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$1,450,000

Est. payment - /mo

4,068 Sqft Lot

Active

498 Capital ST Oakland, CA 94610

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Chris Mardelli

chris@therealupside.com +1(310) 571-5761

UPDATED:

Key Details

Property Type Commercial

Listing Status Active

Purchase Type For Sale

MLS Listing ID ML82012249

HOA Y/N No

Year Built 1960

Annual Tax Amount $22,956

Lot Size 4,068 Sqft

Property Description

Situated in Oaklands Cleveland Height neighborhood and two blocks from Oaklands renowned Lake Merritt, 498 Capital Street is a well maintained fiveunit multifamily property. This pride of ownership property was built in 1960 with wood frame and stucco construction on a concrete foundation. The building has one massive vacant three-bedroom/two-bathroom penthouse with views and four one-bedroom/one-bathroom units. Each unit has an individual parking garage. The building is 4,490 square feet and is situated on a 4,070 square foot lot. Each unit is independently metered for gas and electricity. This property offers an investor significant rent and value upside upon unit turnover due to the below market in-place rents. 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, roof work, and more. 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, & ADU potential make 498 Capital Street an exceptional investment for both the cash flow & appreciation minded investor.

Location

State CA

County Alameda

Area 699 - Not Defined

Zoning RM-3

Interior

Fireplace No

Exterior

Carport Spaces 5

Roof Type Bitumen

Building

Water Public

Schools

Elementary Schools Cleveland

School District Other

Others

Tax ID 2341712

Special Listing Condition Standard

Virtual Tour https://youtu.be/3dCqxVgzR0E

Listed by Ismael Benhamida Compass

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