Live-Work Industrial Flex
For Sale
$525,000
C2-1189 Parkway Dr, Santa Fe, NM 87507
New construction flex condominium with roll-up garage door access, finished concrete floors, and separately metered utilities.
Property Size1,676 SF
Price / SF$313.25
Days on Market345
Property Features for C2-1189 Parkway Dr
General Information
Standard status
Active
Size
1,676 SF
Zoning
I-1
Additional Details
Opportunity Zone
Yes
Utilities to Site
Yes
Building Details
Stories
2
Listing Agency:
Keller Williams Realty
(505) 983-5151
Listed By:
Leslie Gallatin-Giorgetti · License #47708
(505) 670-7578
Source:
Exprealty
Added: Sep 26, 2025
Changed: Aug 23
Last Checked: Sep 5 at 10:00AM
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 new construction flex-use condominium development offering open, light-filled spaces designed for industrial use. Each unit includes tall ceilings, finished concrete floors, LED lighting, and large aluminum glass roll-up garage doors. Interior features include smooth drywall finishes and handcrafted steel staircases with wood treads, along with kitchen-ready hookups and a designated area for a shower. Utilities are separately metered per unit, supporting independent operation. The ground floor is described as 1,092 square feet with an additional 584 square feet on the second story, for a total of nearly 1,677 square feet per unit. The development’s design also includes landscaped grounds tailored for shipping and receiving, and the roof is prepared for solar PV installation.
The property is located within Santa Fe’s Siler/Rufina Warehouse, Art & Innovation District and is zoned I-1. The offering is also described as being in a Federal Opportunity Zone, and the development includes an option for Live-Work as an accessory to commercial use.
The property is located within Santa Fe’s Siler/Rufina Warehouse, Art & Innovation District and is zoned I-1. The offering is also described as being in a Federal Opportunity Zone, and the development includes an option for Live-Work as an accessory to commercial use.
Key Highlights
- The Studios at Parkway Phase 2 flex‑use commercial/industrial condominium development is currently under construction.
- Each unit is nearly 1,677 SF total, including 1,587 SF interior (walls in) with tall ceilings and finished concrete floors.
- Roll‑up garage door access with expansive storefront windows and LED lighting for light‑filled interior space.
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
$17,648
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%
$352,960
$353.0K
Cap Rate 7%
$252,114
$252.1K
Cap Rate 9%
$196,089
$196.1K
Market Conditions
NOI Build-Up for 1,676 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
$17.6K $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%
$352,960
Cap Rate 7%
$252,114
Cap Rate 9%
$196,089
Alternative Uses
Best Use
Flex RnD
$252.1K
$220.6K – $294.1K
NOI $17,648 @ 7.0% cap · market cap 3.36%
Second Best
Industrial
$119.1K
$104.2K – $138.9K
NOI $8,334 @ 7.0% cap · market cap 1.59%
Theoretical Best
Office A
$455.1K
$398.2K – $531.0K
NOI $31,857 @ 7.0% cap · market cap 6.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Utilities to site
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 - New construction flex condominium with roll-up garage door access, finished concrete floors, and separately metered utilities.
Where is this flex space located?
The property is located at C2-1189 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 Phase 2 flex‑use commercial/industrial condominium development is currently under construction.; Each unit is nearly 1,677 SF total, including 1,587 SF interior (walls in) with tall ceilings and finished concrete floors.; Roll‑up garage door access with expansive storefront windows and LED lighting for light‑filled interior space.
