# House Hacking in Oakland (94609): UCSF's $1.6B rebuild plus a $400M cancer center at MacArthur BART · The Rent Hacker > Oakland 94609 for house hackers: The densest medical-employment walkshed in the East Bay, with $2B+ of hospital capital under construction and MacArthur BART Canonical: https://therenthacker.com/house-hacking/oakland-temescal-94609/ Source: The Rent Hacker (https://therenthacker.com/). License: RSL, attribution required — https://therenthacker.com/license.xml --- [East Bay guide](/house-hacking/east-bay/) · 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](https://ceqanet.lci.ca.gov/2023050540/3) - Under construction Alta Bates Summit $400M cancer center (Stanford Medicine and Sutter, Summit campus): under construction, opening Nov 2026. [Sutter Health](https://vitals.sutterhealth.org/sutter-health-unveils-comprehensive-east-bay-expansion-to-improve-access-for-patients/) - 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](https://www.bart.gov/about/business/tod/macarthur) - Under construction / planned Sutter Emeryville campus about a mile west: $1B, 200+ beds; 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) ## 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](/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](/property/rh-pxtedz/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](/property/rh-klajvb/5659-telegraph-ave/) 4 units · $1,100,000 −$18,272 S&P 500 Underwritten — the index wins at our defaults [670 32nd St](/property/rh-lngi12/670-32nd-st/) 3 units · $900,000 −$19,306 S&P 500 Underwritten — the index wins at our defaults [734 39th St](/property/rh-v0l2bu/734-39th-st/) 2 units · $799,000 −$151,160 S&P 500 Underwritten — the index wins at our defaults [6437 Telegraph Ave](/property/rh-xudsqk/6437-telegraph-ave/) 4 units · $1,325,000 −$296,167 S&P 500 Underwritten — the index wins at our defaults [2832 Summit St](/property/rh-rrs51k/2832-summit-st/) 3 units · $1,395,000 −$336,515 S&P 500 Underwritten — the index wins at our defaults [3229 Elm St](/property/rh-8fy9xz/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](/property/rh-1r6rtq/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](/property/rh-94o5di/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](/property/rh-gnz58l/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](/property/rh-y7cu7w/3999-clarke-st/) 2 units · $1,000,000 −$614,515 S&P 500 Underwritten — the index wins at our defaults [446 37th St](/property/rh-9litxc/446-37th-st/) 2 units · $1,250,000 −$622,079 S&P 500 Underwritten — the index wins at our defaults [662 45th St](/property/rh-7j3s5p/662-45th-st/) 2 units · $1,099,000 −$691,734 S&P 500 Underwritten — the index wins at our defaults [712 56th St](/property/rh-79qfcc/712-56th-st/) 2 units · $1,310,000 −$702,201 S&P 500 Underwritten — the index wins at our defaults [557 43rd St](/property/rh-aqizpg/557-43rd-st/) 2 units · $1,275,000 −$714,077 S&P 500 Underwritten — the index wins at our defaults [5719 Shattuck Ave](/property/rh-qihkck/5719-shattuck-ave/) 2 units · $1,200,000 −$768,462 S&P 500 Underwritten — the index wins at our defaults [476 42nd St](/property/rh-xk4i5n/476-42nd-st/) 4 units · $1,575,000 −$779,701 S&P 500 Underwritten — the index wins at our defaults [566 57th St](/property/rh-e903yy/566-57th-st/) 2 units · $1,299,000 −$966,739 S&P 500 Underwritten — the index wins at our defaults [55th St](/property/rh-zqlru2/55th-st/) 2 units · $1,299,999 −$1,054,447 S&P 500 Underwritten — the index wins at our defaults [438 65th St](/property/rh-c2hliq/438-65th-st/) 2 units · $1,495,000 −$1,269,547 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 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 This page is the standing analysis. The weekly part, actual Oakland-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.