498 Capital St Oakland, CA 94610
Well-maintained five-unit property with significant rent upside in Cleveland Height.
Property size:
4,490 SFProperty Features for 498 Capital St
General Information
- Standard status
- Active
- Size
- 4,490 SF
Building Details
- Year built
- 1960
Source:
Corcoran
Listing Agent: Ismael Benhamida
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
Oakland Multifamily Investment Opportunity
Located in the Cleveland Height neighborhood of Oakland, two blocks from Lake Merritt, 498 Capital Street is a well-maintained five-unit multifamily property. Constructed in 1960, the building features a wood frame and stucco exterior with a concrete foundation. The property comprises one vacant three-bedroom/two-bathroom penthouse with views, and four one-bedroom/one-bathroom units. Each unit includes an individual parking garage. The building spans 4,490 square feet and is situated on a 4,070 square foot lot. Each unit is independently metered for gas and electricity. The property presents an opportunity for rent and value appreciation upon unit turnover, given the below-market in-place rents. The current ownership has invested over $300,000 in capital improvements, including a soft story seismic retrofit, private sewer lateral upgrade, electrical panel upgrade, main building water heater, and roof work. Furthermore, there are approved architectural plans to convert the right most garage and common space behind the garage into an 800 square foot two-bedroom/two-bathroom unit. The rent growth, shortage of housing units, and ADU potential make 498 Capital Street an exceptional investment for both the cash flow and appreciation minded investor.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Oakland
- County
- Alameda
- State
- California
- Longitude
- -122.2471947
- Latitude
- 37.8067068
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FAQs
What type of property is this?
Apartment building - Well-maintained five-unit property with significant rent upside in Cleveland Height.
Where is this apartment building located?
The property is located at 498 Capital St Oakland, CA.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: - Massive vacant three-bedroom/two-bathroom penthouse with views.; - Significant rent and value upside potential due to below-market in-place rents.; - Over $300,000 in recent capital improvements, including seismic retrofit and sewer lateral upgrade.