A Rare Opportunity in Comstock Hills
Located on a tranquil, tree-lined street in Westwood’s most exclusive neighborhood, 1301 Devon Avenue presents a unique six-unit apartment building offering both immediate cash flow and long-term appreciation potential. Surrounded by multi-million-dollar estates, this 1940s property combines vintage charm with significant financial upside in one of Los Angeles’ most coveted zip codes.
Key Property Highlights
- Prime Westwood Location: Steps from UCLA, Century City, and Beverly Hills
- Strong Value-Add Potential: 66% rental upside (11,112 current vs 19,420 pro forma)
- Zoning Advantage: [Q]RD1.5-1XL TOC Tier 2 with ADU conversion potential (3 garages)
- Unit Mix: 4 spacious 1BR + 2 studios (1 unit vacant for immediate lease-up)
- Asking Price: 2,695,000 (449k/unit – below market for Westwood)
Why Investors Are Racing to Westwood
1. Immediate Cash Flow + 66% Upside
- Current gross income: $11,112/month (below market)
- Pro forma potential: $19,420/month with light renovations
- Vacant unit ready for lease-up or owner occupancy
2. Future-Proof Zoning Flexibility
The [Q]RD1.5-1XL TOC Tier 2 zoning provides multiple paths to maximize returns:
- Convert three existing garages into income-generating ADUs
- Long-term densification potential as Westwood housing demand grows
- Strategic positioning for future redevelopment opportunities
3. Irreplaceable Location
- Walk Score: 92 – Less than 1 mile to UCLA, Century City Mall, and LA Country Club
- 2 miles to Westwood Village’s dining and shopping
- 1.2 miles to Beverly Hills’ luxury corridor
- Immediate 405 Freeway access
Financial Snapshot
- Price per Unit: 449,166 (vs 600k+ Westwood comps)
- Current Cap Rate: 4.9%
- Pro Forma Cap Rate: 8.6%+
- Market Trend: 20%+ year-over-year appreciation in Westwood multifamily
Ideal Buyer Profile
- Investors: Capture immediate cash flow growth through value-add strategy
- Developers: Secure future development potential in supply-constrained market
- Owner-Users: Occupy one unit while benefiting from rental income
This exceptional Westwood asset combines current income with future potential at a price point rarely seen in this market.
Contact us immediately for private showings or financial details.
