El Commodor 343 S Bedford Rd Immeuble residentiel 27 lots 8 094 000 € (299 778 €/Lot) Orange, CA 92868

The 27-unit El Commodor Apartments in the City of Orange is a low density garden-style complex with a massive, lush interior courtyard. It offers investors a compelling blend of location, and repositioning value upside from a property with, at the time of listing, portfolio flexibility with the acquisition of its sister property, Bel Air.
LOCATION-DRIVEN GROWTH - A CENTRAL, STRATEGIC ORANGE COUNTY HUB:
Situated just half a mile from the multi-phase redevelopment of MainPlace Mall and in close proximity to the renowned CHOC Children’s Hospital, Bel Air (and its sister property, El Commodor) sit in one of the most economically vibrant and institutionally supported pockets of the City of Orange. The location offers unparalleled access to healthcare employment hubs, retail transformation, and freeway connectivity to job centers across Orange and Los Angeles Counties.
• MainPlace Mall Redevelopment: Over 100 acres undergoing massive reinvention into a mixed-use lifestyle destination (residential, retail, entertainment). This revitalization is expected to drive strong residential demand, boost walkability, and support rental appreciation.
• CHOC Hospital Proximity: A regional anchor employing thousands, CHOC is a magnet for pediatric specialists, healthcare support workers, and visiting families. Its reputation for innovation and community benefit enhances the stability and economic resilience of the surrounding area.
COMPELLING INVESTMENT FUNDAMENTALS:
• Significant Income Upside: Current operations reflect below-market rents. A recent nearby multifamily sale demonstrates that properties with unit mixes including one-bedrooms are commanding premium pricing. With a balanced blend of fifty-six percent 2 bedroom units and forty-four percent 1 bedroom units, this property is well-positioned for outsized rental growth.
• Substantial Value Enhancement: By capturing our current, pro forma rent upside of over 70%, an investor would achieve a 6.10% cap and 11.29 GRM relative to the property’s list price.
• Demand Tailwinds: The severe cost differential between renting ($2,750 avg.) and owning ($9,248 avg.) in Orange County underscores ongoing renter demand, especially among workforce households priced out of homeownership.
• Proven Rent Growth: Historical rent growth in Orange County has been both strong and resilient, with continued increases forecast through the end of the decade. Two-bedroom units, in particular, remain in high demand, providing durable long-term upside.
WHY BUY?
With affordability challenges driving sustained renter demand, and historical trends pointing toward ongoing rent appreciation, El Commodor provides investors a compelling opportunity for both near-term value creation and long-term growth for an asset in a low-competition vintage niche amid rising replacement cost of new product.