Turnkey 5 Units 1.5 Block to Lake Merritt 498 Capital St 5 Unit Apartment Building $1,450,000 ($290,000/Unit) 6% Cap Rate Oakland, CA 94610

Situated in Oakland’s Cleveland Height neighborhood and two blocks from Oakland’s 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.
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 close 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 for 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.
Oakland is a major economic center, and the third largest city in the San Francisco Bay Area. It is known for its rich cultural heritage and is home to many major employers including Kaiser Permanente, Clorox, Pandora Media, and the Port of Oakland. Oakland has benefitted from numerous revitalization and development projects. The substantial residential, commercial and mixed-use projects that have been completed in Downtown Oakland, Jack London Square, and Brooklyn Basin have had substantial residential, commercial, and mixed-use projects that have transformed the city’s landscape and attracted major investment which has contributed to significant economic growth.