LOCALLA

We are pleased to present 2647-2649 Ellendale Place, a turnkey five-unit, 20-bed student housing investment located within a ten-minute walk of the University of Southern California set on one of the most coveted residential streets north of campus. The property pairs a fully renovated eight-bedroom residence with four newly constructed three-bedroom ADUs, offering a rare blend of stabilized cash flow, modern construction, and a location that simply does not come to market often. Ellendale Place sits in the heart of the north-of-campus corridor, the section of the USC neighborhood students seek out first. It is a wide, tree-lined double-wide boulevard with established character that sets it apart from the denser product west of campus, and its blocks are almost entirely owner-held for the long term. Listings here are genuinely scarce properties on Ellendale Place rarely trade, and when they do, they move quickly to buyers who have been waiting for the opportunity. That scarcity underpins consistently strong tenant demand, premium rents, faster lease-up, and durable long-term occupancy. The property totals approximately 8,344 gross square feet on an 11,770-square-foot lot. The front eight-bedroom, seven-bath residence was completely rebuilt in 2014 with new plumbing, electrical, HVAC, windows, recessed lighting, and modern systems throughout. Complementing it are four newly constructed three-bedroom, three-bath townhomes, each with contemporary finishes and in-unit laundry a low-maintenance asset with significant new-construction value. Offered at $4,150,000 approximately $497 per square foot and $207,500 per bed the property delivers a 7.09% cap rate and 10.29 gross rent multiplier on income that is already fully pre-leased for the 2026-2027 academic year. Annual in-place rental income of approximately $403,244 closely aligns with estimated market rents, giving ownership stable, predictable cash flow from day one without relying on future lease-up assumptions or value-add execution. USC remains one of Los Angeles' strongest and most resilient demand drivers, with roughly 65% of students living in privately owned off-campus housing due to limited university supply. Residents on this side of campus enjoy fast access to USC, USC Village, libraries, dining, fitness facilities, and everyday retail a durable renter base that has proven resilient through changing market conditions. Continued investment in enrollment and campus expansion is expected to further increase demand for quality off-campus housing, reinforcing long-term occupancy and rental growth. The substantial new-construction component also provides meaningful tax planning opportunities. Under current federal legislation restoring 100% bonus depreciation, buyers may utilize a cost segregation study to accelerate depreciation on qualifying components, potentially generating significant first-year deductions and enhancing after-tax returns.