Industrial Flex Condominium
For Sale
$525,000
1189 Parkway Drive, Santa Fe, NM 87507
CommercialSale, Santa Fe, NM
Property Size1,587 SF
Lot Size0.04 Acres
Price / SF$330.81
Days on Market382
Property Features for 1189 Parkway Drive
General Information
Property type
Commercial Sale
Property subtype
Retail
Property condition
Under Construction
Zoning
I-1
Parking features
Parking Lot
Standard status
Active
APN
99312398
Size
1,587 SF
Lot size
0.04 Acres
Utilities
Sewer type
Public Sewer
Water source
Public
Amenities
kitchen-ready hookups
designated area for shower
landscaped grounds
Building Details
Year built
2025
Flooring type
Concrete
Building materials
MetalSiding
Roof type
Metal
Listing Agency:
Keller Williams Realty
(505) 983-5151
Listed By:
Leslie Gallatin-Giorgetti · License #47708
(505) 670-7578
Added: Sep 26, 2025
Changed: Aug 19
Last Checked: Oct 12 at 9:06AM
MLS# 202405145
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.
These under-construction flex condominiums provide 1,587 square feet of interior space across two levels, with 1,092 square feet on the ground floor and 584 square feet upstairs. The design combines finished concrete flooring, LED lighting, smooth drywall, tall ceilings, aluminum-and-glass roll-up garage doors, storefront windows, and steel staircases with wood treads. Each unit also includes kitchen-ready hookups and a designated shower area.
Zoned I-1, the property supports commercial and light-industrial applications, including offices, galleries, artist studios, warehouse functions, wellness businesses, and other compatible uses. Live-work use is available as an accessory to commercial activity. Separately metered utilities, public water and sewer, a parking lot, landscaped shipping and receiving areas, and a metal roof prepared for solar PV add practical operating features. The development is located in Santa Fe’s Siler/Rufina Warehouse, Art & Innovation District and lies within a Federal Opportunity Zone.
Zoned I-1, the property supports commercial and light-industrial applications, including offices, galleries, artist studios, warehouse functions, wellness businesses, and other compatible uses. Live-work use is available as an accessory to commercial activity. Separately metered utilities, public water and sewer, a parking lot, landscaped shipping and receiving areas, and a metal roof prepared for solar PV add practical operating features. The development is located in Santa Fe’s Siler/Rufina Warehouse, Art & Innovation District and lies within a Federal Opportunity Zone.
Key Highlights
- 1,587 SF of interior space with 1,092 SF on the ground floor and 584 SF on the second story
- I‑1 zoning supports offices, galleries, artist studios, warehouses, wellness businesses, and light industry
- Under construction with a 2025 year built designation
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,853
Cap Rate
4.16%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$437,060
$437.1K
Cap Rate 7%
$312,186
$312.2K
Cap Rate 9%
$242,811
$242.8K
Market Conditions
NOI Build-Up for 1,587 SF
Gross rent
$34.3K $21.60/SF
− Vacancy
−$5.1K −$3.24/SF
EGI
$29.1K $18.36/SF
− OpEx
−$7.3K −$4.59/SF
NOI
$21.9K $13.77/SF
Area
Santa Fe County, NM
Vacancy
15.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$437,060
Cap Rate 7%
$312,186
Cap Rate 9%
$242,811
Alternative Uses
Best Use
Office B
$312.2K
$273.2K – $364.2K
NOI $21,853 @ 7.0% cap · market cap 4.16%
Second Best
Flex RnD
$238.7K
$208.9K – $278.5K
NOI $16,711 @ 7.0% cap · market cap 3.18%
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 authorities.
Property Analytics
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Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,056
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 87507, NM
51,338
Population
21,272
Households
2.4
Avg Household Size
38
Median Age
31%
College-Educated
86%
High-School Grad
96.1 sq mi
ZIP Area
534
Density / Sq Mi
$62,955
Median Household Income
$34,102
Median Earnings
$1,276
Median Rent
$333,300
Median Home Value
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Market
Vacancy Rate% for Office in West region
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Similar Off Market Nearby
- Casa Nova Custom Catering — 1314 Rufina Cir a7, Santa Fe, NM 87507
- Marigold Kitchen — 1314 Rufina Cir A 3, Santa Fe, NM 87507
Frequently Asked Questions
What type of property is this?
Flex space - Under-construction commercial condominiums combine adaptable workspace with showroom-style glazing, garage access, and separately metered utilities.
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: 1,587 SF of interior space with 1,092 SF on the ground floor and 584 SF on the second story; I‑1 zoning supports offices, galleries, artist studios, warehouses, wellness businesses, and light industry; Under construction with a 2025 year built designation
