Flex-Use Warehouse Condominium
A4-1189 Parkway Dr Santa Fe, NM 87507
A4-1189 Parkway Dr, Santa Fe, NM, 87507
$525,000
Pending
For Sale
$525,000
Pending
Metal flex unit with 24-foot ceilings, storefront windows, and roll-up garage doors in an I-1 zoned condominium project.
Property Size1,677 SF
Days on Market322
Property Features for A4-1189 Parkway Dr
General Information
- Standard status
- Pending
- Size
- 1,677 SF
Listing agency
Keller Williams Realty
(505) 670-7578
Listed by
Leslie Gallatin-Giorgetti · License #47708
(505) 670-7578
Source
Exprealty
Added: Sep 3, 2025 Updated: Jul 20 at 7:23PM Checked: Jul 20 at 7:23PM
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 flex-use warehouse condominium units in a durable metal-building format with an industrial, contemporary design. Each unit includes polished concrete floors, LED lighting, smooth drywall, and handcrafted steel staircases with oak treads. Interiors are designed for light-filled use with expansive storefront windows and roll-up aluminum glass garage doors, along with stubbed provisions for kitchens and showers to support flexible layouts.
Located in Santa Fe’s Warehouse and Arts District of Siler/Rufina, the Phase II component includes 14 units scheduled for completion in Spring 2026, within a total planned community of 29 units. The property is zoned I-1, allowing a wide range of uses, and features wide sidewalks and landscaped grounds that support both tenant operations and visitor activity. Solar-ready rooftops are included, and multiple units can be combined for larger spaces.
Located in Santa Fe’s Warehouse and Arts District of Siler/Rufina, the Phase II component includes 14 units scheduled for completion in Spring 2026, within a total planned community of 29 units. The property is zoned I-1, allowing a wide range of uses, and features wide sidewalks and landscaped grounds that support both tenant operations and visitor activity. Solar-ready rooftops are included, and multiple units can be combined for larger spaces.
Key Highlights
- Planned 29‑unit commercial/industrial/flex‑use condominium development; Phase II includes 14 units scheduled for completion in spring 2026.
- Metal flex units in an I‑1 zoned condominium project with 24‑foot ceilings and expansive storefront windows for natural light.
- Each unit includes roll‑up aluminum glass garage doors and 1,677 heated SF.
Local Financial Insights For Flex RnD
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 | $30.2k | $18.00 |
| − Vacancy | −$3.0k | −$1.80 |
| EGI | $27.2k | $16.20 |
| − OpEx | −$9.5k | −$5.67 |
| NOI | $17.7k | $10.53 |
1,677 SF · lease $18.00/SF/yr · vacancy 10.00% · expense 35.00%
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 local authorities.
Property Analytics
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 - Metal flex unit with 24-foot ceilings, storefront windows, and roll-up garage doors in an I-1 zoned condominium project.
Where is this flex space located?
The property is located at A4-1189 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: Planned 29‑unit commercial/industrial/flex‑use condominium development; Phase II includes 14 units scheduled for completion in spring 2026.; Metal flex units in an I‑1 zoned condominium project with 24‑foot ceilings and expansive storefront windows for natural light.; Each unit includes roll‑up aluminum glass garage doors and 1,677 heated SF.
