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$ 1,450,000
Est. payment | /mo
4,068 Sqft Lot
$ 1,450,000
Est. payment | /mo
4,068 Sqft Lot
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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Diana & Jeremy LeClair
REALTOR® | Lic# DRE: 02064887 + 02161730
23046 Avenida De La Carlota suite 600 Laguna Hills, CA, 92653