Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1189 Parkway Dr, Unit A3 Santa Fe, NM 87507

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $525,000

    New commercial condominium in Santa Fe's Warehouse and Arts District.

    Property size:
    1,587 SF
    Lot size:
    0.04 Acres

    Property Features for 1189 Parkway Dr

    General Information

    Standard status
    Active
    Size
    1,587 SF
    Lot size
    0.04 Acres

    Building Details

    Year built
    2025

    We can help!

    Listing Contact
    Leslie Gallatin-Giorgetti
    Source: Corcoran

    Listing Agency: KELLER WILLIAMS REALTY Listing Agent: Leslie Gallatin-Giorgetti

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Santa Fe Flex-Use Condominium

    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.
    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, Casa Nova Custom Catering

    Location Insight

    • Map
    • Local Demand
    City
    Santa Fe
    County
    Santa Fe
    State
    New Mexico
    Longitude
    -105.998819
    Latitude
    35.6585448

    Nearby Similar for Sale

    • $435,000
      2,356 SF

      Santa Fe Midtown Office Space

      Midtown office with flexible floor plan and ample parking.
      1723 2Nd St, Santa Fe, NM 87505
      View Details
    • $2,500,000
      Pending

      Canyon Road Commercial Space Available

      Flexible commercial space on Canyon Road, Santa Fe.
      808 Canyon Rd, Santa Fe, NM 87505
      View Details
    • $449,900
      1,126 SF

      Santa Fe Corner Unit with Balcony

      Modern live-work space with mountain views in central Santa Fe.
      1109 Paseo Corazon, Santa Fe, NM 87507
      View Details
    • $1,060,000
      Pending

      Established Restaurant with Rental Income

      Profitable restaurant with rental units and value-add potential.
      304 Johnson St, Santa Fe, NM 87501
      View Details
    • $254,880
      Pending

      Santa Fe Office Space Available

      Office space in Galisteo Business Park, St. Michael's corridor.
      2019 Galisteo St, Santa Fe, NM 87505
      View Details
    • $450,000
      1,600 SF

      Versatile Office Space in Santa Fe

      Spacious office suites suitable for medical, administrative, or professional use.
      460 103, Santa Fe, NM 87505
      View Details
    • $3,800,000
      19,911 SF

      Downtown Santa Fe Plaza Office Building

      Versatile BCD zoned property in Santa Fe's historic district.
      142 W Palace Ave, Santa Fe, NM 87501
      View Details
    • New
      $495,000
      2,078 SF

      Remodeled Office Space in Santa Fe

      Turnkey office space with modern interiors and flexible layout.
      1424 Luisa Unit 1 & 2, Santa Fe, NM 87505
      View Details
    • $565,000
      1,384 SF

      Professional Office Condo in Santa Fe

      Professional office condo in a high-traffic Santa Fe location.
      103 S St Francis Dr, Santa Fe, NM 87501
      View Details
    • $525,000
      Pending

      Flex-Use Condominium in Santa Fe

      New commercial condominium development in Santa Fe's Warehouse and Arts District.
      1189 Parkway Dr, Santa Fe, NM 87507
      View Details
    • $525,000
      1,587 SF

      New Santa Fe Flex Condominium

      New commercial, industrial, and flex-use condominium development in Santa Fe.
      1189 Parkway Dr, Santa Fe, NM 87507
      View Details
    • $525,000
      1,587 SF

      Santa Fe Flex-Use Condominium Development

      New commercial, industrial, and flex-use condominium development in Santa Fe.
      1189 Parkway Dr, Santa Fe, NM 87507
      View Details

    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 Dr, Unit 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.**
    (505) 670-7578
    Request Owner's contact information
    1189 Parkway Dr, Unit A3 Santa Fe, NM 87507
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1189 Parkway Dr, Unit A3
    Santa Fe, NM 87507
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    1189 Parkway Dr, Unit A3 Santa Fe, NM 87507
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Leslie Gallatin-Giorgetti
    Real Estate License ID: 47708
    (505) 670-7578 (505) 983-5151
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!