Flex Warehouse Condominium
For Sale
$525,000
Pending
A1-1189 Parkway Dr, Santa Fe, NM 87507
Metal flex warehouse unit with 24-foot ceilings, expansive storefront windows, and a roll-up aluminum glass garage door.
Property Size1,677 SF
Days on Market371
Property Features for A1-1189 Parkway Dr
General Information
Standard status
Pending
Size
1,677 SF
Zoning
I-1
Additional Details
Opportunity Zone
Yes
Clear Height
24 ft
Listing Agency:
Keller Williams Realty
(505) 983-5151
Listed By:
Leslie Gallatin-Giorgetti · License #47708
(505) 670-7578
Source:
Exprealty
Added: Sep 3, 2025
Changed: Sep 3
Last Checked: Sep 7 at 12:58PM
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 offers durable metal flex warehouse condominium units within a 29-unit development. Each unit includes heated space and features 24-foot soaring ceilings, expansive storefront windows, and roll-up aluminum glass garage doors designed to bring natural light into the interior. Interior finishes include polished concrete floors, LED lighting, smooth drywall, and handcrafted steel staircases with oak treads, with stubbed provisions for kitchens and showers to support flexible build-out.
The property is zoned I-1 and is described as being located in the Warehouse and Arts District of Siler/Rufina. The site includes wide sidewalks that can support practical on-site activity such as seating and shipping/receiving. Multiple units can be combined to create larger spaces.
Units are part of Phase II, with 14 units scheduled for completion in Spring 2026. The development is also described as having solar-ready rooftops and being within a Federal Opportunity Zone.
The property is zoned I-1 and is described as being located in the Warehouse and Arts District of Siler/Rufina. The site includes wide sidewalks that can support practical on-site activity such as seating and shipping/receiving. Multiple units can be combined to create larger spaces.
Units are part of Phase II, with 14 units scheduled for completion in Spring 2026. The development is also described as having solar-ready rooftops and being within a Federal Opportunity Zone.
Key Highlights
- The Studios at Parkway will total 29 commercial/industrial/flex‑use condominium units, with Phase II’s 14 units scheduled for Spring 2026 completion
- Each unit features 1,677 heated SF with 24‑foot ceilings plus expansive storefront windows and a roll‑up aluminum glass garage door
- Durable metal building with polished concrete floors and LED lighting, plus smooth drywall and handcrafted steel staircases with oak treads
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
$17,659
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
3.36%
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%
$353,180
$353.2K
Cap Rate 7%
$252,271
$252.3K
Cap Rate 9%
$196,211
$196.2K
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
$30.2K $18.00/SF
− Vacancy
−$3.0K −$1.80/SF
EGI
$27.2K $16.20/SF
− OpEx
−$9.5K −$5.67/SF
NOI
$17.7K $10.53/SF
Area
Santa Fe County, NM
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
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%
$353,180
Cap Rate 7%
$252,271
Cap Rate 9%
$196,211
Alternative Uses
Best Use
Flex RnD
$252.3K
$220.7K – $294.3K
NOI $17,659 @ 7.0% cap · market cap 3.36%
Second Best
Warehouse
$144.7K
$126.6K – $168.8K
NOI $10,126 @ 7.0% cap · market cap 1.93%
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
Current Use
Lease Details
24 ft
Clear height
Location Intelligence
Trade Area within ½ mile
859
Businesses Nearby
Well-served
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 Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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 - Metal flex warehouse unit with 24-foot ceilings, expansive storefront windows, and a roll-up aluminum glass garage door.
Where is this flex space located?
The property is located at A1-1189 Parkway Dr 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: The Studios at Parkway will total 29 commercial/industrial/flex‑use condominium units, with Phase II’s 14 units scheduled for Spring 2026 completion; Each unit features 1,677 heated SF with 24‑foot ceilings plus expansive storefront windows and a roll‑up aluminum glass garage door; Durable metal building with polished concrete floors and LED lighting, plus smooth drywall and handcrafted steel staircases with oak treads
