Maher Commercial Realty is proud to announce the successful sale of 1301 Devon Avenue, a six-unit apartment building in the prestigious Comstock Hills enclave of Westwood. This transaction underscores the strong demand for value-add multifamily properties in Los Angeles’ most desirable neighborhoods at an attractive price point of $2,615,000 ($435,833 per unit).
Why Investors Competed for This Property:
✅ Prime Westwood Location:
- <1 mile to UCLA, Century City Mall & LA Country Club
- 1.2 miles to Beverly Hills’ luxury corridor
- Walk Score: 92 – Steps from top-tier amenities
✅ Immediate Value-Add Potential:
- 66% NOI upside ($11,112 current → $19,420 pro forma)
- Vacant unit ready for lease-up at market rates
- ADU conversion opportunity (three 2-car garages)
✅ Future-Proof Zoning:
- [Q]RD1.5-1XL TOC Tier 2 allows long-term densification
- Below replacement cost at $435,833/unit
A Strategic Sale in Westwood’s Tight Market:
This sale follows our recent success with 1906 Malcolm Avenue, demonstrating continued appetite for:
- Under-rented properties with clear repositioning upside
- Irreplaceable locations near UCLA and Beverly Hills
- Flexible zoning that accommodates both immediate cash flow and future redevelopment
Our targeted marketing highlighted:
- Pro forma rent rolls showing 66% income growth potential
- TOC Tier 2 benefits for future density increases
- Competitive pricing that attracted multiple offers
Westwood Multifamily Market Snapshot:
- Price per unit: $400K-$600K for value-add properties
- Rent growth: 7% YoY (CoStar, 2024)
- Landmark comps: 1906 Malcolm Ave ($553/SF) | 1030 Gayley Ave ($625/SF)
What This Sale Means for the Market:
For buyers, this transaction proves:
- Entry points still exist below $450K/unit in prime Westwood
- Value-add plays deliver quick ROI through rent increases
- ADU conversions remain a key value driver
For sellers, it reinforces:
- Proper pricing attracts competitive bidding
- Zoning expertise maximizes property appeal
- Our 36-point marketing plan delivers results
Explore Current Westwood Opportunities:
We’re actively working with:
- Private owners considering sales of underperforming assets
- Developers seeking TOC-qualified sites
- 1031 exchange buyers looking for Westwood footholds
Contact us today for off-market opportunities or a property valuation.
