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1601 Veteran Avenue 301, Los Angeles, California 90024, Los Angeles, 90024 - 4 bed, 4 bath

1601 Veteran Avenue 301, Los Angeles, California 90024 home-pic-0
ACTIVE$1,499,995
1601 Veteran Avenue 301, Los Angeles, California 90024
4Beds
4Baths
2,233Sqft
8,011Lot
Year Built
1971
Close
-
List price
$1.5M
Original List price
$1.5M
Price/Sqft
$672
HOA
$488
Days on market
-
Sold On
-
MLS number
25509211
Home ConditionExcellent
Features
Excellent View: City Lights
ViewCity Lights

About this home

We found 3 Cons,6 Pros. Rank: price - $1.50M(71th), sqft - 2233(69th), beds - 4(94th), baths - 4(83th).

Westwood Penthouse Condo Investment Two Units, One Price! An exclusive fully leased income property featuring two penthouse 2-bed, 2-bath condos, each 1,118 sq. ft. (2,233 sq. ft. combined). One unit offers stunning panoramic views of the city skyline and snow-capped mountains.Currently generating $95,700 in annual gross income, with top-of-market lease rates: Unit #301 - $4,025/month (lease through 3/31/25) Unit #302 - $3,950/month (lease through 7/14/26) Both units feature modern upgrades, including engineered wood flooring, dual-pane windows, recessed lighting, in-unit washer/dryer, and stylish kitchens with LG stainless steel appliances, quartz countertops, and lacquered maple cabinets. Additional highlights: Three subterranean deeded parking spaces Private indoor storage closets & secure bike parking Pet-friendly building Prime Westwood location near UCLA, Century City, dining, shopping & easy freeway accessA turnkey investment with high rental demand, live in one unit and rent the other or capitalize on steady rental income in one of LA's most sought-after neighborhoods! Buyer to participate in 1031 exchange, at no cost to the buyer.

Nearby schools

7/10
Nora Sterry Elementary School
Public,•K-5•0.6mi
9/10
Fairburn Avenue Elementary School
Public,•K-5•0.9mi
9/10
Warner Avenue Elementary School
Public,•K-5•1.4mi
5/10
Brentwood Science School
Public,•K-5•1.9mi
3/10
Daniel Webster Middle School
Public,•6-8•1.5mi
8/10
El Rodeo Elementary School
Public,•K-8•1.9mi
6/10
University Senior High School Charter
Public,•9-12•1.1mi
6/10
University Senior High School
Public,•9-12•1.1mi
9/10
Beverly Hills High School
Public,•9-12•2.0mi

Price History

Date
Event
Price
02/21/17
Sold
$1,175,000
01/27/16
Sold
$800,500
Condition Rating
Excellent
Despite the building's 1971 construction, the units have undergone extensive modern renovations, bringing them to an excellent, virtually new condition. The description explicitly states 'modern upgrades' including engineered wood flooring, dual-pane windows, recessed lighting, and stylish kitchens with LG stainless steel appliances, quartz countertops, and lacquered maple cabinets. The images confirm these high-quality, contemporary finishes in both the kitchens and bathrooms, which appear brand new. All components meet current quality standards with no visible deferred maintenance, aligning with the criteria for an 'excellent' rating for a recently renovated property.
Pros & Cons

Pros

Great Schools: Elementary School: Fairburn Avenue Elementary School (9/10). High School: Beverly Hills High School (9/10).
Turnkey Investment Property: This property offers two fully leased penthouse condos, generating a substantial annual gross income of $95,700 with top-of-market lease rates, making it an attractive, ready-to-perform investment.
Prime Westwood Location: Situated in a highly desirable Westwood location, the property benefits from proximity to UCLA, Century City, diverse dining, shopping, and convenient freeway access, ensuring high rental demand and potential appreciation.
Modernized Units: Both units feature extensive modern upgrades including engineered wood flooring, dual-pane windows, recessed lighting, in-unit washer/dryer, and stylish kitchens with LG stainless steel appliances and quartz countertops.
Valuable Amenities: The property includes three subterranean deeded parking spaces, private indoor storage closets, and secure bike parking, which are highly sought-after amenities in this urban environment.
Panoramic City Views: One of the penthouse units boasts stunning panoramic views of the city skyline and snow-capped mountains, adding significant aesthetic appeal and value.

Cons

Building Age: Constructed in 1971, the building's age, despite unit upgrades, may imply potential for future common area maintenance or infrastructure updates that could impact HOA fees.
Association Fee: The monthly association fee of $488 represents a recurring expense that will impact the net operating income and overall profitability for an investor.
1031 Exchange Requirement: The seller's requirement for the buyer to participate in a 1031 exchange, while at no cost to the buyer, adds a specific transactional complexity that might narrow the pool of potential purchasers.

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