Flex Condominium Unit with Tall
For Sale
$525,000
D3-1189 Parkway Dr, Santa Fe, NM 87507
Under-construction commercial condominium with adaptable office, studio, warehouse, and light-industrial capabilities.
Property Size1,677 SF
Price / SF$313.06
Days on Market341
Property Features for D3-1189 Parkway Dr
General Information
Standard status
Active
Size
1,677 SF
Zoning
I-1
Additional Details
Opportunity Zone
Yes
Utilities to Site
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 30
Last Checked: Aug 31 at 6:15PM
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 an under-construction flex condominium development offering units with nearly 1,677 square feet each, including 1,587 square feet of interior area. The configuration includes 1,092 square feet on the ground floor and 584 square feet upstairs. Tall ceilings, finished concrete floors, LED lighting, smooth drywall, large aluminum-and-glass roll-up doors, and broad storefront glazing define the interiors. Handcrafted steel stairs with wood treads connect the levels.
Units support commercial use with an optional live-work component. Separately metered utilities, kitchen-ready hookups, and a designated shower area add flexibility for a range of operating formats. The landscaped site is planned to accommodate shipping and receiving, while the roof is prepared for solar PV installation.
The development is zoned I-1 and located in Santa Fe’s Siler/Rufina Warehouse, Art & Innovation District. The property is also within a Federal Opportunity Zone.
Units support commercial use with an optional live-work component. Separately metered utilities, kitchen-ready hookups, and a designated shower area add flexibility for a range of operating formats. The landscaped site is planned to accommodate shipping and receiving, while the roof is prepared for solar PV installation.
The development is zoned I-1 and located in Santa Fe’s Siler/Rufina Warehouse, Art & Innovation District. The property is also within a Federal Opportunity Zone.
Key Highlights
- Nearly 1,677‑square‑foot units with 1,587 square feet of interior space
- Ground‑floor area of 1,092 square feet plus 584 square feet on the second story
- Tall ceilings, roll‑up garage doors, storefront windows, and finished concrete floors
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
$23,092
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
4.40%
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%
$461,840
$461.8K
Cap Rate 7%
$329,886
$329.9K
Cap Rate 9%
$256,578
$256.6K
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
$36.2K $21.60/SF
− Vacancy
−$5.4K −$3.24/SF
EGI
$30.8K $18.36/SF
− OpEx
−$7.7K −$4.59/SF
NOI
$23.1K $13.77/SF
Area
Santa Fe County, NM
Vacancy
15.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$461,840
Cap Rate 7%
$329,886
Cap Rate 9%
$256,578
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
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 Office 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 - Under-construction commercial condominium with adaptable office, studio, warehouse, and light-industrial capabilities.
Where is this flex space located?
The property is located at D3-1189 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: Nearly 1,677‑square‑foot units with 1,587 square feet of interior space; Ground‑floor area of 1,092 square feet plus 584 square feet on the second story; Tall ceilings, roll‑up garage doors, storefront windows, and finished concrete floors
