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Flex-Use Industrial Condo Studio

1189 Parkway Drive Santa Fe, NM 87507

1189 Parkway Drive, Santa Fe, NM, 87507

$525,000

For Sale

$525,000

SINGLE_FAMILY - Santa Fe, NM

Property Size1,587 SF

Lot Size0.04 Acres

Price / SF$330.81

AddedSep 26, 2025

Days on Market293

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: Active
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 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# 202405136

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 Phase 2 presents newly constructed flex-use industrial condominium studio units designed for adaptable commercial use, with an option for live-work as an accessory to commercial use. Each unit is nearly 1,677 square feet, including 1,587 square feet of interior space ("walls in"), with a ground floor of 1,092 square feet and a second story of 584 square feet. Interior features include tall ceilings, open and light-filled layouts, finished concrete floors, LED lighting, smooth drywall finishes, and handcrafted steel staircases with wood treads. The units also include large aluminum glass roll-up garage doors, expansive storefront windows, and separately metered utilities, along with kitchen-ready hookups and a designated area for a shower.

The property is zoned I-1 and is located at 1189 Parkway Drive in Santa Fe, NM 87507. The landscaped grounds are designed to support shipping and receiving. In addition, the roof is prepared for potential solar PV installation.

Units are being offered within this warehouse, art and innovation district-style development context, and the configuration supports a range of light industrial and creative commercial uses stated by the developer, including offices, galleries, artist studios, warehouses, wellness businesses, and light industry.

Key Highlights

New commercial/industrial/flex‑use condominium in the thriving Siler/Rufina Art & Innovation District.
Flexible I‑1 zoning allows for a wide range of uses (offices, galleries, studios, warehouses, light industry).
Modern industrial design with open, light‑filled 1,677 sq ft spaces, tall ceilings, and large 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 - New flex-use condominium under construction with tall ceilings, finished concrete floors, and large roll-up garage doors.

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 the thriving Siler/Rufina Art & Innovation District.; Flexible I‑1 zoning allows for a wide range of uses (offices, galleries, studios, warehouses, light industry).; Modern industrial design with open, light‑filled 1,677 sq ft spaces, tall ceilings, and large roll‑up garage doors.

1189 Parkway Drive Santa Fe, NM 87507

SINGLE_FAMILY - Santa Fe, NM

Property Features for 1189 Parkway Drive

General Information

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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