| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Fair |
| Demographics | 66th | Fair |
| Amenities | 66th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 389 Vernon St, Oakland, CA, 94610, US |
| Region / Metro | Oakland |
| Year of Construction | 1973 |
| Units | 40 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
389 Vernon St, Oakland CA — Urban Core Rental Demand
Renter concentration is high in the immediate neighborhood and ownership costs are elevated for the metro, according to WDSuite’s CRE market data, supporting durable multifamily demand. Leasing remains competitive locally, so performance hinges on active management and product positioning.
Situated in Oakland’s Urban Core, the property benefits from a dense amenity base: cafes, restaurants, groceries, and parks are abundant, placing the area in the top quartile among 469 metro neighborhoods for overall amenities and near the top nationally for food-and-beverage access. This walkable context supports renter appeal and day-to-day convenience, an advantage for renewal and leasing velocity.
At the neighborhood level, renter-occupied share is high (above metro median), indicating a deep tenant pool. However, neighborhood occupancy trends have been softer than many Oakland-Berkeley-Livermore submarkets, ranking closer to the bottom among 469 neighborhoods; owners should expect competition and plan for targeted leasing strategies and amenity refresh where needed. Using WDSuite’s multifamily property research as context, this mix of strong renter demand and competitive occupancy suggests pricing power is achievable for well-positioned assets.
Home values in the area are elevated relative to incomes (high value-to-income ratios and upper-percentile home values), a classic high-cost ownership market dynamic that reinforces reliance on rental housing and can support lease retention. Median contract rents trend high as well, but rent-to-income ratios remain manageable for many local households, which can mitigate near-term affordability pressure and support collections.
Within a 3-mile radius, population and household counts have grown and are projected to continue increasing, while average household size trends slightly lower. For investors, this points to a larger, more diverse tenant base and steady absorption potential over time, with demand supported by higher-earning cohorts and a strong professional services presence across the broader urban core. School ratings data trend weaker and childcare/pharmacy access is thinner than other amenities, factors that skew the submarket more toward adult and professional renters.
Vintage context: built in 1973, the asset is newer than the neighborhood’s average building vintage. This positioning can be competitive versus older housing stock, though systems modernization and selective renovations may be prudent to remain compelling against renovated peers.
Safety indicators are mixed. On metro comparisons, the neighborhood sits around the middle of the pack (ranked 215 among 469 metro neighborhoods). Versus neighborhoods nationwide, safety metrics lag averages; however, both violent and property offense rates have shown notable year-over-year improvement, placing recent trend improvement in stronger national percentiles. Investors should underwrite with conservative assumptions, emphasize lighting, access control, and resident engagement, and monitor ongoing trend lines rather than single-year snapshots.
Proximity to major employers in Oakland and Downtown San Francisco supports a strong professional renter base and commute convenience. Notable nearby office anchors include Clorox, Gap, AIG, Charles Schwab, and Salesforce—contributors to weekday population and leasing stability.
- Clorox — consumer products HQ (1.3 miles) — HQ
- Gap — retail apparel (7.7 miles) — HQ
- AIG — insurance (7.7 miles)
- Charles Schwab — financial services (7.8 miles) — HQ
- Salesforce.com — cloud software (7.8 miles) — HQ
389 Vernon St offers an Urban Core location with abundant amenities, a high renter-occupied housing base, and elevated ownership costs that help sustain multifamily demand. According to commercial real estate analysis from WDSuite, neighborhood occupancy runs competitive and requires active leasing management, but the depth of the renter pool and strengthening safety trends can support stabilized operations for well-positioned assets.
The 1973 vintage is newer than the neighborhood average, suggesting relative competitiveness versus older stock, while still leaving room for selective upgrades to enhance renter appeal. Within a 3-mile radius, population and household growth—combined with smaller average household size—points to a larger tenant base and steady absorption potential over the medium term.
- Urban Core access with top-quartile amenities among 469 metro neighborhoods supports leasing velocity
- High renter-occupied share indicates depth of tenant base and potential demand resiliency
- Elevated ownership costs reinforce reliance on rental housing and can aid retention
- 1973 vintage offers competitive positioning vs. older stock with value-add potential through targeted updates
- Risks: softer neighborhood occupancy versus metro peers and safety metrics below national averages warrant conservative underwriting and active management