Property Detail

Description

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.