2716 Ellendale Pl, Los Angeles, CA 90007

FOR SALE $8,200,000

32 beds 30 baths 11,650 sqft

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r this student housing opportunity to acquire one of the premier, boutique student housing properties in USC'S Ellendale student housing district. The investment includes the purchase of a leasehold estate with 77 years remaining on the ground lease term (47 year initial term plus three 10-year options), plus $52,390.80 in annual ground rent credits over the next 27 years. Priced at $8,200,000, the purchaser can acquire this Lease Hold asset for a going in Cap Rate of 5.4%, after ground rent and adjusted for new property taxes. This is possible through the assignment of just over $1.4 million in prepaid ground rent payments to be credited to the buyer over the next 27 years. 2716 and 2718 Ellendale Place comprise a newly constructed (2014) boutique student housing property located in the highly desirable Ellendale neighborhood just a few short blocks north of the USC campus.