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Four Hills Village

$22,000,000

13180 Central Avenue Southeast, Albuquerque, NM 87123

Active
Last Updated: 05/14/2026

6.88

Cap Rate

1,513,115

NOI

Details:
Cap Rate:    6.88%
NOI:    $1,513,115
Building Size:    129,446 sqft
Year Built:    2003
Highlights:
  • Sprouts / Michaels Anchors Nationally Recognized Retailers
  • Value Add Opportunity / 32,395 SF of Vacancy (25%) + High Yield 7% + Strong CAGR of 5.36% + 12.35% IRR upon stabilization
  • Well Below Replacement Cost - $167 PSF
  • Sprouts Anchored Neighborhood Center Serving Easterly Trade Area W/Excellent 1-40 Freeway Accesibility To Surrounding Communities
  • Four Hills is One of Only Two Neighborhood Centers Serving The Eastern Albuquerque Area
  • Regional Daily Needs Shopping Center
Description:

New Mexico Broker of Record: Pegasus Group LLC / License No.: REC-2023-0376. Faris Lee Investments is pleased to offer the rare value-add opportunity to acquire Four Hills Village, a grocery-anchored retail center located in the eastern trade area of Albuquerque, New Mexico. Anchored by nationally recognized tenants Sprouts Farmers Market and Michaels, the property offers investors a secure and dependable income stream from high-performing, credit-rated retailers. Sprouts (NASDAQ: SFM) continues to show exceptional strength with 2025 revenue exceeding $8.8 billion, while Michaels, backed by Apollo Global Management, remains a dominant category leader with over 1,300 stores. The offering features an attractive in-place initial yield of 7.00%, with significant upside potential through the leasing of 32,395 square feet of available shop space. This vacancy is ideally suited for value-oriented retailers, fitness centers, or medical uses, allowing an investor to realize an extremely strong 10-year CAGR of 5.36% and an unlevered IRR of 12.35% upon stabilization. Furthermore, with a purchase price reflecting a cost basis of only $167/SF, the investment is positioned well below replacement cost. This low-cost basis ensures a successful repositioning of the asset and allows for below-market rents to drive aggressive leasing momentum.

Four Hills Village serves as a critical regional hub, being one of only two neighborhood centers serving the eastern Albuquerque trade area and surrounding communities. The center’s diverse merchandising mix, including grocery, arts and crafts, cinema, and health services, ensures consistent daily foot traffic that remains resilient against e-commerce trends and economic cycles. Strategically located at the intersection of Central Avenue and Tramway Boulevard (±50,000 VPD), the property enjoys unparalleled freeway accessibility to Interstate 40.

This prime location allows the center to capture a massive 20–30-mile trade area with over 625,000 population serving as the primary grocery destination for the towns of Tijeras, Cedar Crest, Edgewood, Moriarty, Sedillo, Albuquerque, and Estancia.

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