Office Building Adjacent to Pechanga
For Sale
Contact for pricing
3434 Midway Dr, San Diego, CA 92110
Office building with long-term tenants and 96% occupancy near Pechanga Stadium.
Property Size26,500 SF
Price / SF$310.19
Days on Market246
Property Features for 3434 Midway Dr
General Information
Standard status
Active
Size
26,500 SF
Property subtype
OFFICE
Occupancy
96%
Listing Agency:
KW Commercial
(818) 432-1539
Listed By:
Steve Body
(818) 852-9255
Source:
Moodyscre
Added: Jan 13
Changed: Sep 8
Last Checked: Sep 15 at 11:45AM
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 KW Commercial
Investment Insights
Based on property information with market context.
This office building offers established operations with long-term tenants and 96% occupancy. The property totals 26,500 SF and includes a core tenant in operation for 34 years, supported by a recent renovation and a tenant presence described as 30+ multistate locations.
The property is located at 3434 Midway Dr in San Diego, CA, adjacent to Pechanga Stadium. Nearby redevelopment is described as a 16,500-seat stadium, 4,250 apartments, 130,000 SF retail and entertainment, and 200+ hotel rooms.
For buyers or tenants seeking an office asset anchored by a long-running operating tenant, the combination of long-term occupancy, documented longevity, and recent renovation is positioned as a key part of the property’s profile.
The property is located at 3434 Midway Dr in San Diego, CA, adjacent to Pechanga Stadium. Nearby redevelopment is described as a 16,500-seat stadium, 4,250 apartments, 130,000 SF retail and entertainment, and 200+ hotel rooms.
For buyers or tenants seeking an office asset anchored by a long-running operating tenant, the combination of long-term occupancy, documented longevity, and recent renovation is positioned as a key part of the property’s profile.
Key Highlights
- 26,500 SF office building at 3434 Midway Dr, San Diego
- 96% occupied with long‑term tenants
- Core tenant operating for 34 years
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
$511,583
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
6.22%
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%
$10,231,660
$10.2M
Cap Rate 7%
$7,308,329
$7.3M
Cap Rate 9%
$5,684,256
$5.7M
Market Conditions
NOI Build-Up for 26,500 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
$795.0K $30.00/SF
− Vacancy
−$112.9K −$4.26/SF
EGI
$682.1K $25.74/SF
− OpEx
−$170.5K −$6.44/SF
NOI
$511.6K $19.31/SF
Area
San Diego, CA
Vacancy
14.20%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
25.00%
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%
$10,231,660
Cap Rate 7%
$7,308,329
Cap Rate 9%
$5,684,256
Alternative Uses
Best Use
Office B
$7.31M
$6.39M – $8.53M
NOI $511,583 @ 7.0% cap · market cap 6.22%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$10.47M
$9.16M – $12.21M
NOI $732,672 @ 7.0% cap · market cap 8.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
96%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,768
Businesses Nearby
Explore this area
Business Placement
Demographics for 92110, CA
31,048
Population
13,227
Households
2.3
Avg Household Size
34
Median Age
54%
College-Educated
96%
High-School Grad
5.0 sq mi
ZIP Area
6,210
Density / Sq Mi
$102,508
Median Household Income
$52,150
Median Earnings
$2,298
Median Rent
$885,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in San Diego, CA
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Frequently Asked Questions
What type of property is this?
Office building - Office building with long-term tenants and 96% occupancy near Pechanga Stadium.
Where is this office building located?
The property is located at 3434 Midway Dr San Diego, CA.
What is the asking price?
The asking price for this property is $8,220,000.
What are key features of this property?
This property features: 26,500 SF office building at 3434 Midway Dr, San Diego; 96% occupied with long‑term tenants; Core tenant operating for 34 years
