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Industrial Flex Condominium Unit

1189 Parkway Drive Santa Fe, NM 87507

1189 Parkway Drive, Santa Fe, NM, 87507

$525,000

Pending

For Sale

$525,000

Pending

SINGLE_FAMILY - Santa Fe, NM

Property Size1,587 SF

Lot Size0.04 Acres

AddedSep 3, 2025

Days on Market316

Last RefreshJul 15 at 12:06 am

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: 910009680
Size: 1,587 SF
Lot size: 0.04 Acres

Taxes and HOA fees

Tax Description: to be determined by title once the condo survey is complete.

Utilities

Sewer type: Public Sewer
Water source: Public

Building Details

Year built: 2025
Flooring type: Concrete
Building materials: MetalSiding
Roof type: Metal

Listing agent Leslie Gallatin-Giorgetti License #47708

Listing office Keller Williams Realty 130 Lincoln Ave, Ste. K, Santa Fe, NM

Listing date Sep 3, 2025

MLS# 202503882

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 flex-use condominium development featuring durable metal buildings with an industrial aesthetic and contemporary design. Units are configured with expansive storefront windows, roll-up aluminum glass garage doors, and 24-foot ceilings, bringing natural light into the space. Interior improvements include polished concrete floors, LED lighting, smooth drywall, and handcrafted steel staircases with oak treads. Provisions are stubbed for kitchens and showers, supporting a flexible mix of office, studio, and light-industrial style uses.

Zoned I-1, the development is designed to accommodate a range of tenant activities, including offices, galleries, light industry, wellness studios, and artisan workshops. Wide sidewalks and landscaped grounds support day-to-day operations that may include shipping and receiving. The property also has solar-ready rooftops and is located within a Federal Opportunity Zone.

The community is planned as 29 total units, with Phase II’s 14 units scheduled for completion in spring 2026. Multiple units can be combined to create larger spaces.

Key Highlights

Located in the rapidly growing Siler/Rufina Warehouse and Arts District.
Flexible I‑1 zoning allows for a wide range of commercial, industrial, and artistic uses.
Units feature 1,677 sq ft with 24‑foot ceilings, storefront windows, and roll‑up garage doors.

Local Financial Insights For Office B

Simulate Cap Rate and NOI

NOI Build-Up

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 (±1% cap)

NOI $21,853 @ 7.0% cap · market cap 4.16%

Second Best

Flex RnD

$238.7K

$208.9K – $278.5K (±1% cap)

NOI $16,711 @ 7.0% cap · market cap 3.18%

Theoretical Best

Office A

$430.9K

$377.1K – $502.8K (±1% cap)

NOI $30,166 @ 7.0% cap · market cap 5.75%

Zoning and permitted uses should be independently verified with local authorities.

Property Analytics

Property Profile Location Intelligence

Current Use by Public Records

Flex space

Suggested Use

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For sale
Flex space
NM
Santa Fe
87507
1189 Parkway Drive

What type of property is this?

Flex space - Flex-use condominium in an I-1 industrial setting with roll-up aluminum glass garage doors and 24-foot ceilings.

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: Located in the rapidly growing Siler/Rufina Warehouse and Arts District.; Flexible I‑1 zoning allows for a wide range of commercial, industrial, and artistic uses.; Units feature 1,677 sq ft with **24‑foot ceilings, storefront windows, and roll‑up garage doors.**

1189 Parkway Drive Santa Fe, NM 87507

SINGLE_FAMILY - Santa Fe, NM

Property Features for 1189 Parkway Drive

General Information

Taxes and HOA fees

Utilities

Building Details

Investment Insights

Key Highlights

Local Financial Insights For Office B

Simulate Cap Rate and NOI

Alternative Uses

Property Analytics

Current Use by Public Records

Suggested Use

Similar For Sale Nearby

Live-Work Commercial Building

Turnkey Restaurant Space on Cerrillos Rd

Santa Fe Office/Research Facility

Medical Office Park at Hospital Campus

Class A Office Building

Five-Unit Retail Strip Mall

Modern Office Building For Sale

Mixed-Use Restaurant and Office Building

Four-Unit Detached Income Property

Downtown Office Building with Leased Restaurant

Freestanding Commercial Building on Cerrillos

Santa Fe Redevelopment Opportunity

Similar Off Market Nearby

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