Under-Construction Flex
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 Market333
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
tall ceilings
aluminum glass roll-up garage doors
expansive storefront windows
finished concrete floors
LED lighting
handcrafted steel staircases with wood treads
smooth drywall finishes
separately metered utilities
kitchen-ready hookups
designated area for a shower
landscaped grounds
roof prepared for solar PV installation
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: Aug 24 at 9:06AM
MLS# 202405144
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.
Currently under construction, this flex-space condominium offers approximately 1,677 square feet across two levels, including 1,587 square feet of interior area. The layout combines 1,092 square feet on the ground floor with 584 square feet upstairs. Tall ceilings, finished concrete floors, LED lighting, expansive storefront glazing, and an aluminum glass roll-up garage door contribute to a functional industrial-style interior. Each unit includes separately metered utilities, kitchen-ready hookups, and a designated shower area. A live-work configuration is available as an accessory to commercial use.
The property is located at 1189 Parkway Drive in Santa Fe’s Siler/Rufina Warehouse, Art & Innovation District. Zoned I-1, the development is positioned for office, gallery, artist studio, warehouse, wellness, and light-industrial applications. Additional property features include public water and sewer, metal siding, a metal roof prepared for solar PV installation, a parking lot, and landscaped areas designed for shipping and receiving.
The property is located at 1189 Parkway Drive in Santa Fe’s Siler/Rufina Warehouse, Art & Innovation District. Zoned I-1, the development is positioned for office, gallery, artist studio, warehouse, wellness, and light-industrial applications. Additional property features include public water and sewer, metal siding, a metal roof prepared for solar PV installation, a parking lot, and landscaped areas designed for shipping and receiving.
Key Highlights
- Approximately 1,677 square feet across two levels, including 1,587 square feet of interior space
- Ground floor includes 1,092 square feet; second story adds 584 square feet
- I‑1 zoning with live‑work option available as an accessory to commercial use
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$21,853
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.16%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
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.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
Property Profile
Current Use
Lease Details
1
Office units
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
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - I-1-zoned commercial condominium with adaptable space for office, studio, warehouse, and light-industrial uses.
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: Approximately 1,677 square feet across two levels, including 1,587 square feet of interior space; Ground floor includes 1,092 square feet; second story adds 584 square feet; I‑1 zoning with live‑work option available as an accessory to commercial use
