New Flex-Use Condominium
For Sale
$525,000
Pending
1189 Parkway Drive #B3, Santa Fe, NM 87507
New commercial, industrial, and flex-use condominiums in Santa Fe.
Property Size1,587 SF
Lot Size0.04 Acres
Days on Market317
Property Features for 1189 Parkway Drive #B3
General Information
Standard status
Pending
Size
1,587 SF
Lot size
0.04 Acres
Property subtype
Commercial
Amenities
Metal Roof
Concrete Flooring
Parking Lot
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: Aug 8
Last Checked: Jul 23 at 9:13AM
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 Phase 2, currently under construction, represents a new commercial, industrial, and flex-use condominium development located in Santa Fe's Siler/Rufina Warehouse, Art Innovation District. Designed with an industrial aesthetic, the studios offer open, light-filled spaces with contemporary touches. Each unit spans nearly 1,677 square feet, including 1,587 square feet of interior space. The units feature tall ceilings, large aluminum glass roll-up garage doors, expansive storefront windows, and finished concrete floors. Interior features include LED lighting, handcrafted steel staircases with wood treads, and smooth drywall finishes. The ground floor encompasses 1,092 square feet, while the second story adds 584 square feet. These units are designed with flexibility in mind, with an option for Live-Work as an accessory to commercial use. Each unit has separately metered utilities, kitchen-ready hookups, a designated area for a shower, and thoughtfully landscaped grounds tailored for shipping and receiving. Zoned I-1, these condominiums are suitable for a range of uses, from offices, galleries, and artist studios to warehouses, wellness businesses, and light industry. Additionally, the roof is prepared for solar PV installation, and the property is located in a Federal Opportunity Zone.
Key Highlights
- New commercial/industrial/flex‑use condominiums in Santa Fe's Siler/Rufina Art Innovation District.
- Flexible design allows for Live‑Work options.
- Spacious 1,677 sq ft units** with tall ceilings, large roll‑up garage doors, and expansive storefront windows.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$21,853
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.16%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$437,060
$437.1K
Cap Rate 7%
$312,186
$312.2K
Cap Rate 9%
$242,811
$242.8K
Market Conditions
NOI Build-Up for 1,587 SF
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.
Gross rent
$34.3K $21.60/SF
− Vacancy
−$5.1K −$3.24/SF
EGI
$29.1K $18.36/SF
− OpEx
−$7.3K −$4.59/SF
NOI
$21.9K $13.77/SF
Area
Santa Fe County, NM
Vacancy
15.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$437,060
Cap Rate 7%
$312,186
Cap Rate 9%
$242,811
Alternative Uses
Best Use
Office B
$312.2K
$273.2K – $364.2K
NOI $21,853 @ 7.0% cap · market cap 4.16%
Second Best
Flex RnD
$238.7K
$208.9K – $278.5K
NOI $16,711 @ 7.0% cap · market cap 3.18%
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,056
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 87507, NM
51,338
Population
21,272
Households
2.4
Avg Household Size
38
Median Age
31%
College-Educated
86%
High-School Grad
96.1 sq mi
ZIP Area
534
Density / Sq Mi
$62,955
Median Household Income
$34,102
Median Earnings
$1,276
Median Rent
$333,300
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - New commercial, industrial, and flex-use condominiums in Santa Fe.
Where is this flex space located?
The property is located at 1189 Parkway Drive #B3 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 condominiums in Santa Fe's Siler/Rufina Art Innovation District.; Flexible design allows for Live‑Work options.; Spacious 1,677 sq ft units** with tall ceilings, large roll‑up garage doors, and expansive storefront windows.
