Flex-Use Warehouse Condominium
1189 Parkway Dr Santa Fe, NM 87507
For Sale
Contact for pricing
Flex-use condominium unit in Santa Fe with roll-up garage doors, large storefront windows, and provisions for kitchens and showers.
Property Size1,587 SF
Price / SF$330.81
Days on Market216
Property Features for 1189 Parkway Dr
General Information
Standard status
Active
Size
1,587 SF
Property subtype
INDUSTRIAL
Listing Agency:
KW | Santa Fe
(505) 670-7578
Listed By:
Leslie Gallatin-Giorgetti · License #47708
(505) 670-7578
Source:
Moodyscre
Added: Dec 26, 2025
Changed: Jul 25
Last Checked: Jul 29 at 3:39PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of KW | Santa Fe
Investment Insights
Based on property information with market context.
The Studios at Parkway is Santa Fe’s new commercial, industrial, and flex-use condominium development, designed for durable, contemporary spaces with an industrial aesthetic. The project totals 29 units, with Phase II’s 14 units scheduled for completion in May 2026. Each unit is built as a metal condominium with soaring ceilings, expansive storefront windows, and roll-up aluminum glass garage doors that bring natural light into the interior. Interior finishes include polished concrete floors, LED lighting, smooth drywall, and handcrafted steel staircases with oak treads, with provisions stubbed for kitchens and showers to support flexible use.
Located at 1189 Parkway Dr in the Warehouse and Arts District of Siler/Rufina, the property is zoned I-1. The community includes wide sidewalks with opportunities for seating, shipping, and receiving, along with landscaped grounds for tenants and visitors. Rooftops are solar-ready, and the project is located within a Federal Opportunity Zone. Multiple units can be combined together for larger spaces.
Located at 1189 Parkway Dr in the Warehouse and Arts District of Siler/Rufina, the property is zoned I-1. The community includes wide sidewalks with opportunities for seating, shipping, and receiving, along with landscaped grounds for tenants and visitors. Rooftops are solar-ready, and the project is located within a Federal Opportunity Zone. Multiple units can be combined together for larger spaces.
Key Highlights
- Flex‑use condominium development with 29 total units; Phase II includes 14 units scheduled for completion in May 2026
- Each unit features 1,677 heated SF with 24‑ft ceilings and expansive storefront windows for daylight
- Roll‑up aluminum glass garage doors create direct access for each unit
Financial Insights For Office B
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 | $34.3k | $21.60 |
| − Vacancy | −$5.1k | −$3.24 |
| EGI | $29.1k | $18.36 |
| − OpEx | −$7.3k | −$4.59 |
| NOI | $21.9k | $13.77 |
1,587 SF · lease $21.60/SF/yr · vacancy 15.00% · expense 25.00%
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
Location Intelligence
Current Use
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 - Flex-use condominium unit in Santa Fe with roll-up garage doors, large storefront windows, and provisions for kitchens and showers.
Where is this flex space located?
The property is located at 1189 Parkway Dr 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: Flex‑use condominium development with 29 total units; Phase II includes 14 units scheduled for completion in May 2026; Each unit features 1,677 heated SF with 24‑ft ceilings and expansive storefront windows for daylight; Roll‑up aluminum glass garage doors create direct access for each unit
