Orange County Multifamily Investment
For Sale
Contact for pricing
Pending
315 - 343 S Bedford Road Orange, Orange, CA 92868
Two contiguous 27-unit properties near MainPlace Mall redevelopment.
Property Size41,353 SF
Days on Market148
Property Features for 315 - 343 S Bedford Road Orange
General Information
Standard status
Pending
Size
41,353 SF
Class
B
Property subtype
Multifamily
Occupancy
100%
Investment Type
Value Add
Building Details
Year Built
1961
Buildings
2
Stories
2
Units
54
Listing Agency:
Marcus & Millichap - Orange County
Listed By:
Joseph Berkson · License #CA 01031951
Source:
Crexi
Added: Mar 18
Changed: Aug 8
Last Checked: Aug 8 at 6:43AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap - Orange County
Investment Insights
Based on property information with market context.
Located in Orange County, California, Bel Air and El Commodor are two contiguous, 27-unit properties situated on two separate parcels. The buildings are located just half a mile from the multi-phase redevelopment of MainPlace Mall and within walking distance of CHOC Children’s Hospital and Provident Saint Joseph Hospital. The location offers access to healthcare employment hubs, retail, entertainment, and freeway connectivity to job centers across Orange and Los Angeles Counties. The properties are positioned for rental growth, with below-market rents. The cost differential between renting and owning in Orange County supports renter demand. Historical rent growth in Orange County has been strong, with continued increases forecast. Bel Air and El Commodor offers an opportunity for value-add investors in a supply-constrained housing market amid rising replacement costs for new multifamily development and growing demand for rental housing. The property size is 41353 square feet.
Key Highlights
- Significant value‑add upside with below‑market rents and potential for outsized rental growth.
- Prime Orange County location near MainPlace Mall redevelopment, CHOC Children’s Hospital, and Provident Saint Joseph Hospital.
- Strong renter demand due to the high cost of homeownership in Orange County.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$732,871
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.19%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$14,657,420
$14.7M
Cap Rate 7%
$10,469,586
$10.5M
Cap Rate 9%
$8,143,011
$8.1M
Market Conditions
NOI Build-Up for 41,353 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$1.39M $33.60/SF
− Vacancy
−$57.0K −$1.38/SF
EGI
$1.33M $32.22/SF
− OpEx
−$599.6K −$14.50/SF
NOI
$732.9K $17.72/SF
Area
Orange, CA
Vacancy
4.10%
Lease Rate
$33.60 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$14,657,420
Cap Rate 7%
$10,469,586
Cap Rate 9%
$8,143,011
Alternative Uses
Best Use
Apartment 5plus
$10.47M
$9.16M – $12.21M
NOI $732,871 @ 7.0% cap · market cap 4.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$14.95M
$13.08M – $17.44M
NOI $1,046,502 @ 7.0% cap · market cap 5.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,929
Businesses Nearby
Explore this area
Business Placement
Demographics for 92868, CA
27,127
Population
9,105
Households
3
Avg Household Size
34
Median Age
36%
College-Educated
85%
High-School Grad
3.4 sq mi
ZIP Area
7,979
Density / Sq Mi
$89,050
Median Household Income
$45,978
Median Earnings
$2,356
Median Rent
$714,300
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two contiguous 27-unit properties near MainPlace Mall redevelopment.
Where is this apartment building located?
The property is located at 315 - 343 S Bedford Road Orange Orange, CA.
What is the asking price?
The asking price for this property is $17,500,000.
What are key features of this property?
This property features: Significant value‑add upside with below‑market rents and potential for outsized rental growth.; Prime Orange County location near MainPlace Mall redevelopment, CHOC Children’s Hospital, and Provident Saint Joseph Hospital.; Strong renter demand due to the high cost of homeownership in Orange County.
