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    3202 Governor Dr San Diego, CA 92122
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    Property profile & analytics

    3202 Governor Dr San Diego, CA 92122

    View on Map
    • Strip malls
    • 76,187 SF
    • 6.83 lot acres
    For Lease
    $18,120,000
    View Listing →
    Neighborhood Shopping Center Retail Space For Lease
    $18,120,000
    880 SF

    Neighborhood Shopping Center Retail Space

    Retail space available in established neighborhood shopping center.

    3202 Governor Dr, San Diego, CA
    View Listing
    Property ID
    US09-8660989
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • BNS Insurance Solutions LLC: Allstate Insurance / Insurance Agency
    • Hunt Financial Services / Financial Advisor
    • Vida Pilates UC / Gym & Fitness Center
    • Primos Mexican Food & Cantina / Restaurant
    • Ditzler Family Chiropractic / Alternative Medicine Practice

    Property Details for 3202 Governor Dr

    Year built
    1963
    Lot size
    6.83 lot acres
    Property size
    76,187 SF
    Zone code
    COMMERCIAL
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    348-290-43-00
    APU
    3482904300

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    San Diego
    County
    San Diego
    State
    California
    Longitude
    -117.215
    Latitude
    32.8519
    CBSA code
    41740
    CBSA name
    SAN DIEGO-CARLSBAD-SAN MARCOS, CA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $127,905
    $2,081,811
    $8,309,507
    $10,391,318
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $1,300,000
      5,446 SF

      3298 Governor Dr

      SHOPPING CENTER, STRIP CENTER • 5,446 SF
      3298 Governor Dr, San Diego, CA 92122-2902
      View Details
    • Value Estimation by Request
      0.28 Acres

      3943 Governor Dr, Unit 49

      SHOPPING CENTER, STRIP CENTER • 0.28 Acres
      3943 Governor Dr, San Diego, CA 92122-2520
      View Details
    • Value Estimation by Request
      2.93 Acres

      3963 Governor Dr, Unit 41

      SHOPPING CENTER, STRIP CENTER • 2.93 Acres
      3963 Governor Dr, San Diego, CA 92122-2520
      View Details
    • Value Estimation
      $2,490,000
      5,886 SF

      6104 Regents Rd, Unit 12

      SHOPPING CENTER, STRIP CENTER • 5,886 SF
      6104 Regents Rd, San Diego, CA 92122-2245
      View Details
    • Value Estimation
      $4,380,000
      16,285 SF

      3202 Governor Dr

      SHOPPING CENTER, STRIP CENTER • 16,285 SF
      3202 Governor Dr, San Diego, CA 92122-2938
      View Details
    • Value Estimation
      $835,000
      4,050 SF

      3951 Governor Dr, Unit 61

      SHOPPING CENTER, STRIP CENTER • 4,050 SF
      3951 Governor Dr, San Diego, CA 92122-2520
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      San Diego Shopping Center For Rent

      78,185 SF shopping center anchored by Vons and Rite-Aid.
      3939 Governor Dr, San Diego, CA 92122
      View Details
    • Contact for pricing
      18,011 SF

      Retail Space in Anchored Center

      Retail space available in Vons anchored shopping center.
      4079 Governor Dr, San Diego, CA 92122
      View Details
    • Contact for pricing
      1,811 SF

      Retail Space Anchored by CVS

      Retail space with high foot traffic near offices and residences.
      8935 Towne Centre Dr, San Diego, CA 92122
      View Details
    • Contact for pricing

      Retail Space in University Towne

      Retail property in a high-traffic area near La Jolla.
      8895-8935 Towne Centre Dr, San Diego, CA 92122
      View Details
    • Contact for pricing

      Neighborhood Shopping Center For Rent

      97,376 SF shopping center anchored by Sprouts Farmer’s Market.
      3202-3368 Governor Dr, San Diego, CA 92122
      View Details
    • Contact for pricing
      880 SF

      Neighborhood Shopping Center Retail Space

      Retail space available in established neighborhood shopping center.
      3202 Governor Dr, San Diego, CA 92122
      View Details
    View Listing
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    San Diego, CA 92122
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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