Flex-Use Industrial Condo
1189 Parkway Drive Santa Fe, NM 87507
1189 Parkway Drive, Santa Fe, NM, 87507
$525,000
Pending
For Sale
$525,000
Pending
SINGLE_FAMILY - Santa Fe, NM
Property Size1,587 SF
Lot Size0.04 Acres
Days on Market295
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
Listing Agency
Keller Williams Realty
(505) 983-5151
130 Lincoln Ave, Ste. K, Santa Fe, NM
Listed by
Leslie Gallatin-Giorgetti · License #47708
(505) 670-7578
Added: Sep 26, 2025 Checked: Jul 17 at 10:06 pm
MLS# 202405134
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.
Investment Insights
Based on property information with market context.
The Studios at Parkway Phase 2 presents a flex-use industrial condominium unit currently under construction. Designed with an industrial aesthetic, the space is configured as open, light-filled interiors with tall ceilings and finished concrete floors. The unit includes large aluminum glass roll-up garage doors and expansive storefront windows, creating visibility from the front while maintaining an industrial workflow. Interior finishes include LED lighting, smooth drywall finishes, and handcrafted steel staircases with wood treads. The condominium is offered with nearly 1,677 square feet total, including 1,587 square feet of interior space. The layout includes 1,092 square feet on the ground floor and 584 square feet on the second story.
Located within the Siler/Rufina Warehouse, Art & Innovation District on Parkway Drive in Santa Fe, the development sits within a Federal Opportunity Zone. The property is zoned I-1. The site is planned with landscaped grounds tailored for shipping and receiving, and each unit includes separately metered utilities and kitchen-ready hookups, along with a designated area for a shower.
This unit’s design supports a range of uses within the I-1 zoning framework, with flexibility that includes an option for live-work as an accessory to commercial use. The built-in utility separations and garage door-style access make it well-suited for tenants seeking a combined showroom/office and light-industrial or warehouse-style function. The roof is also prepared for solar PV installation.
Located within the Siler/Rufina Warehouse, Art & Innovation District on Parkway Drive in Santa Fe, the development sits within a Federal Opportunity Zone. The property is zoned I-1. The site is planned with landscaped grounds tailored for shipping and receiving, and each unit includes separately metered utilities and kitchen-ready hookups, along with a designated area for a shower.
This unit’s design supports a range of uses within the I-1 zoning framework, with flexibility that includes an option for live-work as an accessory to commercial use. The built-in utility separations and garage door-style access make it well-suited for tenants seeking a combined showroom/office and light-industrial or warehouse-style function. The roof is also prepared for solar PV installation.
Key Highlights
- New commercial/industrial/flex‑use condominium in Santa Fe's Siler/Rufina Art & Innovation District.
- 1,677 sq ft units with flexible Live‑Work options (accessory to commercial use).
- Industrial aesthetic with TALL CEILINGS, LARGE ROLL‑UP GARAGE DOORS, and EXPANSIVE STOREFRONT WINDOWS.
Local Financial Insights For Flex RnD
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $28.6k | $18.00 |
| − Vacancy | −$2.9k | −$1.80 |
| EGI | $25.7k | $16.20 |
| − OpEx | −$9.0k | −$5.67 |
| NOI | $16.7k | $10.53 |
1,587 SF · lease $18.00/SF/yr · vacancy 10.00% · expense 35.00%
Alternative Uses
Best Use
Flex RnD
$238.7K
$208.9K – $278.5K
NOI $16,711 @ 7.0% cap · market cap 3.18%
Second Best
Mixed Use
$211.0K
$184.6K – $246.1K
NOI $14,767 @ 7.0% cap · market cap 2.81%
Theoretical Best
Office A
$430.9K
$377.1K – $502.8K
NOI $30,166 @ 7.0% cap · market cap 5.75%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Flex space
Similar For Sale Nearby
Similar Off Market Nearby
- Marigold Kitchen — 1314 Rufina Cir A 3, Santa Fe, NM 87507
- Casa Nova Custom Catering — 1314 Rufina Cir a7, Santa Fe, NM 87507
FAQs
What type of property is this?
Flex space - Under-construction flex/industrial condominium with tall ceilings and a large roll-up garage door for adaptable operations.
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 condominium in Santa Fe's Siler/Rufina Art & Innovation District.; 1,677 sq ft units with flexible Live‑Work options (accessory to commercial use).; Industrial aesthetic with TALL CEILINGS, LARGE ROLL‑UP GARAGE DOORS, and EXPANSIVE STOREFRONT WINDOWS.
