Two-Unit
For Sale
$649,000
987 Simon Street, Hayward, CA 94541
Separate addresses and individual garages support flexible occupancy arrangements.
Property Size1,056 SF
Price / SF$614.58
Days on Market13
Property Features for 987 Simon Street
General Information
Standard status
Active
Size
1,056 SF
Total Parking Spaces
2
Property subtype
Multi Family
Building Details
Year Built
1951
Listing Agency:
eXp Realty of Northern California, Inc.
(831) 588-5562
Listed By:
Paul Wilson · License #02063338
(831) 588-5562
Source:
Exitrealty
Added: Jul 29
Changed: Aug 8
Last Checked: Aug 10 at 2:38AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of eXp Realty of Northern California, Inc.
Investment Insights
Based on property information with market context.
This two-unit duplex contains 1,056 square feet and was built in 1951. The property is configured with two 1-bedroom, 1-bath units, for a total of 2 bedrooms and 2 baths. Each unit includes a 1-car garage and a separate address at 985 and 987 Simon St. A new sewer lateral was installed in 2022.
Located in Hayward’s Prospect Hill neighborhood, the property is minutes from downtown Hayward, shopping, restaurants, schools, and parks. Hayward Japanese Gardens and Carlos Bee Park are nearby, while Hazel Community Garden and park is just steps away. Hayward BART Station at 699 B St is a 5-minute drive, with access also available via AC Transit.
Located in Hayward’s Prospect Hill neighborhood, the property is minutes from downtown Hayward, shopping, restaurants, schools, and parks. Hayward Japanese Gardens and Carlos Bee Park are nearby, while Hazel Community Garden and park is just steps away. Hayward BART Station at 699 B St is a 5-minute drive, with access also available via AC Transit.
Key Highlights
- Two 1‑bedroom, 1‑bath units with 2 bedrooms and 2 baths total
- 1,056 square feet on a 0.5‑acre lot
- Each unit includes a 1‑car garage
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$22,767
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.51%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$455,340
$455.3K
Cap Rate 7%
$325,243
$325.2K
Cap Rate 9%
$252,967
$253.0K
Market Conditions
NOI Build-Up for 1,056 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$34.2K $32.40/SF
− Vacancy
−$1.7K −$1.60/SF
EGI
$32.5K $30.80/SF
− OpEx
−$9.8K −$9.24/SF
NOI
$22.8K $21.56/SF
Area
Hayward, CA
Vacancy
4.94%
Lease Rate
$32.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$455,340
Cap Rate 7%
$325,243
Cap Rate 9%
$252,967
Alternative Uses
Best Use
Multifamily LT 5
$325.2K
$284.6K – $379.5K
NOI $22,767 @ 7.0% cap · market cap 3.51%
Second Best
Apartment 5plus
$292.6K
$256.0K – $341.4K
NOI $20,482 @ 7.0% cap · market cap 3.16%
Theoretical Best
Office A
$326.4K
$285.6K – $380.8K
NOI $22,850 @ 7.0% cap · market cap 3.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,200
Businesses Nearby
Explore this area
Business Placement
Demographics for 94541, CA
69,736
Population
23,217
Households
3
Avg Household Size
36
Median Age
30%
College-Educated
82%
High-School Grad
7.5 sq mi
ZIP Area
9,298
Density / Sq Mi
$106,556
Median Household Income
$52,023
Median Earnings
$2,229
Median Rent
$781,900
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Separate addresses and individual garages support flexible occupancy arrangements.
Where is this duplex located?
The property is located at 987 Simon Street Hayward, CA.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Two 1‑bedroom, 1‑bath units with 2 bedrooms and 2 baths total; 1,056 square feet on a 0.5‑acre lot; Each unit includes a 1‑car garage
