New Flex-Use Condominium
For Sale
$525,000
Pending
1189 Parkway Drive #B2, Santa Fe, NM 87507
New commercial, industrial, and flex-use condominiums in Santa Fe.
Property Size1,587 SF
Lot Size0.04 Acres
Days on Market304
Property Features for 1189 Parkway Drive #B2
General Information
Standard status
Pending
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
Changed: Jul 10
Last Checked: Jul 23 at 9:33AM
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 approximately 1,587 square feet of interior space, within a total area of nearly 1,677 square feet. The units feature tall ceilings, large aluminum glass roll-up garage doors, expansive storefront windows, and finished concrete floors. Interiors include LED lighting, handcrafted steel staircases with wood treads, and smooth drywall finishes. The ground floor encompasses 1,092 square feet, with an additional 584 square feet on the second story. 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. 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 as an accessory to commercial use.
- Spacious 1,677 sq ft units feature tall ceilings, large roll‑up garage doors, and expansive storefront windows.
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 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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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
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 #B2 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 as an accessory to commercial use.; Spacious 1,677 sq ft units feature tall ceilings, large roll‑up garage doors, and expansive storefront windows.
