Flex-Work Condominium
For Sale
$525,000
Pending
B2-1189 Parkway Dr, Santa Fe, NM 87507
Under-construction flex-use condominium with tall ceilings, large roll-up garage doors, and finished concrete floors.
Property Size1,677 SF
Days on Market308
Property Features for B2-1189 Parkway Dr
General Information
Standard status
Pending
Size
1,677 SF
Zoning
I-1
Additional Details
Opportunity Zone
Yes
Amenities
LED lighting
handcrafted steel staircases with wood treads
smooth drywall finishes
separately metered utilities
kitchen-ready hookups
designated area for a shower
landscaped grounds tailored for shipping and receiving
roof prepared for solar PV installation
Federal Opportunity Zone
Building Details
Stories
2
Construction
industrial
Listing Agency:
Keller Williams Realty
(505) 670-7578
Listed By:
Leslie Gallatin-Giorgetti · License #47708
(505) 670-7578
Source:
Exprealty
Added: Sep 26, 2025
Changed: Jul 23
Last Checked: Jul 29 at 5:52PM
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 is a flex-use condominium development currently under construction, designed with an industrial aesthetic and open, light-filled interiors. The units are nearly 1,677 square feet in total and include about 1,587 square feet of interior space (“walls in”), with tall ceilings, finished concrete floors, and LED lighting. Each unit features large aluminum glass roll-up garage doors and expansive storefront windows, along with smooth drywall finishes. Interior improvements include handcrafted steel staircases with wood treads, and the layout includes a ground floor and a second-story level. Utilities are separately metered, and units include kitchen-ready hookups plus a designated area for a shower.
The property is zoned I-1 and is positioned for shipping and receiving, with thoughtfully landscaped grounds intended to support those activities. Units also include an option for live-work as an accessory to commercial use, and the roof is prepared for solar PV installation. The development is located within a Federal Opportunity Zone.
The property is zoned I-1 and is positioned for shipping and receiving, with thoughtfully landscaped grounds intended to support those activities. Units also include an option for live-work as an accessory to commercial use, and the roof is prepared for solar PV installation. The development is located within a Federal Opportunity Zone.
Key Highlights
- Studios at Parkway Phase 2 is under construction in Santa Fe’s Siler/Rufina Warehouse, Art & Innovation District
- Each unit spans nearly 1,677 SF: 1,587 SF interior ("walls in") plus 1,092 SF ground floor and 584 SF second story
- Units feature tall ceilings, finished concrete floors, LED lighting, and large aluminum glass roll‑up garage doors
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 | $36.2k | $21.60 |
| − Vacancy | −$5.4k | −$3.24 |
| EGI | $30.8k | $18.36 |
| − OpEx | −$7.7k | −$4.59 |
| NOI | $23.1k | $13.77 |
1,677 SF · lease $21.60/SF/yr · vacancy 15.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$329.9K
$288.7K – $384.9K
NOI $23,092 @ 7.0% cap · market cap 4.40%
Second Best
Flex RnD
$252.3K
$220.7K – $294.3K
NOI $17,659 @ 7.0% cap · market cap 3.36%
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
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 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 - Under-construction flex-use condominium with tall ceilings, large roll-up garage doors, and finished concrete floors.
Where is this flex space located?
The property is located at B2-1189 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: Studios at Parkway Phase 2 is under construction in Santa Fe’s Siler/Rufina Warehouse, Art & Innovation District; Each unit spans nearly 1,677 SF: 1,587 SF interior ("walls in") plus 1,092 SF ground floor and 584 SF second story; Units feature tall ceilings, finished concrete floors, LED lighting, and large aluminum glass roll‑up garage doors
