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    3645 Midway Dr San Diego, CA 92110-5202
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    Property profile & analytics

    3645 Midway Dr, San Diego, CA 92110-5202

    View on Map
    • Grocery and convenience stores
    • 50,513 SF
    • 4.11 lot acres
    Off-Market
    Property ID
    US09-7028725
    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
    $13,810,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Starbucks / Cafe & Coffee Shop
    • Dental Office / Dental Office
    • Vons Pharmacy / Pharmacy
    • Vons / Grocery & Convenience Store / Food Market
    • US Bank ATM / Atm

    Property Details for 3645 Midway Dr

    Year built
    1989
    Lot size
    4.11 lot acres
    Zone code
    COMMERCIAL
    Property type
    Grocery and convenience stores
    APN
    441-260-06-00
    APU
    4412600600

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Apr 12, 2023 — Fw Ca Point Loma Plaza LLC — Deed · related $38.9M · Hartford Fire Insurance Company
    Jun 8, 2005 — Fw Ca Point Loma Plaza LLC Us Retail Partners LLC Grant Deed $31.9M · Wachovia Bank NA

    Description

    Point Loma Plaza, located at 3645 Midway Dr, San Diego, CA 92110, offers a prime retail opportunity in San Diego County. This multi-tenant property boasts a total of 205,076 square feet, with five individual suites available. Spaces range from a minimum of 228 square feet to a maximum contiguous space of 1,944 square feet, providing flexibility for various business needs. Currently, 4,855 square feet are vacant, presenting a unique chance to establish or expand your business in this vibrant location. The property's strategic location offers direct access to major freeways, I-5 and I-8, ensuring excellent accessibility and high visibility. This coastal location benefits from a substantial daytime population, creating a strong customer base for retail ventures. The property type is classified as retail, with a subtype including commercial and fitness space options, making it suitable for a diverse range of businesses. The property is ideal for businesses seeking high traffic and convenient access within a thriving San Diego community. Consider this exceptional opportunity to secure your space in this well-positioned retail center.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $20,320,000
      6.5%
      $18,760,000
      7%
      $17,420,000

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $21,110,000
      Current use
      OFFICE BUILDING
      $21,320,000
      Change: +1% Conversion: Easy
      INDUSTRIAL (GENERAL)
      $20,300,000
      Change: -4% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    San Diego
    County
    San Diego
    State
    California
    Longitude
    -117.217
    Latitude
    32.7513
    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
    $183,686
    $7,593,087
    $7,339,985
    $14,933,072
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $9,305,000
      14,405 SF

      3005 Midway Dr

      GROCERY, SUPERMARKET
      3005 Midway Dr, San Diego, CA 92110-4502
      View Details
    • Value Estimation
      $3,415,000
      14,157 SF

      3210 Rosecrans Pl

      GROCERY, SUPERMARKET
      3210 Rosecrans Pl, San Diego, CA 92110-4842
      View Details
    • Value Estimation
      $7,650,000
      31,000 SF

      3950 Pt Loma Blvd

      GROCERY, SUPERMARKET
      3950 Pt Loma Blvd, San Diego, CA 92110-5601
      View Details
    • Value Estimation by Request
      15.72 Acres

      2720 Calhoun St

      RETAIL STORES (PERSONAL SERVICES)
      2720 Calhoun St, San Diego, CA 92110-2706
      View Details
    • Value Estimation by Request
      15.72 Acres

      2615 San Diego Ave

      RETAIL STORES (PERSONAL SERVICES)
      2615 San Diego Ave, San Diego, CA 92110-2729
      View Details
    • Value Estimation by Request
      69.11 Acres

      3350 Sports Arena Blvd Ste L

      RETAIL STORES (PERSONAL SERVICES)
      3350 Sports Arena Blvd Ste L, San Diego, CA 92110-4568
      View Details

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    Similar Nearby for Lease

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      4,500 SF

      Prime Retail Space in San Diego

      Retail space in Point Loma with high visibility and traffic.
      2740 Midway Dr, San Diego, CA 92110
      View Details
    • Contact for pricing
      1,600 SF

      Retail Space on Midway Drive

      Retail space available for lease in San Diego, California.
      3445 Midway Dr, San Diego, CA 92110
      View Details
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      Retail Space with Excellent Visibility

      Retail space near USD with high traffic and visibility.
      5261-5401 Linda Vista Rd, San Diego, CA 92110
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      1,229 SF

      Retail Space in San Diego

      Retail space available for lease in San Diego, CA.
      5395 Napa St, San Diego, CA 92110
      View Details
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      4,644 SF

      Retail Space in Point Loma

      Retail spaces available for lease in Point Loma Plaza.
      3609 Midway Dr, San Diego, CA 92110
      View Details
    • Contact for pricing
      4,126 SF

      Retail Space Available For Rent

      Retail space available for rent in San Diego, CA.
      3740 Rosecrans St, San Diego, CA 92110
      View Details
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    San Diego, CA 92110-5202
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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.

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