Situated in Oakland’s Cleveland Heights neighborhood and two blocks from Oakland’s renowned Lake Merritt, 498 Capital Street is a well-maintained five-unit multifamily property. This pride of ownership property was built in 1960 with wood frame and stucco construction on a concrete foundation.

The building features a massive, vacant three-bedroom, two-bathroom penthouse with views, as well as four one-bedroom, one-bathroom units. Each unit has an individual parking garage. The building is 4,490 square feet in size 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 rightmost garage and common space behind the garage into an 800-square-foot two-bedroom/two-bathroom unit.

Ideally located near Oakland's renowned Lake Merritt. 498 Capital Street provides tenants with easy access to lake activities, vibrant restaurants, and shopping options. Its proximity to both Downtown Oakland and the Grand Lake neighborhood further enhances its appeal. Additionally, the property is located 0.5 miles from Lake Merritt BART station and near highways I-580 and I-880, which allows residents to easily commute to San Francisco and the surrounding cities. Oakland has consistently demonstrated one of the nation's highest rent growth rates and lowest vacancy rates, making this investment a promising long-term venture.

Property Highlights:

• Pride of Ownership Location 2 Blocks from Lake Merritt

• Each Unit Has A One-Car Garage Plus One Covered Parking Space

• Approved Architectural Plans To Convert The Rightmost Garage and Common Space Into An 800-square-foot Foot Two-Bedroom/Two-Bathroom Unit.

• Unit Mix: (1) 3-Bed/2-Bath Penthouse and (4) 1-Bed/1-Bath Units

• Excellent Owner-User or Investment Opportunity

• Over $300,000 of Capex completed, including soft story seismic retrofit, private sewer lateral upgrade, electrical panel upgrade, and main building water