House hacking in Richmond (Downtown / Iron Triangle / Point Richmond).

What's actually happening in 94801

• Operational

  Richmond BART/Amtrak: the Red/Orange-line terminus plus Capitol Corridor and San Joaquins, all in-ZIP. It is the region's only cross-platform BART/Amtrak transfer. BART FY25 Capital Investment Plan

• Adopted

  Livable Corridors Form-Based Code (adopted Apr 18, 2023): upzones Macdonald Ave up to 12 stories near BART, plus 23rd St and San Pablo Ave. City of Richmond

• Funded

  Metrowalk II / Richmond Transit Village Phase II: about $130M, ~150 affordable units at Richmond BART; funded, with a Mar 2025 financing snag on the record. Grandview Independent

• Existing anchors

  Employment cluster downtown: Chevron Richmond Refinery (3,000+), Kaiser Richmond, and the SSA Frank Hagel Federal Building (~2,000). ZIP evidence cache (2026-07-04)

• Optionality only

  Waterfront optionality: Point Molate is now EBRPD shoreline park (acquired Aug 2025); Terminal One condos are entitled but stalled. Point Richmond

The numbers

Median price

~$644K (Richmond, +3.8% YoY 3-mo; Zillow ZHVI $632K): cheapest in the metro

Market rent

2bd $2,000 / 3bd $2,500 whole-home (underwriting band; no city rent print this run)

Property tax (Contra Costa County)

New-purchase ~1.15–1.30% (JVM); the 1.82% Ownwell median reflects legacy assessments, so model the new-purchase range and confirm the TRA

Per-bed rent band

$800–1,100/mo per bed

ADU rent band

$1,700–2,200/mo

Whole-home rent band

2bd $2,000 / 3bd $2,500 whole-home

Underwriting vacancy

5% underwriting vacancy

Appreciation scenarios

1.5 / 3.0 / 4.5 %/yr (conservative / base / upside)

Cheapest entry basis in the metro. Appreciation basis: Form-based code plus arbitrage; old stock and refinery-area exposure carry high capex. 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

Classic transit arbitrage: SFH room rentals and 2–4-unit buildings at a $600K-ish basis with a one-transfer SF commute. Livable Corridors raises the redevelopment ceiling near Macdonald and BART.

What breaks it

• Chevron regulatory overhang and refinery-adjacency air quality
• Iron Triangle safety perception
• The 1.82% Ownwell median reflects legacy assessments: confirm the TRA rate and model the 1.15–1.30% new-purchase range