Flex Space with Roll-Up
1189 Parkway Drive D1, Santa Fe, NM 87507
For Sale
$525,000
I-1-zoned condominium units offer two-level layouts, storefront glazing, and separately metered utilities.
Property Size1,587 SF
Price / SF$330.81
Days on Market63
Property Features for 1189 Parkway Drive D1
General Information
Standard status
Size
Zoning
Additional Details
Opportunity Zone
Utilities to Site
Building Details
Stories
Listing Agency:
Keller Williams Realty
(505) 983-5151
Listed By:
Leslie Gallatin-Giorgetti · License NM #47708
(505) 670-7578
Source:
Quailrunsothebys
Added: Sep 9
Changed: Oct 25
Last Checked: Nov 10 at 7:46AM
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
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Investment Insights
Based on property information with market context.
The Studios at Parkway Phase 2 is an under-construction condominium development offering flexible commercial space with an industrial design. Each unit measures nearly 1,677 square feet, including 1,587 square feet of interior area, with 1,092 square feet on the ground floor and 584 square feet upstairs. Tall ceilings, finished concrete floors, LED lighting, large aluminum-and-glass roll-up doors, and broad storefront windows provide a functional, light-filled setting. Interior details include smooth drywall and steel staircases with wood treads.
Units are zoned I-1 and include separately metered utilities, kitchen-ready hookups, and a designated shower area. The layouts support commercial use with an accessory live-work option. Landscaped grounds are configured for shipping and receiving, while the roof is prepared for solar PV installation. The property is located at 1189 Parkway Drive in Santa Fe’s Siler/Rufina Warehouse, Art & Innovation District and lies within a Federal Opportunity Zone.
Units are zoned I-1 and include separately metered utilities, kitchen-ready hookups, and a designated shower area. The layouts support commercial use with an accessory live-work option. Landscaped grounds are configured for shipping and receiving, while the roof is prepared for solar PV installation. The property is located at 1189 Parkway Drive in Santa Fe’s Siler/Rufina Warehouse, Art & Innovation District and lies within a Federal Opportunity Zone.
Key Highlights
- Nearly 1,677‑square‑foot units with 1,587 square feet of interior space
- Two‑level layout: 1,092 square feet on the ground floor and 584 square feet upstairs
- Large aluminum‑and‑glass roll‑up garage doors and expansive storefront windows
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,853
Cap Rate
4.16%
Suggested Prices Based on Cap Rates
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
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 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.
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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
$333,300
Median Home Value
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Market
Average Price Trend$/SF for Flex space in Santa Fe, NM
Properties on Market for Flex space in Santa Fe
Vacancy Rate% for Office in West region
Similar Off Market Nearby
- Casa Nova Custom Catering — 1314 Rufina Cir a7, Santa Fe, NM 87507
- Marigold Kitchen — 1314 Rufina Cir A 3, Santa Fe, NM 87507
Frequently Asked Questions
What type of property is this?
Flex space - I-1-zoned condominium units offer two-level layouts, storefront glazing, and separately metered utilities.
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: Nearly 1,677‑square‑foot units with 1,587 square feet of interior space; Two‑level layout: 1,092 square feet on the ground floor and 584 square feet upstairs; Large aluminum‑and‑glass roll‑up garage doors and expansive storefront windows
