New Santa Fe Flex
1189 Parkway Drive #D3 Santa Fe, NM 87507
1189 Parkway Drive #D3, Santa Fe, NM, 87507
$525,000
For Sale
$525,000
Under construction flex-use condominium in Santa Fe's Siler/Rufina District.
Property Size1,587 SF
Lot Size0.04 Acres
Price / SF$330.81
Days on Market295
Property Features for 1189 Parkway Drive #D3
General Information
- Standard status
- Active
- Size
- 1,587 SF
- Lot size
- 0.04 Acres
- Property subtype
- Commercial
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 Updated: Jul 10 at 3:46 pm Checked: Jul 19 at 4:39 am
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 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, and features 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 condominium in the Siler/Rufina Warehouse, Art & Innovation District.
- Flexible design suitable for a range of uses.
- Option for Live‑Work as an accessory to commercial use.
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $34.3k | $21.60 |
| − Vacancy | −$5.1k | −$3.24 |
| EGI | $29.1k | $18.36 |
| − OpEx | −$7.3k | −$4.59 |
| NOI | $21.9k | $13.77 |
1,587 SF · lease $21.60/SF/yr · vacancy 15.00% · expense 25.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Flex space
Similar For Sale Nearby
Similar Off Market Nearby
- Marigold Kitchen — 1314 Rufina Cir A 3, Santa Fe, NM 87507
- Casa Nova Custom Catering — 1314 Rufina Cir a7, Santa Fe, NM 87507
FAQs
What type of property is this?
Flex space - Under construction flex-use condominium in Santa Fe's Siler/Rufina District.
Where is this flex space located?
The property is located at 1189 Parkway Drive #D3 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 condominium in the Siler/Rufina Warehouse, Art & Innovation District.; Flexible design suitable for a range of uses.; Option for Live‑Work as an accessory to commercial use.
