Los Angeles County firefighters responded to the blaze at La Casa de Cuesta shortly before 3 a.m. in the 2200 block of N. Gaviota Street.
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The fire, located in a second-story unit of the apartment building, was knocked down by 3:15 a.m. One mas was in cardiac arrest and transported to a nearby hospital in grave condition, fire officials said.
The elderly man had been rescued out of the unit where the flames were coming from. Officials said he was found inside a bathroom suffering from severe burns.
Officials previously reported the victim had died at the hospital but later updated that information. There were no other injuries.
Witnesses said the victim's body was limp.
"When I saw them drag him out by his hands and his feet and lay him on the grass, I knew that that wasn't good," said evacuated resident Charisma Justice.
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Neighbors said the man is normally seen walking around the neighborhood with his dog. Firefighters said they did not locate a dog at the scene of the fire.
The blaze was contained to one unit, and an investigation was ongoing to determine a cause.