Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    New Santa Fe Flex-Use Condominium Title is generated by Realmo AI

    1189 Parkway Drive, Santa Fe, NM 87507

    View on Map
    Claim this Listing
    Pending
    $525,000

    SINGLE_FAMILY - Santa Fe, NM

    Type:Retail
    Property size:
    1,587 SF
    Lot size:
    0.04 Acres
    Added:
    Sep 26, 2025
    Days on Market:
    243
    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 26, 2025

    MLS# 202405139

    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 construction in the thriving Siler/Rufina Warehouse, Art & Innovation District, offering significant commercial and industrial potential.
    • Flexible I‑1 zoning allows for a wide range of uses including office, gallery, studio, warehouse, and light industry.
    • Spacious 1,677 sq ft units with tall ceilings, large roll‑up garage doors, and expansive storefront windows providing ample natural light and accessibility.
    • Option for Live‑Work arrangement as an accessory to commercial use, enhancing flexibility and convenience.
    • Modern industrial aesthetic with finished concrete floors, LED lighting, steel staircases, and smooth drywall finishes.
    • Equipped with kitchen‑ready hookups, designated shower area, separately metered utilities, and roof prepared for solar PV installation.

    Overview

    The Studios at Parkway Phase 2, currently under construction, is a commercial, industrial, and flex-use condominium development located in Santa Fe's Siler/Rufina Warehouse, Art & Innovation District. The units offer open, light-filled spaces with contemporary touches. Each unit spans nearly 1,677 square feet, including 1,587 square feet of interior space. The ground floor encompasses 1,092 square feet, while the second story adds 584 square feet. Features include tall ceilings, large aluminum glass roll-up garage doors, expansive storefront windows, and finished concrete floors. Inside, there is LED lighting, handcrafted steel staircases with wood treads, and smooth drywall finishes. These units are designed with flexibility in mind, with an option for Live-Work as an accessory to commercial use. Each unit has separately metered utilities, kitchen-ready hookups, a designated area for a shower, and thoughtfully landscaped grounds tailored for shipping and receiving. Zoned I-1, these condominiums are suitable for a range of uses, from offices, galleries, and artist studios to warehouses, wellness businesses, and light industry. Additionally, the roof is prepared for solar PV installation, and the property is located in a Federal Opportunity Zone. 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

    Nearby Similar for Sale

    • $995,000
      4,418 SF

      Modern Office Building For Sale

      Standalone office with modern interior, ideal for creative professionals.
      2904 E Rodeo Park Drive, Santa Fe, NM 87505
      View Details
    • $625,000
      3,345 SF

      Santa Fe Commercial Property For Sale

      High-traffic commercial property with five units in a prime location.
      1915 Cerrillos Rd, Santa Fe, NM 87505
      View Details
    • $4,250,000
      7,600 SF

      Class A Office Building

      Remodeled office building near the New Mexico State Capitol.
      1048 Paseo De Peralta, Santa Fe, NM 87501
      View Details
    • $930,000
      2,746 SF

      Freestanding Commercial Building on Cerrillos

      Rare commercial building on high-traffic corridor, ideal for owner-user.
      647 Cerrillos Road, Santa Fe, NM 87501
      View Details
    • $1,700,000
      9,592 SF

      Santa Fe Office/Research Facility

      9,592 SF office/research facility on 0.9 acres in Santa Fe.
      124 Siringo Road, Santa Fe, NM 87505
      View Details
    • $495,000
      2,078 SF

      Remodeled Office Space in Santa Fe

      Turnkey office space with modern interiors and flexible layout.
      1424 Luisa, Santa Fe, NM 87505
      View Details
    • $450,000
      1,600 SF

      Versatile Office Space in Santa Fe

      Spacious office suites suitable for medical, administrative, or professional use.
      460 Saint Michaels Drive, Santa Fe, NM 87505
      View Details
    • $2,900,000
      19,911 SF

      Downtown Santa Fe Plaza Office Building

      Three-story office building with restaurant in the heart of Santa Fe.
      142 W Palace, Santa Fe, NM 87501
      View Details
    • $1,225,000
      5,975 SF

      Santa Fe Compound with Equestrian Center

      Unique Santa Fe compound with three residences and equestrian facilities.
      54 Rons Road, Santa Fe, NM 87508
      View Details
    • $3,250,000
      20,467 SF

      Professional Office Building in Santa Fe

      Two-story office building near medical hub with flexible configurations.
      2006 Botulph Road, Santa Fe, NM 87505
      View Details
    • $798,000
      1,742 SF

      Santa Fe Duplex with Rental Potential

      Duplex adaptable for single-family, long-term, or short-term rental.
      1417 Agua Fria Street, Santa Fe, NM 87505
      View Details
    • $809,000
      3,436 SF

      Santa Fe Multifamily Investment Property

      Fully occupied 5-plex with long-term tenants in Santa Fe.
      3120 Jemez Road, Santa Fe, NM 87507
      View Details

    FAQs

    What type of property is this?
    Flex space - Under construction flex-use condominium in Siler/Rufina Warehouse District.
    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 construction in the thriving Siler/Rufina Warehouse, Art & Innovation District, offering significant commercial and industrial potential.; Flexible I‑1 zoning allows for a wide range of uses including office, gallery, studio, warehouse, and light industry.; **Spacious 1,677 sq ft units with tall ceilings, large roll‑up garage doors, and expansive storefront windows providing ample natural light and accessibility.**
    (505) 670-7578
    We can help!
    Listing Contact
    Leslie Gallatin-Giorgetti
    Real Estate License ID: 47708
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1189 Parkway Drive, Santa Fe, NM 87507
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!