$6,250,000
$250K PRICE DROP

2670 Ellendale Place Los Angeles, CA 90007

University Park Neighborhood

Estimated payment $41,068/month

Total Views 1,771
35 Beds
23 Baths
14,593 Sq Ft
$428 Price per Sq Ft

About This Home

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.

Listing Agent

Neema Ahadian

Marcus & Millichap License #01346750 Listed on: 03/17/2025

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1964

Lot Details

  • 10,700 Sq Ft Lot

Interior Spaces

  • 14,593 Sq Ft Home
  • 3-Story Property

Bedrooms and Bathrooms

  • 35 Bedrooms
  • 23 Bathrooms

Community Details

  • 17 Units
  • Vacancy Allowance $17,220

Listing and Financial Details

  • Assessor Parcel Number 5055-013-001

Property Details

Home Type

Multi-Family

Year Built

Built in 1964

Lot Details

0

Listing Details

  • Property Type: Residential Income
  • Levels: Three Or More
  • Street Number Display: Yes
  • Living Area: 14593
  • Lot Acreage: 0.2456
  • Stories: 3
  • Year Built: 1964
  • Number Of Photos: 15
  • State Abbrv: CA
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Bedrooms: 35
  • Total Bathrooms: 23.00
  • Price Per S Q F T: 428.29

Exterior Features

  • Other Structures: None

Lot Info

  • Assessed Improvement Percent: 30.00
  • Assessed Improvement Value: 1377000
  • Assessed Land Percent: 70
  • Assessed Land Value: 3213000
  • Total Assessed Value: 4590000
  • Assessor Parcel Number: 5055-013-001
  • Lot Size Area: 10700

Rental Info

  • Total Actual Rent: 552324.00

Multi Family

  • Unit Type: 2106, 2107, 2108, 2109
  • Gross Rent Multiplier: 10.89
  • Number Of Units: 17
  • Total Annual Expense: 176524
  • Type Of Units: Apartments
  • Vacancy Allow: 17220
  • Vacancy Allow Percent: 3.00
  • Vacancy Rate: 0

Map

Range of Values:

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Average Value
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List Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price Change Sq Ft Price
06/04/2025 06/04/25 Price Changed $6,250,000 -3.8% $428 / Sq Ft
03/17/2025 03/17/25 For Sale $6,500,000 -- $445 / Sq Ft
Source: The MLS

Source: The MLS

MLS Number: 25522513

The MLS

California Los Angeles County Los Angeles 90007 University Park

2670 Ellendale Place, Los Angeles, CA

This home is located at 2670 Ellendale Place, Los Angeles, CA 90007 and is currently priced at $6,250,000, approximately $428 per square foot. This property was built in 1964. 2670 Ellendale Place is a home located in Los Angeles County with nearby schools including Vermont Avenue Elementary School, John Adams Middle School, and Manual Arts Senior High School.

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The MLS © 2025 The MLS™ - Combined L.A. Westside MLS (CLAW). All rights reserved. Based on information from The MLS™ - Combined L.A. Westside MLS (CLAW). All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Information is deemed reliable but not guaranteed.

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Listing Agent
Neema Ahadian
Section Image
Marcus & Millichap
(310) 909-5444