath each (one unit has an additional bonus room used as a 2nd bedroom). Wonderful lot size to host with a private back yard and plenty of parking. two garages, one is 2 car garage and the other is a one car garage. Convenient location with easy access to Downtown L.A., Walt Disney Concert Hall, Chinatown, Crypto.com Arena, Dodger Stadium, CAL State LA, Metro link, freeways (5,60,110,10,101), DMV, private and public schools, Los Angeles Medical Center, Keck School of Medicine of USC, Nightlife, Public transportation. Many Landmarks near, Lincoln Park Historic district, Los Angeles State Historic Park that host many events, Elysian Park, San Antonio Winery, The Brewery Art Colony, Heritage Square Museum. Walking distance to shopping stores, library and restaurants, perfect for outdoor dining.

Nearby schools

4/10
Griffin Avenue Elementary School
Public,•K-5•0.5mi
3/10
Albion Street Elementary School
Public,•K-6•0.5mi
4/10
Gates Street Elementary School
Public,•K-5•0.5mi
2/10
Hillside Elementary School
Public,•K-5•0.8mi
4/10
Loreto Street Elementary School
Public,•K-5•0.9mi
3/10
Ann Street Elementary School
Public,•K-6•1.1mi
6/10
Multnomah Street Elementary School
Public,•K-5•1.3mi
4/10
Huntington Drive Elementary School
Public,•K-6•1.4mi
2/10
Murchison Street Elementary School
Public,•K-6•1.5mi
4/10
Bridge Street Elementary School
Public,•K-5•1.5mi
5/10
Florence Nightingale Middle School
Public,•6-8•0.9mi
5/10
Glen Alta Elementary School
Public,•K-8•1.1mi
5/10
El Sereno Middle School
Public,•6-8•2.1mi
6/10
Hollenbeck Middle School
Public,•6-8•2.6mi
5/10
Abraham Lincoln Senior High School
Public,•9-12•0.6mi
4/10
Woodrow Wilson Senior High School
Public,•9-12•1.7mi
3/10
Theodore Roosevelt Senior High
Public,•9-12•2.5mi
5/10
STEM Academy of Boyle Heights HS
Public,•9-12•2.6mi
Condition Rating
Fair
This multi-family property, built in 1914, is over a century old and has been family-owned for 54 years with no explicit mention of recent extensive renovations. The visible interiors, particularly the kitchen in one unit (Image 6), feature dated white cabinets, older appliances, a red backsplash, and popcorn ceilings, suggesting renovations that are likely 15-30 years old. While some units have updated wood-look laminate flooring and recessed lighting (Images 2, 4), the overall style is outdated. The property analysis explicitly notes the 'Advanced Age of Property' and 'Potential for Deferred Maintenance,' indicating a need for significant capital expenditure for system upgrades (plumbing, electrical) and modernization. However, the property appears functional and livable, not unsafe or structurally unsound, aligning with the 'Fair' category where major components are functional but show signs of being outdated and require minor updates or repairs.
Pros & Cons

Pros

High Income Potential: This seven-unit multi-family property offers substantial and diversified rental income potential in a thriving rental market, making it a lucrative investment.
Strategic Location: Located in Lincoln Heights, the property boasts excellent connectivity to Downtown LA, major freeways (5, 60, 110, 10, 101), universities, cultural landmarks, and public transportation.
Diverse Unit Mix: The property features a variety of unit sizes (1x 3-bed, 2x 2-bed, 4x 1-bed), catering to a broad tenant demographic and enhancing occupancy stability.
Rare Market Opportunity: Being family-owned and operated for 54 years and on the market for the first time since 1969, this represents a unique opportunity to acquire a long-held asset.
Valuable Amenities: The property includes a wonderful lot size with a private backyard and ample parking, including two garages (one 2-car, one 1-car), which are highly desirable in an urban setting.

Cons

Advanced Age of Property: Built in 1914, the property is over a century old, likely requiring significant capital expenditure for system upgrades (plumbing, electrical) and modernization to meet current standards and tenant expectations.
Potential for Deferred Maintenance: Long-term family ownership (54 years) without explicit mention of recent renovations suggests a high probability of deferred maintenance and the need for substantial repairs or upgrades to maximize its value and rental income.
Lack of Financial Transparency: The listing description does not provide current rental income figures, occupancy rates, or operating expenses, making it challenging for potential investors to immediately assess the property's profitability and cash flow without further due diligence.

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