Flex-Use Condominium in Santa
For Sale
$525,000
Pending
1189 Parkway Drive, Santa Fe, NM 87507
SINGLE_FAMILY - Santa Fe, NM
Property Size1,587 SF
Lot Size0.04 Acres
Days on Market340
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
Listed By:
Leslie Gallatin-Giorgetti · License #47708
(505) 670-7578
Added: Aug 25, 2025
Changed: Apr 15
Last Checked: Jul 30 at 9:06PM
MLS# 202405076
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 is a commercial, industrial, and flex-use condominium development located in the Warehouse and Arts District of Siler/Rufina in Santa Fe. The community will consist of 29 units, with Phase II's 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 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 buildings have an industrial aesthetic and contemporary design. Wide sidewalks provide opportunities for seating, shipping, and receiving. The landscaped grounds create an inviting atmosphere for both visitors and tenants. The property is zoned I-1, and accommodates a range of uses including offices, galleries, 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.
Key Highlights
- New commercial/industrial/flex‑use condominium development in Santa Fe's Warehouse and Arts District.
- Units feature 1,677 sq ft with 24‑foot ceilings, storefront windows, and roll‑up garage doors.
- Zoned I‑1, accommodating a wide range of uses (offices, galleries, light industry, etc.).
Financial Insights For Retail
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 | $31.4k | $19.80 |
| − Vacancy | −$2.7k | −$1.68 |
| EGI | $28.8k | $18.12 |
| − OpEx | −$8.6k | −$5.44 |
| NOI | $20.1k | $12.68 |
1,587 SF · lease $19.80/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$287.5K
$251.6K – $335.4K
NOI $20,126 @ 7.0% cap · market cap 3.83%
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
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 Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
Frequently Asked Questions
What type of property is this?
Flex space - New commercial condominium development in Santa Fe's Warehouse and Arts 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 commercial/industrial/flex‑use condominium development in Santa Fe's Warehouse and Arts District.; Units feature **1,677 sq ft** with **24‑foot ceilings**, storefront windows, and roll‑up garage doors.; Zoned I‑1, accommodating a wide range of uses (offices, galleries, light industry, etc.).
