Industrial Flex Condominium
For Sale
$525,000
Pending
C3-1189 Parkway Dr, Santa Fe, NM 87507
Under-construction flex studio condos with roll-up garage doors, storefront glazing, and separately metered utilities in an I-1 zone.
Property Size1,587 SF
Days on Market333
Property Features for C3-1189 Parkway Dr
General Information
Standard status
Pending
Size
1,587 SF
Zoning
I-1
Additional Details
Opportunity Zone
Yes
Building Details
Stories
2
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: Aug 21
Last Checked: Aug 23 at 5:04AM
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, under-construction condominium development offering industrial-flex studio units designed for a light-filled, contemporary workspace. Each unit includes tall ceilings, finished concrete floors, LED lighting, and expansive storefront windows. Units feature large aluminum glass roll-up garage doors and smooth drywall finishes, with a layout that supports both functional work and showroom-style presence. Interiors include handcrafted steel staircases with wood treads, and the building is planned with kitchen-ready hookups and a designated area for a shower. Units are planned with separately metered utilities, and landscaped grounds are tailored for shipping and receiving. Each unit’s roof is prepared for solar PV installation.
Located in Santa Fe’s Siler/Rufina Warehouse, Art & Innovation District at C3-1189 Parkway Dr, the project is positioned within a Federal Opportunity Zone. The development is zoned I-1, supporting industrial and flex-oriented uses. The planned configuration includes ground-floor space plus a second-story component.
For buyers seeking a flexible live-work compatible environment, the units include an option for Live-Work as an accessory to commercial use, subject to zoning and applicable requirements. The I-1 zoning and open studio design make the spaces suitable for a range of operations such as offices, galleries, artist studios, warehouses, wellness businesses, and light industry, with the garage-door access and receiving-ready site planning supporting day-to-day logistics.
Located in Santa Fe’s Siler/Rufina Warehouse, Art & Innovation District at C3-1189 Parkway Dr, the project is positioned within a Federal Opportunity Zone. The development is zoned I-1, supporting industrial and flex-oriented uses. The planned configuration includes ground-floor space plus a second-story component.
For buyers seeking a flexible live-work compatible environment, the units include an option for Live-Work as an accessory to commercial use, subject to zoning and applicable requirements. The I-1 zoning and open studio design make the spaces suitable for a range of operations such as offices, galleries, artist studios, warehouses, wellness businesses, and light industry, with the garage-door access and receiving-ready site planning supporting day-to-day logistics.
Key Highlights
- The Studios at Parkway Phase 2 is under construction in Santa Fe’s Siler/Rufina Warehouse, Art & Innovation District
- Flex studio condos with nearly 1,677 SF per unit: 1,587 SF interior (walls in), plus tall ceilings and finished concrete floors
- Each unit includes large aluminum glass roll‑up garage doors, expansive storefront windows, and LED lighting
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
$16,711
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
3.18%
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%
$334,220
$334.2K
Cap Rate 7%
$238,729
$238.7K
Cap Rate 9%
$185,678
$185.7K
Market Conditions
NOI Build-Up for 1,587 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
$28.6K $18.00/SF
− Vacancy
−$2.9K −$1.80/SF
EGI
$25.7K $16.20/SF
− OpEx
−$9.0K −$5.67/SF
NOI
$16.7K $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%
$334,220
Cap Rate 7%
$238,729
Cap Rate 9%
$185,678
Alternative Uses
Best Use
Flex RnD
$238.7K
$208.9K – $278.5K
NOI $16,711 @ 7.0% cap · market cap 3.18%
Second Best
Warehouse
$136.9K
$119.8K – $159.7K
NOI $9,583 @ 7.0% cap · market cap 1.83%
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
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
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Frequently Asked Questions
What type of property is this?
Flex space - Under-construction flex studio condos with roll-up garage doors, storefront glazing, and separately metered utilities in an I-1 zone.
Where is this flex space located?
The property is located at C3-1189 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 is under construction in Santa Fe’s Siler/Rufina Warehouse, Art & Innovation District; Flex studio condos with nearly 1,677 SF per unit: 1,587 SF interior (walls in), plus tall ceilings and finished concrete floors; Each unit includes large aluminum glass roll‑up garage doors, expansive storefront windows, and LED lighting
