# House Hacking in San Ramon (94583): The $5B office-to-housing conversion at Bishop Ranch · The Rent Hacker > San Ramon 94583 for house hackers: CityWalk, the Bishop Ranch office-to-housing conversion: about $5B and up to 4,500 units on the original plan, with ~367 de Canonical: https://therenthacker.com/house-hacking/san-ramon-94583/ 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 #27 of 87 # House hacking in San Ramon (Bishop Ranch / CityWalk). CityWalk, the Bishop Ranch office-to-housing conversion: about $5B and up to 4,500 units on the original plan, with ~367 delivered, ~1,055 under construction, and ~4,547 approved, next to about 30,000 in-ZIP Bishop Ranch jobs. **Status check:** The 2026-07-15 refresh: CityWalk's scope expanded materially, from the original ~4,500-unit, ~$5B plan to a stated ~8,400-home target across Bishop Ranch, with 367 units complete, 1,055 under construction, and 4,547 more approved as of early 2026. Held at A: a strong single catalyst without a transit leg. ## What's actually happening in 94583 - Under construction / approved CityWalk / Bishop Ranch office-to-housing conversion: about $5B, up to 4,500 units on the original plan; ~367 delivered, ~1,055 under construction, ~4,547 approved. [City of San Ramon](https://www.sanramon.ca.gov/news/hot_topics/city_center_mixed_use_master_plan) - Existing anchor Bishop Ranch employment: about 30,000 jobs in-ZIP. City of San Ramon - Funded Eden Housing (200 affordable units) funded, start late 2026. City of San Ramon - Certified First certified Housing Element in Contra Costa / Tri-Valley. City of San Ramon ## The numbers Median price Metro mid-band (no city median printed this run) Market rent 2bd $2,800 / 3bd $3,300 whole-home (underwriting band) Property tax (Contra Costa County) ~1.25% effective (San Ramon; adjacent Dougherty Valley Mello-Roos zones run higher) Per-bed rent band $1,050–1,400/mo per bed ADU rent band $2,100–2,700/mo Whole-home rent band 2bd $2,800 / 3bd $3,300 whole-home Underwriting vacancy 5% underwriting vacancy Appreciation scenarios 1.0 / 2.5 / 4.0 %/yr (conservative / base / upside) No rail: express buses and the Iron Horse Trail. Appreciation basis: CityWalk conversion arc; newer stock; Dougherty Mello-Roos next door. 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 94583 3 buildings in 94583 carry a record. 0 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 [2009 Cascade Way](/property/rh-3ajr1c/2009-cascade-way/) 2 units · $995,000 −$756,921 S&P 500 Underwritten — the index wins at our defaults [2003 Cascade Way](/property/rh-5ypq6w/2003-cascade-way/) 2 units · $1,167,000 −$1,008,276 S&P 500 Underwritten — the index wins at our defaults [2001 Cascade Way](/property/rh-nbbk1e/2001-cascade-way/) 2 units · $1,195,000 −$1,049,194 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 94583, newest basis first. ## The house-hack angle House-hack to Bishop Ranch's internal live-work demand and watch the office-to-housing arc; newer stock keeps capex low. ## What breaks it - No rail transit: express buses only - 94583 abuts Dougherty Valley, where Mello-Roos pushes rates past 1.50%: verify the TRA per parcel - The conversion arc is multi-year (first CityWalk residents 2027): credit only under-construction phases This page is the standing analysis. The weekly part, actual San Ramon-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.