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We are pleased to present 2670 Ellendale Place, a newly renovated 17 Unit / 35 Bedroom student housing investment opportunity located a half mile north of the University of Southern California, within the USC Department of Public Safety 24 Hour Patrol Zone. The property is currently 100% occupied, driven by strong demand for off-campus housing from the 47,000 students currently enrolled at the University of Southern California. Approximately ~60% of all USC students live in off-campus housing, offering new ownership a low vacancy rate tied to one of the nation's top academic institutions. USC continues to rise in academic rankings, setting a record high applications and record low acceptance rate in 2024. 13 of the 17 units are either brand new or fully renovated, presenting a prime opportunity to acquire a recession-proof passive investment, with minimal deferred maintenance and strong in-place cash flow. The remaining 4 units have long term tenants at less than 30% of market rent, offering an investor significant upside potential as these units turn. The subject property is currently being rented by the unit and unfurnished, allowing further rental upside through double occupancy and furnished rentals. The units feature oversized living rooms and bedrooms, with similar 2-bedroom units achieving rents at $4,400 ($1,100 / bed). This significant rent discount to top of market rents offers a rare opportunity to own in a premier location with future rent runway. The subject property has undergone an extensive CAPEX program, including a new roof, copper re-pipping of the building, replaced vertical waste lines, new main electrical panel, subpanels, and meters. The exterior of the building has also been painted, along with windows being replaced, throughout the property. The property is walking distance to the University Park Campus and USC Village and presents a prime opportunity to acquire an existing cash flowing asset in the desirable North University Park submarket. This location has significant barriers to entry and is constrained by land-use regulations and continued community resistance to new construction, insulating the property from new rental competition.
Property Type(s):
Residential Income
| Last Updated | 4/8/2025 | Year Built | 1964 |
|---|---|---|---|
| Community | Mid Los Angeles | County | Los Angeles |
Additional Details
| AIR | None |
|---|---|
| AREA | Mid Los Angeles |
| GARAGE | None |
| HEAT | None |
| LOT | 10700 sq ft |
| PARKING | None |
| STORIES | 3 |
| ZONING | LAR4 |
Location
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Listed with Marcus & Millichap
The information being provided by Conejo Simi Moorpark Association of REALTORS® (“CSMAR”) is for the visitor's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. Any information relating to a property referenced on this web site comes from the Internet Data Exchange (“IDX”) program of CSMAR. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. Any information relating to a property, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The data contained herein is copyrighted by CSMAR and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
This IDX solution is (c) Diverse Solutions 2025.
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