4031 Penniman Ave, Oakland, California 94619, Oakland, 94619 - 4 bed, 2 bath
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Oakland, California 94619
This Value-Add Multi-Unit Asset presents a Strong Value Opportunity with a List Price of $499,000—positioned well below the $540,946 Fair Market Value by 7%. This valuation gap provides $41,946 in Instant Equity for buyers prepared to address the Condition Rating of 5 and deferred maintenance. Featuring a 2-unit duplex configuration with ADU potential, the property offers significant ROI through strategic renovation and market-rate leasing. Located in the commuter-friendly Allendale neighborhood, this is a prime acquisition for Buy-and-Hold Investors or Owner-Occupants seeking a high-upside house hack.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 4031 Penniman Ave Subject | $499,000* List Price | 4 | 2 | 1,450 | $373 | - |
A 3710 Wisconsin St Sold | $590,000 | 2 | 2 | 1,349 | $437 | 0.8 mi |
B 4616 Meldon Ave Sold | $625,000 | 3 | 2 | 1,856 | $337 | 0.4 mi |
* Subject property listed price vs sold prices of comps.
Property is extensive renovation needed.
Built in 1954, this property is explicitly described as needing 'TLC' and having 'deferred maintenance.' As an investment-focused duplex, it requires substantial rehabilitation and modernization of its 70-year-old systems, kitchens, and bathrooms to be considered move-in ready or to meet current market standards.
As a single-level duplex with four bedrooms, this property offers a versatile investment opportunity to live in one unit while renting the other or to maximize ROI by leasing both units.
Priced competitively for the Oakland market, the property features a private backyard and ADU potential, providing a clear path for investors to build equity through strategic renovations.
Situated in the up-and-coming Allendale neighborhood, the home provides convenient access to BART, major highways, and local shopping, ensuring high demand from prospective tenants.
The property is identified as needing 'TLC,' indicating that immediate capital investment will be necessary to address repairs and modernize the units.
The local assigned schools currently hold low performance ratings, which may limit the property's long-term appeal to families prioritizing high-quality educational options.
Welcome to 4031 Penniman Ave, a rare investment opportunity in the heart of Oakland’s desirable Allendale neighborhood! This single-level 2-unit duplex features a total of 4 bedrooms and 2 bathrooms across 1,450 sq. ft., offering incredible potential for homeowners and investors alike. Each unit boasts spacious living areas and private backyard access, providing the perfect canvas to create your dream space. While the home needs some TLC, its prime location and competitive price make it a fantastic value in today’s market. Whether you’re looking to renovate and rent, live in one unit and rent the other, or maximize your ROI, this property is a must-see! Perfect for future ADU. With easy access to highways, BART, shopping, and restaurants, 4031 Penniman Ave offers both convenience and potential in one of Oakland’s up-and-coming areas. Don’t miss out on this chance.
No exterior & parking available.
Grades K-5 • 0.2 mi
Grades 6-8 • 0.8 mi
Grades 6-9 • 1.0 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 4.0 | 3.0 | 72% |
| Baths | 2.0 | 2.0 | 50% |
| Square foot | 1,450 | 1,550 | 43% |
| Lot Size | 3,590 | 5,000 | 24% |
| Price | $499.0K | $920.0K | 6% |
| Price per sq ft | $344 | $612 | 4% |
| Built year | 1954 | 1933 | 71% |
| HOA | $0 | $0 | 50% |
| Days on market | 15 | 159 | 1% |
Apr 7, 2026
$499,000
Initial Listing