Flex Condominium With Roll-Up
New
For Sale
$525,000
1189 Parkway Drive #D1, Santa Fe, NM 87507
Under-construction commercial condominium with flexible workspace, storefront glazing, and Live-Work capability as an accessory use.
Property Size1,587 SF
Price / SF$330.81
Days on Market4
Property Features for 1189 Parkway Drive #D1
General Information
Standard status
Active
Size
1,587 SF
Property subtype
Commercial
Zoning
I-1
Additional Details
Floor
Ground Floor, Second Story
Opportunity Zone
Yes
Utilities to Site
Yes
Office Units
1
Amenities
tall ceilings
aluminum glass roll-up garage doors
expansive storefront windows
finished concrete floors
LED lighting
handcrafted steel staircases with wood treads
smooth drywall finishes
kitchen-ready hookups
designated area for shower
landscaped grounds
solar PV ready
Metal Roof
Concrete Flooring
Parking Lot
Building Details
Year Built
2026
Stories
2
Construction
industrial
Listing Agency:
KELLER WILLIAMS REALTY
(505) 983-5151
Listed By:
LESLIE GALLATIN-GIORGETTI · License #47708
Source:
Corcoran
Added: Aug 14
Changed: Aug 17
Last Checked: Aug 17 at 12:12PM
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.
This under-construction flex condominium combines an industrial-style interior with office, studio, warehouse, and light-industrial functionality. The unit includes 1,587 square feet of interior space within nearly 1,677 square feet overall, arranged across a 1,092-square-foot ground floor and a 584-square-foot second story. Tall ceilings, finished concrete floors, LED lighting, smooth drywall, a steel staircase with wood treads, large aluminum-and-glass roll-up garage doors, and storefront windows define the buildout. Separately metered utilities, kitchen-ready hookups, and a designated shower area support a range of commercial configurations.
The property is located at 1189 Parkway Drive #D1 in Santa Fe’s Siler/Rufina Warehouse and Art Innovation District. Zoned I-1, the condominium offers landscaped grounds planned for shipping and receiving. The roof is prepared for solar PV installation, and the property lies within a Federal Opportunity Zone. Completion is identified for 2026.
The property is located at 1189 Parkway Drive #D1 in Santa Fe’s Siler/Rufina Warehouse and Art Innovation District. Zoned I-1, the condominium offers landscaped grounds planned for shipping and receiving. The roof is prepared for solar PV installation, and the property lies within a Federal Opportunity Zone. Completion is identified for 2026.
Key Highlights
- 1,587 square feet of interior space within nearly 1,677 square feet overall
- 1,092‑square‑foot ground floor plus 584‑square‑foot second story
- Large aluminum‑and‑glass roll‑up garage door 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
Lease Details
1
Office units
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
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 - Under-construction commercial condominium with flexible workspace, storefront glazing, and Live-Work capability as an accessory use.
Where is this flex space located?
The property is located at 1189 Parkway Drive #D1 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: 1,587 square feet of interior space within nearly 1,677 square feet overall; 1,092‑square‑foot ground floor plus 584‑square‑foot second story; Large aluminum‑and‑glass roll‑up garage door and expansive storefront windows
