Nestled in the highly sought-after Comstock Hills enclave of Westwood, 1301 Devon Avenue presents an exceptional opportunity to acquire a multifamily asset in one of West Los Angeles’ most stable and desirable neighborhoods. This classic six-unit apartment building, surrounded by multi-million-dollar single-family homes, combines timeless architectural charm with significant financial upside—a rare find in today’s market.
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A Blend of Character and Potential
Built in 1940, this property spans approximately 4,786 square feet on a 5,777 square foot lot, offering a mix of four spacious one-bedroom units with formal dining rooms and two studio apartments. With one unit currently vacant, there is an immediate opportunity for lease-up or owner occupancy.The property is zoned [Q]RD1.5-1XL TOC Tier 2, providing long-term redevelopment potential. Additionally, three 2-car garages accessible from the alley create an exciting opportunity for Accessory Dwelling Unit (ADU) conversion, further maximizing income potential.
Unlock Significant Value-Add Potential
Currently, the building generates rental income well below market rates, making it a prime candidate for a strategic value-add investment. With pro forma rents suggesting a potential 66% increase in monthly income, investors have a clear pathway to enhancing cash flow through targeted unit renovations and optimized lease-ups.An Unbeatable Location for Renters and Investors
One of the biggest draws of 1301 Devon Avenue is its prime Westwood location. Just minutes from UCLA, Westfield Century City, and The Los Angeles Country Club, the property is a long-term renter magnet. Its proximity to major Westside employment hubs, high-end retail, and entertainment ensures a steady demand for housing.Additional location highlights include:
• Less than a mile from UCLA, Century City Mall, and The Los Angeles Country Club
• 1.5 miles from Holmby Park
• 2 miles from Westwood Village
• 1.2 miles to Beverly Hills
• Easy access to the 405 freeway, connecting tenants to the greater Los Angeles area
Whether you’re an investor looking to capitalize on rental upside or a buyer seeking to establish a foothold in one of LA’s most coveted zip codes, 1301 Devon Avenue offers both immediate income and long-term appreciation potential.This is a rare opportunity—don’t miss your chance to own a piece of Westwood’s exclusive Comstock Hills.
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A Rare Investment Opportunity in Westwood’s Prestigious Comstock Hills
