Flex Condominium with Live-Work
New
For Sale
$525,000
1189 Parkway Drive C2, Santa Fe, NM 87507
Under-construction commercial units combine two-level layouts with finished concrete floors and separately metered utilities.
Property Size1,677 SF
Price / SF$313.06
Days on Market4
Property Features for 1189 Parkway Drive C2
General Information
Standard status
Active
Size
1,677 SF
Zoning
I-1
Additional Details
Floor
Ground Floor, Second Story
Opportunity Zone
Yes
Utilities to Site
Yes
Amenities
tall ceilings
roll-up garage doors
storefront windows
finished concrete floors
LED lighting
steel staircases
separately metered utilities
kitchen-ready hookups
shower area
landscaped grounds
solar PV ready
Building Details
Stories
2
Construction
industrial
Listing Agency:
Keller Williams Realty
(505) 983-5151
Listed By:
Leslie Gallatin-Giorgetti · License #47708
(505) 670-7578
Source:
Quailrunsothebys
Added: Sep 7
Last Checked: Sep 10 at 9:24AM
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 is an under-construction flex condominium development at 1189 Parkway Drive, C2, in Santa Fe. Each unit provides nearly 1,677 square feet, including 1,587 square feet of interior space, with 1,092 square feet on the ground floor and 584 square feet upstairs. Tall ceilings, finished concrete floors, LED lighting, smooth drywall, storefront windows, and aluminum glass roll-up garage doors define the interior. Handcrafted steel staircases with wood treads add a distinctive finish.
The units include separately metered utilities, kitchen-ready hookups, and a designated shower area. An accessory Live-Work option is available alongside commercial use. Zoned I-1, the development supports office, gallery, artist studio, warehouse, wellness, and light industrial applications. Landscaped grounds are configured for shipping and receiving, and the roof is prepared for solar PV installation. The property is within a Federal Opportunity Zone and the Siler/Rufina Warehouse, Art & Innovation District.
The units include separately metered utilities, kitchen-ready hookups, and a designated shower area. An accessory Live-Work option is available alongside commercial use. Zoned I-1, the development supports office, gallery, artist studio, warehouse, wellness, and light industrial applications. Landscaped grounds are configured for shipping and receiving, and the roof is prepared for solar PV installation. The property is within a Federal Opportunity Zone and the Siler/Rufina Warehouse, Art & Innovation District.
Key Highlights
- Nearly 1,677 square feet per unit, including 1,587 square feet of interior space
- Two‑level layout with 1,092 square feet on the ground floor and 584 square feet upstairs
- I‑1 zoning with an accessory Live‑Work option for commercial use
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
$23,092
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
4.40%
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%
$461,840
$461.8K
Cap Rate 7%
$329,886
$329.9K
Cap Rate 9%
$256,578
$256.6K
Market Conditions
NOI Build-Up for 1,677 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
$36.2K $21.60/SF
− Vacancy
−$5.4K −$3.24/SF
EGI
$30.8K $18.36/SF
− OpEx
−$7.7K −$4.59/SF
NOI
$23.1K $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%
$461,840
Cap Rate 7%
$329,886
Cap Rate 9%
$256,578
Alternative Uses
Best Use
Office B
$329.9K
$288.7K – $384.9K
NOI $23,092 @ 7.0% cap · market cap 4.40%
Second Best
Flex RnD
$252.3K
$220.7K – $294.3K
NOI $17,659 @ 7.0% cap · market cap 3.36%
Theoretical Best
Office A
$455.4K
$398.5K – $531.3K
NOI $31,876 @ 7.0% cap · market cap 6.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Utilities to site
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Similar Off Market Nearby
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Frequently Asked Questions
What type of property is this?
Flex space - Under-construction commercial units combine two-level layouts with finished concrete floors and separately metered utilities.
Where is this flex space located?
The property is located at 1189 Parkway Drive C2 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: Nearly 1,677 square feet per unit, including 1,587 square feet of interior space; Two‑level layout with 1,092 square feet on the ground floor and 584 square feet upstairs; I‑1 zoning with an accessory Live‑Work option for commercial use
