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    New Flex-Use Condominium Development Title is generated by Realmo AI

    1189 Parkway Drive, Santa Fe, NM 87507

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    Pending
    $525,000

    SINGLE_FAMILY - Santa Fe, NM

    Type:Retail
    Property size:
    1,587 SF
    Lot size:
    0.04 Acres
    Added:
    Sep 3, 2025
    Days on Market:
    266
    Last Refresh:
    May 26 at 2:06 pm

    Property Features for 1189 Parkway Drive

    General Information

    Property type
    Residential
    Property subtype
    Retail
    Property condition
    Under Construction
    Zoning
    I-1
    Parking features
    Parking Lot
    Standard status
    Pending
    APN
    99312398
    Size
    1,587 SF
    Lot size
    0.04 Acres

    Utilities

    Sewer type
    Public Sewer
    Water source
    Public

    Building Details

    Year built
    2025
    Flooring type
    Concrete
    Building materials
    MetalSiding
    Roof type
    Metal

    We can help!

    Listing Contact
    Leslie Gallatin-Giorgetti

    Listing agent Leslie Gallatin-Giorgetti License #47708

    Listing office Keller Williams Realty 130 Lincoln Ave, Ste. K, Santa Fe, NM

    Listing date Sep 3, 2025

    MLS# 202405119

    Copyright © 2026 Santa Fe Association of REALTORS®, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • New commercial/industrial/flex‑use condos in Santa Fe's Warehouse and Arts District.
    • Flexible I‑1 zoning allows for diverse business uses (offices, galleries, light industry, etc.).
    • Units feature 1,677 sq ft with 24‑foot ceilings, storefront windows, and roll‑up garage doors.
    • Located within a Federal Opportunity Zone.
    • Durable metal construction with an industrial aesthetic and contemporary design.
    • Solar‑ready rooftops.

    Overview

    The Studios at Parkway is a commercial, industrial, and flex-use condominium development located in the Warehouse and Arts District of Siler/Rufina in Santa Fe. The development is planned to include 29 units, with Phase II consisting of 14 units scheduled for completion in Spring 2026. The property is already home to businesses including Wild Leaven, F1 Cyclery, and 2Faded Barbershop. Each unit features 1,677 heated square feet with 24-foot ceilings, storefront windows, and roll-up aluminum glass garage doors. Interior finishes include polished concrete floors, LED lighting, smooth drywall, and steel staircases with oak treads. Provisions are stubbed for kitchens and showers. The property has wide sidewalks and landscaped grounds. Zoned I-1, the property accommodates a range of uses, from offices and galleries to light industry, wellness studios, and artisan workshops. The rooftops are solar-ready, and the location is within a Federal Opportunity Zone. Multiple units can be combined for larger spaces. The lot size is 0.04 acres.
    Property Profile Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

    Restaurant Real Estate Agency Law Firm Dental Office Spa & Massage Center Building Supply Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Marigold Kitchen — 1314 Rufina Cir A 3, Santa Fe, NM 87507
    • Casa Nova Custom Catering — 1314 Rufina Cir a7, Santa Fe, NM 87507

    Location Insight

    • Map
    • Local Demand
    City
    Santa Fe
    County
    Santa Fe
    State
    New Mexico
    Longitude
    -105.998842
    Latitude
    35.658582

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    FAQs

    What type of property is this?
    Flex space - Commercial, industrial, and flex-use condominium development in Santa Fe, NM.
    Where is this flex space located?
    The property is located at 1189 Parkway Drive Santa Fe, NM.
    What is the asking price?
    The asking price for this property is $525,000.
    What are key features of this property?
    This property features: New commercial/industrial/flex‑use condos in Santa Fe's Warehouse and Arts District.; Flexible I‑1 zoning allows for diverse business uses (offices, galleries, light industry, etc.).; Units feature **1,677 sq ft** with **24‑foot ceilings**, storefront windows, and roll‑up garage doors.
    (505) 670-7578
    We can help!
    Listing Contact
    Leslie Gallatin-Giorgetti
    Real Estate License ID: 47708
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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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