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    Flex-Use Industrial Condo Unit Title is generated by Realmo AI

    1189 Parkway Drive, Santa Fe, NM 87507

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    Pending
    $525,000

    SINGLE_FAMILY - Santa Fe, NM

    Type:Retail
    Property size:
    1,587 SF
    Lot size:
    0.04 Acres
    Added:
    Sep 26, 2025
    Days on Market:
    252
    Last Refresh:
    Jun 4 at 9:06 pm

    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

    We can help!

    Listing Contact
    Leslie Gallatin-Giorgetti

    Listing agent Leslie Gallatin-Giorgetti License #47708

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

    Listing date Sep 26, 2025

    MLS# 202405134

    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.

    HighLights

    • New commercial/industrial/flex‑use condominium in Santa Fe's Siler/Rufina Art & Innovation District.
    • 1,677 sq ft units with flexible Live‑Work options (accessory to commercial use).
    • Industrial aesthetic with TALL CEILINGS, LARGE ROLL‑UP GARAGE DOORS, and EXPANSIVE STOREFRONT WINDOWS.
    • Kitchen‑ready hookups, designated shower area, and landscaped grounds for shipping/receiving.
    • Zoned I‑1, suitable for offices, galleries, studios, warehouses, and light industry.
    • Located in a Federal Opportunity Zone with roof prepared for solar PV installation.

    Overview

    The Studios at Parkway Phase 2 presents a flex-use industrial condominium unit currently under construction. Designed with an industrial aesthetic, the space is configured as open, light-filled interiors with tall ceilings and finished concrete floors. The unit includes large aluminum glass roll-up garage doors and expansive storefront windows, creating visibility from the front while maintaining an industrial workflow. Interior finishes include LED lighting, smooth drywall finishes, and handcrafted steel staircases with wood treads. The condominium is offered with nearly 1,677 square feet total, including 1,587 square feet of interior space. The layout includes 1,092 square feet on the ground floor and 584 square feet on the second story.

    Located within the Siler/Rufina Warehouse, Art & Innovation District on Parkway Drive in Santa Fe, the development sits within a Federal Opportunity Zone. The property is zoned I-1. The site is planned with landscaped grounds tailored for shipping and receiving, and each unit includes separately metered utilities and kitchen-ready hookups, along with a designated area for a shower.

    This unit’s design supports a range of uses within the I-1 zoning framework, with flexibility that includes an option for live-work as an accessory to commercial use. The built-in utility separations and garage door-style access make it well-suited for tenants seeking a combined showroom/office and light-industrial or warehouse-style function. The roof is also prepared for solar PV installation.
    Property Profile Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

    Restaurant Real Estate Agency Law Firm Dental Office Spa & Massage Center Building Supply Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

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

    Similar Places Nearby

    • Marigold Kitchen — 1314 Rufina Cir A 3, Santa Fe, NM 87507
    • Casa Nova Custom Catering — 1314 Rufina Cir a7, Santa Fe, NM 87507

    Location Insight

    • Map
    • Local Demand
    City
    Santa Fe
    County
    Santa Fe
    State
    New Mexico
    Longitude
    -105.998842
    Latitude
    35.658582

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    FAQs

    What type of property is this?
    Flex space - Under-construction flex/industrial condominium with tall ceilings and a large roll-up garage door for adaptable operations.
    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 in Santa Fe's Siler/Rufina Art & Innovation District.; 1,677 sq ft units with flexible Live‑Work options (accessory to commercial use).; Industrial aesthetic with TALL CEILINGS, LARGE ROLL‑UP GARAGE DOORS, and EXPANSIVE STOREFRONT WINDOWS.
    (505) 670-7578
    We can help!
    Listing Contact
    Leslie Gallatin-Giorgetti
    Real Estate License ID: 47708
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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