Santa Fe Flex-Use
1189 Parkway Drive #A3 Santa Fe, NM 87507
For Sale
$525,000
Pending
New commercial condominium in Santa Fe's Warehouse and Arts District.
Property Size1,587 SF
Lot Size0.04 Acres
Days on Market297
Property Features for 1189 Parkway Drive #A3
General Information
- Standard status
- Pending
- Size
- 1,587 SF
- Lot size
- 0.04 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 2025
Listing Agency:
KELLER WILLIAMS REALTY
(505) 983-5151
Listed By:
LESLIE GALLATIN-GIORGETTI · License #47708
Source:
Corcoran
Added: Sep 30, 2025
Changed: Jul 10
Last Checked: Jul 23 at 8:47AM
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 KELLER WILLIAMS REALTY
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 features metal buildings with an industrial aesthetic and contemporary design. Each unit offers 1,677 heated square feet with 24-foot ceilings, storefront windows, and roll-up aluminum glass garage doors. Interiors feature polished concrete floors, LED lighting, smooth drywall, and steel staircases with oak treads. Provisions are stubbed for kitchens and showers. Wide sidewalks provide opportunities for seating, shipping, and receiving, and landscaped grounds create an inviting atmosphere. Zoned I-1, the property accommodates a range of uses, including offices, galleries, light industry, wellness studios, and artisan workshops. The property has solar-ready rooftops and is located within a Federal Opportunity Zone. Multiple units can be combined for larger spaces.
Key Highlights
- Located in the burgeoning Warehouse and Arts District of Siler/Rufina.
- Flexible I‑1 zoning accommodates a wide range of uses.
- Units feature 1,677 heated square feet with 24‑foot ceilings, storefront windows, and roll‑up garage doors.
Financial Insights For Flex RnD
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 | $28.6k | $18.00 |
| − Vacancy | −$2.9k | −$1.80 |
| EGI | $25.7k | $16.20 |
| − OpEx | −$9.0k | −$5.67 |
| NOI | $16.7k | $10.53 |
1,587 SF · lease $18.00/SF/yr · vacancy 10.00% · expense 35.00%
Alternative Uses
Best Use
Flex RnD
$238.7K
$208.9K – $278.5K
NOI $16,711 @ 7.0% cap · market cap 3.18%
Second Best
Warehouse
$136.9K
$119.8K – $159.7K
NOI $9,583 @ 7.0% cap · market cap 1.83%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Flex space
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
FAQs
What type of property is this?
Flex space - New commercial condominium in Santa Fe's Warehouse and Arts District.
Where is this flex space located?
The property is located at 1189 Parkway Drive #A3 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 burgeoning Warehouse and Arts District of Siler/Rufina.; Flexible I‑1 zoning accommodates a wide range of uses.; Units feature **1,677 heated square feet with 24‑foot ceilings, storefront windows, and roll‑up garage doors.**
