507 Veteran Avenue, Los Angeles, California 90024, Los Angeles, 90024 - 3 bed, 2 bath
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Los Angeles, California 90024
This Prime Westwood Development Asset is a High-Potential Investment Opportunity listed at $2,695,000, reflecting the stability of the $2,582,365 Fair Market Value. The property features a Condition Rating of 5 and includes Ready-to-Issue (RTI) plans, maximizing the utility of the 8,456 SqFt Lot. Situated near UCLA and within the Fairburn Avenue Elementary and Beverly Hills High School districts, the site offers immense redevelopment upside. This acquisition is perfectly suited for Real Estate Developers or Value-Add Investors looking to capitalize on high resale demand.
Property is extensive renovation needed.
Built in 1936, this property is explicitly marketed as a 'redevelopment opportunity' and 'value-add' project for investors. While it retains original architectural details like vaulted wood-beam ceilings, the listing emphasizes its potential for expansion or new construction and includes RTI (Ready to Issue) plans. The 'as-is' condition and focus on land value suggest that the kitchen, bathrooms, and major systems are severely outdated or require substantial rehabilitation to meet modern standards.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 8456, living area = 2097.
Elementary School: Fairburn Avenue Elementary School (9/10). High School: Beverly Hills High School (9/10).
The property was recently sold within the past year on 2025-10-03. The sold price is $2,330,000.00.
Prime Westwood Development Opportunity – Exceptional Value-Add and Redevelopment Potential. Located in one of Los Angeles’ most sought after neighborhoods near UCLA and Westwood Village, this 3 bedroom, 2 bath 1930s property presents a rare opportunity for developers, investors, and builders to reposition, expand, or redevelop. Surrounded by high value properties and strong resale demand, the property offers an ideal canvas for redevelopment or major renovation. Existing structure features multiple living areas, vaulted wood-beam ceilings, fireplaces, and original architectural details, providing optional restoration value or redevelopment flexibility. The lot features a multi-level backyard with usable space and excellent potential for expansion, reconfiguration, or new construction. Property comes with RTI plans and professionally designed landscape plans in place.. Buyer to verify all development potential, zoning, plans, approvals, permits, and intended use with the City of Los Angeles. This is a true value-add opportunity in a premier Westwood location with close proximity to UCLA, Westwood Village, major employment hubs, retail, dining, and transit. Ideal for developers, builders, and investors seeking a project with significant upside in a high-demand market. Sold as-is.
No exterior & parking available.
Grades K-5 • 1.2 mi
Grades K-5 • 1.5 mi
Grades K-5 • 1.7 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 3.0 | 4.0 | 30% |
| Baths | 2.0 | 4.0 | 19% |
| Square foot | 2,097 | 3,068 | 22% |
| Lot Size | 8,456 | 7,705 | 59% |
| Price | $2.69M | $3.48M | 24% |
| Price per sq ft | $1.3K | $1.2K | 54% |
| Built year | 1936 | 1935 | 51% |
| HOA | $0 | $0 | 50% |
| Days on market | 64 | 195 | 8% |
Feb 17, 2026
$2,695,000
Initial Listing
Oct 3, 2025
$2,330,000
Public Record