2716 Ellendale Pl, Los Angeles, CA 90007

Property Description

We are pleased to offer for sale the leasehold interest in 2716-2718 Ellendale Place, a 10-unit, 32-bed townhome-style student housing community located in North University Park, south of Adams Boulevard between Vermont Avenue and Hoover Street.Completed in 2015, the property comprises two buildings, Dee Jay, a fully renovated and converted Craftsman house, and The Joint, newly constructed in the Craftsman style, totaling 11,650 square feet on a 16,340-square-foot parcel, with one five-bedroom unit and nine three-bedroom units, all townhome-style with private entries. The buildings share a gated, key-card compound with a plunge pool, spa, built-in barbecue and 21 parking spaces. Townhomes are furnished and feature in-unit laundry, air conditioning, stone counters and stainless steel appliances. The offering is the leasehold interest under a ground lease with approximately 68 years remaining. Ground rent is 12.75% of collected rent with no minimum rent. A prepaid rent credit of $4,366 per month offsets that rent through October 2044 and transfers to the buyer at closing, which reduces net cash ground rent to roughly $21,000 per year at current income. The leasehold may be assigned, sublet and financed without the landlord's consent.USC Village, the university's retail and dining hub, and the campus lie less than half a mile southeast. The address carries a Walk Score of 87. USC enrolls roughly 46,000 students, and 65% of its sophomores, juniors and seniors live in non-university housing, a pool that re-leases on the academic calendar and keeps demand for housing this close to campus deep and consistent. The property sits inside the USC Department of Public Safety patrol zone, which is covered 24 hours a day.The 110 Freeway runs less than a mile east and Downtown Los Angeles lies just over two miles northeast. 2716-2718 Ellendale Place offers investors an opportunity to acquire a professionally maintained, amenity-rich student housing asset in North University Park, one of USC's prime off-campus housing locations.PLEASE DO NOT WALK THE PROPERTY OR DISRUPT TENANTS. CONTACT THE LISTING TEAM FOR DETAILS.