# House Hacking in Emeryville (94608): Delivered TOD plus a $1B hospital campus landing 2028 · The Rent Hacker > Emeryville 94608 for house hackers: The Emery (500 units plus a park) delivered and leasing, Pixar and EmeryStation biotech in-ZIP, and Sutter's $1B+ campus a Canonical: https://therenthacker.com/house-hacking/emeryville-94608/ Source: The Rent Hacker (https://therenthacker.com/). License: RSL, attribution required — https://therenthacker.com/license.xml --- [East Bay guide](/house-hacking/east-bay/) · Tier A · Rank #10 of 87 # House hacking in Emeryville (Emeryville / North Oakland (NOBE)). The Emery (500 units plus a park) delivered and leasing, Pixar and EmeryStation biotech in-ZIP, and Sutter's $1B+ campus arriving around 2028. Job density rivals downtown Oakland at this tier. **Status check:** Soft refresh 2026-07-15: the biotech leg weakened. Emeryville R&D/lab vacancy hit 45.8% in Q1 2026, and a biotech development site sold at roughly half price in May 2026 after its planned project failed to launch. The Emery and Sutter legs are unaffected; the ZIP held at A on those two. ## What's actually happening in 94608 - Delivered / leasing The Emery (500 units plus a park, on the former Sherwin-Williams site): delivered and leasing. [City of Emeryville](https://www.emeryville.org/Development/Projects-Permitting/Major-Development-Projects/The-Emery) - Under construction / planned Sutter's $1B+, 200+ bed Emeryville campus: outpatient ~2028, hospital ~2033. [Berkeleyside](https://www.berkeleyside.org/2025/02/19/berkeleys-alta-bates-hospital-will-be-replaced-by-new-sutter-medical-campus-in-emeryville) - Existing anchors Pixar (~1,200 jobs) and Grifols/EmeryStation biotech in-ZIP. City of Emeryville - In design San Pablo Ave bus-and-bike corridor (~$250M) in design. City of Emeryville ## The numbers Median price Oakland-plus proxy (NOBE straddles the Oakland-Emeryville line) Market rent Oakland proxy $2,250/mo (Zumper, Jun 2026) Property tax (Alameda County) ~1.71% effective (Oakland city median; new purchases reassess at price) Per-bed rent band $1,050–1,450/mo per bed ADU rent band $2,000–2,500/mo Whole-home rent band 2bd $2,700 / 3bd $3,300 whole-home Underwriting vacancy 5% underwriting vacancy Appreciation scenarios 2.0 / 3.0 / 4.0 %/yr (conservative / base / upside) Tax follows the side of the line: ~1.71% on the Oakland side. Appreciation basis: Delivered Emery plus hospital capital; mixed stock; the biotech leg is soft. Rent bands are city-level medians; confirm the specific parcel before trusting any of them. [Run your own scenario in the calculator](/calculator/). ## Buildings we underwrote in 94608 19 buildings in 94608 carry a record. 4 beat renting and index funds; the rest did not. Every row links to its own page, with the numbers it was scored on. Property At our defaults Status [4-unit building · Clawson / Dogtown](/property/rh-v4jw2z/) Members 4 units +$761,830 House-Hack Published pick #1 [4-unit building · Golden Gate / NOBE](/property/rh-xp0b87/) Members 4 units +$669,274 House-Hack Published pick #2 [2-unit building · Clawson / Dogtown](/property/rh-il14wp/) Members 2 units +$149,656 House-Hack Published pick #4 [820 52nd St](/property/rh-hqa2z4/820-52nd-st/) 3 units · $899,000 +$256,148 House-Hack Underwritten — beats renting and index funds, below the publish cut [3225 Market St](/property/rh-e5tq3h/3225-market-st/) 2 units · $695,000 −$39,956 S&P 500 Underwritten — the index wins at our defaults [1040 59th St](/property/rh-a2x0u2/1040-59th-st/) 2 units · $699,000 −$126,121 S&P 500 Underwritten — the index wins at our defaults [1072 56th St](/property/rh-53isrn/1072-56th-st/) 2 units · $898,000 −$211,437 S&P 500 Underwritten — the index wins at our defaults [922 Arlington Ave](/property/rh-dpgba5/922-arlington-ave/) 2 units · $620,000 −$225,405 S&P 500 Underwritten — the index wins at our defaults [1070-1072 Aileen St](/property/rh-o0lc4g/1070-1072-aileen-st/) 2 units · $925,000 −$390,562 S&P 500 Underwritten — the index wins at our defaults [1074 43rd St](/property/rh-3avjfx/1074-43rd-st/) 2 units · $915,000 −$435,655 S&P 500 Underwritten — the index wins at our defaults [985 39th St](/property/rh-dgwph5/985-39th-st/) 2 units · $925,000 −$450,320 S&P 500 Underwritten — the index wins at our defaults [1324 Fitzgerald St](/property/rh-ph0zdv/1324-fitzgerald-st/) 2 units · $999,000 −$457,374 S&P 500 Underwritten — the index wins at our defaults [1123 65th St](/property/rh-uq0z5d/1123-65th-st/) 2 units · $895,000 −$484,274 S&P 500 Underwritten — the index wins at our defaults [5401 Genoa St](/property/rh-u1mefj/5401-genoa-st/) 2 units · $1,050,000 −$532,162 S&P 500 Underwritten — the index wins at our defaults [962 54th St](/property/rh-trb0p6/962-54th-st/) 2 units · $1,195,000 −$787,798 S&P 500 Underwritten — the index wins at our defaults [1086 66th St](/property/rh-pjam46/1086-66th-st/) 2 units · $1,195,000 −$853,477 S&P 500 Underwritten — the index wins at our defaults [901 55th St](/property/rh-t3p9p1/901-55th-st/) 2 units · $1,299,000 −$897,306 S&P 500 Underwritten — the index wins at our defaults [5726 5718 Los Angeles St](/property/rh-jdbxyg/5726-5718-los-angeles-st/) 2 units · $1,299,999 −$1,000,234 S&P 500 Underwritten — the index wins at our defaults [870 43rd St](/property/rh-ehly2o/870-43rd-st/) 2 units · $1,350,000 −$1,185,876 S&P 500 Underwritten — the index wins at our defaults The full [board](/board/) shows every region's current week; this table is every record we hold for 94608, newest basis first. ## The house-hack angle Work the North Oakland (NOBE) flats: 2–4-unit buildings and room rentals to a jobs base that rivals downtown Oakland, with hospital-shift demand arriving as the Sutter campus phases in. ## What breaks it - Biotech employment is soft (45.8% lab vacancy in Q1 2026): underwrite to the Emery and Sutter legs - Sutter's timeline runs 2028 (outpatient) to ~2033 (hospital): model the base band as if it slips - Oakland-side tax ~1.71% drags coverage This page is the standing analysis. The weekly part, actual Emeryville-area listings that pass the math, lands on the East Bay board every Wednesday. [This week's East Bay board](/board/sf-east-bay/) [This week's East Bay board](/board/sf-east-bay/) · [Read past East Bay issues](/issues/sf-east-bay/) · [Every pick, on the record](/track-record/) · [How a deal becomes a pick](/methodology/) Data synthesized 2026-07-04, catalysts re-verified 2026-07-15. Mortgage-rate basis: 6.43% (Freddie Mac PMMS, week of 2026-07-02). Sources are the public planning documents and market listings named above, fetched on the synthesis date. Nothing here is investment advice; every deal needs a bindable insurance quote and parcel-level verification.