East Bay guide · Tier S · Rank #4 of 87
House hacking in Oakland (Temescal / Pill Hill / Bushrod).
The densest medical-employment walkshed in the East Bay, with $2B+ of hospital capital under construction and MacArthur BART in-ZIP.
What's actually happening in 94609
- Under construction
UCSF Benioff Children's Hospital Oakland modernization (MLK and 52nd): about $1.6B, 332,523 gsf, 8 stories; under construction, hospital opening staged Sept 2026 through Dec 2030. CEQAnet 2023050540
- Under construction
Alta Bates Summit $400M cancer center (Stanford Medicine and Sutter, Summit campus): under construction, opening Nov 2026. Sutter Health
- Operational / delivered
MacArthur BART in-ZIP (Yellow, Orange, and Red lines: SF trains every few minutes at peak), with the 880-unit MacArthur Transit Village delivered. BART
- Under construction / planned
Sutter Emeryville campus about a mile west: $1B, 200+ beds; outpatient ~2028, hospital ~2033. Berkeleyside
The numbers
- Median price
- Oakland-plus (county proxy $1.2M; Temescal commands above-median rents)
- 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
- $1,100–1,500/mo per bed
- ADU rent band
- $2,000–2,600/mo
- Whole-home rent band
- 2bd $2,800 / 3bd $3,400 whole-home
- Underwriting vacancy
- 4% underwriting vacancy
- Appreciation scenarios
- 2.0 / 3.0 / 4.0 %/yr (conservative / base / upside)
Berkeley-adjacent Temescal rents run above the Oakland median. Appreciation basis: Hospital capital under construction anchors the band; pre-1940 flats at high capex. Rent bands are city-level medians; confirm the specific parcel before trusting any of them. Run your own scenario in the calculator.
Buildings we underwrote in 94609
20 buildings in 94609 carry a record. 1 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 |
|---|---|---|
| 5651 Telegraph Ave 4 units · $1,100,000 | +$23,277 House-Hack | Underwritten — beats renting and index funds, below the publish cut |
| 5659 Telegraph Ave 4 units · $1,100,000 | −$18,272 S&P 500 | Underwritten — the index wins at our defaults |
| 670 32nd St 3 units · $900,000 | −$19,306 S&P 500 | Underwritten — the index wins at our defaults |
| 734 39th St 2 units · $799,000 | −$151,160 S&P 500 | Underwritten — the index wins at our defaults |
| 6437 Telegraph Ave 4 units · $1,325,000 | −$296,167 S&P 500 | Underwritten — the index wins at our defaults |
| 2832 Summit St 3 units · $1,395,000 | −$336,515 S&P 500 | Underwritten — the index wins at our defaults |
| 3229 Elm St 4 units · $1,389,000 | −$390,019 S&P 500 | Underwritten — the index wins at our defaults |
| 3869 Martin Luther King Jr Way 2 units · $1,025,000 | −$417,127 S&P 500 | Underwritten — the index wins at our defaults |
| 5812 Dover St 2 units · $849,000 | −$436,084 S&P 500 | Underwritten — the index wins at our defaults |
| 3867 Martin Luther King Jr Way 2 units · $1,025,000 | −$511,835 S&P 500 | Underwritten — the index wins at our defaults |
| 3999 Clarke St 2 units · $1,000,000 | −$614,515 S&P 500 | Underwritten — the index wins at our defaults |
| 446 37th St 2 units · $1,250,000 | −$622,079 S&P 500 | Underwritten — the index wins at our defaults |
| 662 45th St 2 units · $1,099,000 | −$691,734 S&P 500 | Underwritten — the index wins at our defaults |
| 712 56th St 2 units · $1,310,000 | −$702,201 S&P 500 | Underwritten — the index wins at our defaults |
| 557 43rd St 2 units · $1,275,000 | −$714,077 S&P 500 | Underwritten — the index wins at our defaults |
| 5719 Shattuck Ave 2 units · $1,200,000 | −$768,462 S&P 500 | Underwritten — the index wins at our defaults |
| 476 42nd St 4 units · $1,575,000 | −$779,701 S&P 500 | Underwritten — the index wins at our defaults |
| 566 57th St 2 units · $1,299,000 | −$966,739 S&P 500 | Underwritten — the index wins at our defaults |
| 55th St 2 units · $1,299,999 | −$1,054,447 S&P 500 | Underwritten — the index wins at our defaults |
| 438 65th St 2 units · $1,495,000 | −$1,269,547 S&P 500 | Underwritten — the index wins at our defaults |
The full board shows every region's current week; this table is every record we hold for 94609, newest basis first.
The house-hack angle
Room-by-room to hospital residents, staff, and UC-adjacent tenants (Telegraph's Line 6 runs to campus); 2–4-unit Temescal and Bushrod flats. Pill Hill's medical payroll is the most recession-resistant tenant base in the metro.
What breaks it
- Higher entry basis than East Oakland
- Kaiser's downtown-office contraction is a demand offset (the hospital side is stable and growing)
- Pre-1940 flats carry real capex: foundations, electrical