West Oakland is slowly overcoming negativity. Its proximity to the economic activity in Emeryville, Oakland, and San Francisco have given rise to its popularity. The West Oakland BART station is only 10 minutes from the Embarcadero Station in San Francisco’s bustling financial district. This allows West Oakland to be “closer to downtown San Francisco” than many parts of San Francisco itself.
One of the downsides for the residents of West Oakland has been its paucity of food retailers. In fact, you can see on the map below from the USDA’s website that parts of West Oakland are in fact at least 1 mile from adequate access to groceries.
New Grocer in Town
Just today the SF Business Times published an article stating that a new grocer is going to be coming to West Oakland. The new market will be located in the Jack London Gateway shopping center at the corner of 8th Street and Market in Oakland. The developer, Tom Henderson, is partnering with the local organization West Oakland Marketplace Advancement Company on the project.
Real Estate Values Impacted
In my estimation, this will have a positive impact on real estate values. For urban residents, one of the advantages is not needing a car to access your local amenities. West Oakland’s lack of a large format grocery store has negatively impacted the walk-ability of real estate in this area, in turn making it less desirable.
Now that a grocer is planned to open in the neighborhood, this area will become even more attractive to those who want an urban lifestyle without paying San Francisco rents. Rents in West Oakland have been about 50% to 60% of what residential rents are in San Francisco.
Investing in West Oakland
For landlords and owners in West Oakland, it would appear that values are trending up. It appears to be a good time to invest in West Oakland!
Contact us at 925.385.8798 to find out about investing in West Oakland.