Description
Located in the prestigious Comstock Hills enclave of Westwood, 1301 Devon Avenue offers a rare opportunity to acquire a multifamily asset in one of West Los Angeles’ most stable and sought-after neighborhoods. Surrounded by multi-million-dollar single-family homes and tucked away on a quiet, tree-lined street, this six-unit apartment building blends timeless architectural charm with significant financial upside.
Built in 1940, the building spans approximately 4,786 square feet on a 5,777 square foot lot and is zoned [Q]RD1.5-1XL TOC Tier 2. The unit mix consists of four large one-bedroom units with formal dining rooms and two studios, with one unit currently vacant—offering immediate leasing potential or the opportunity for owner-occupancy. There are also three 2-car garages accessible from the alley creating the opportunity for ADU conversion. Importantly, the current rental income is well below market, presenting a substantial value-add opportunity: pro forma rents suggest the potential for a 66% increase in monthly income through strategic unit renovations and lease-ups.
Less than a mile from UCLA, Westfield Century City, and The Los Angeles Country Club, and with easy access to the 405 freeway, the location is a long-term renter magnet. Just 1.5 miles from Holmby Park, 2 miles from Westwood Village, and a short 1.2-mile drive to the City of Beverly Hills, this prime spot offers unbeatable convenience and accessibility. Whether you’re an investor targeting upside through repositioning or a buyer seeking a foothold in one of LA’s most desirable zip codes, 1301 Devon Avenue delivers on both present-day performance and future potential.
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Property Features:
- List Price: $2,695,000
- Building Size: 4,786 Sq.Ft.
- Lot Size: 5,777 Sq.Ft.
- Price Per Sq.Ft. on Building: $563.10
- Price Per Unit: $449,166
- Number of Units: 6
- Unit Mix: Four 1-bedroom units with formal dining rooms and two studio units
- Cap Rate: 4.2%
- Zoning: [Q]RD1.5-1XL TOC Tier 2
- Year Built: 1940
- Parking: Three 2-car garages
- APN: 4327-012-017
