Capital St Oakland, CA 94610

Located in the Oaklands Cleveland Height neighborhood, two blocks from Lake Merritt, this well-maintained five-unit multifamily property at 498 Capital Street was built in 1960. The building features wood frame and stucco construction on a concrete foundation. The 4,490 square foot building is situated on a 4,070 square foot lot. It includes one vacant three-bedroom/two-bathroom penthouse with views and four one-bedroom/one-bathroom units. Each unit has an individual parking garage. Each unit is independently metered for gas and electricity. The property offers an investor significant rent and value upside upon unit turnover due to the below market in-place rents. The current ownership has invested over $300,000 in recent capital improvements, including a soft story seismic retrofit, private sewer lateral upgrade, electrical panel upgrade, main building water heater, and roof work. Furthermore, ownership has 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 this an exceptional investment for both the cash flow and appreciation minded investor.