House hacking in Berkeley (South-central flats / Ashby BART).

What's actually happening in 94703

• Board-approved

  Ashby BART West Lot TOD: about 618 units, cleared the BART Board July 2025. BART

• Plan vision

  Adeline Corridor Specific Plan: a roughly 1,400-unit corridor vision. City of Berkeley

• Entitled / approved

  Entitled and approved towers: 3000 Shattuck (166 units), 2655 Shattuck (97 units). City of Berkeley

• Adopted

  Middle Housing ordinance: 2–8 units by-right on flats, effective 2025-11-01. City of Berkeley

The numbers

Median price

~Berkeley proxy (no ZIP median this run)

Market rent

2bd $2,700 / 3bd $3,300 whole-home (underwriting band)

Property tax (Alameda County)

~1.93% effective at the ZIP level (Berkeley citywide ~1.78%; high parcel taxes)

Per-bed rent band

$1,150–1,550/mo per bed

ADU rent band

$2,000–2,600/mo

Whole-home rent band

2bd $2,700 / 3bd $3,300 whole-home

Underwriting vacancy

4% underwriting vacancy

Appreciation scenarios

2.0 / 3.5 / 4.5 %/yr (conservative / base / upside)

Caution: Alta Bates Ashby acute care relocates to Emeryville around 2032–33, shifting hospital-tenant demand. Appreciation basis: Ashby TOD plus the Adeline corridor; old flats at high capex; tax ~1.93%. Rent bands are city-level medians; confirm the specific parcel before trusting any of them. Run your own scenario in the calculator.

The house-hack angle

Middle Housing flats within walking distance of Ashby BART; room rentals to a UC and hospital tenant mix while the Alta Bates transition plays out.

What breaks it

• Alta Bates Ashby acute care relocates ~2032–33: hospital-tenant demand shifts
• ZIP-level tax ~1.93% (high parcel taxes) is the metro's steepest and needs commensurate rent coverage
• Old flats carry high capex