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Barcelona Apartments

Barcelona Apartments

3501 Louisiana Ave N  /

Property Details

Price:
Property Type Multifamily
Total Lot Size: 4.04 Acres
Year Built: 1972
Number of Units: 71
Garages: 69
County: Hennepin

Description

Michel Commercial is pleased to present the Barcelona Apartments, a 71-unit apartment complex situated in Crystal, Minnesota. Built in 1972 and nestled amidst a picturesque tree-line and well-established neighborhood, the Barcelona Apartments has a desirable unit mix (made up of mostly one- and two- bedroom units) with spacious floor plans and delightful screened-in porches. There are laundry facilities conveniently located on each floor along with ample surface parking and covered parking options (69 garage stalls). Convenience is a hallmark of the Barcelona Apartments’ location. Situated less than two miles from Cub Foods and a mere 2.5 miles from Hy-Vee Grocery, residents can easily access their daily necessities. Additionally, Bassett Creek Park is only a short five-minute drive away, offering a tranquil retreat. The proximity of both Medicine Lake and Theodore Wirth National Park, both within a ten-minute drive, provides ample opportunities for outdoor activities and exploration. For those who require access to major transportation routes, Barcelona Apartments offers easy proximity to U.S. Route 169 and Minnesota State Highway 100. Moreover, the property is conveniently located ten miles from downtown Minneapolis, ensuring a swift commute. The Barcelona Apartments is a value-add investment opportunity and is well-positioned for rental upside through interior upgrades. Many of the neighboring properties have been renovated and are achieving rental premiums of $200 to $300 per unit per month from those upgrades. With its convenient location, scenic setting, and strong rental upside, this property is an attractive investment opportunity with a stable resident base that is proud to call the Barcelona Apartments “home.”

Location

Crystal is a suburb of the Twin Cities and located within Hennepin County. Conveniently located, about 7 miles northwest of downtown Minneapolis, Crystal is primarily a residential community, known for its quiet and quaint neighborhoods. Here are more key details about the city of Crystal: Transportation: Crystal benefits from its location near major highways such as Interstate 694 and Highway 100, making commuting to neighboring areas and downtown Minneapolis relatively convenient. The city also has public transportation options available, including bus services. Parks and Recreation: Crystal is known for its well-maintained parks and recreational facilities. Becker, Bassett Creek, and Welcome Parks are just a few examples of green spaces where residents can enjoy walking trails, playgrounds, sports fields, and picnic areas. The Crystal Cove Aquatic Center offers swimming and water activities for all ages. Community Atmosphere: Crystal has a strong sense of community and a small-town atmosphere despite its proximity to the Twin Cities. There are numerous community events, parks, and recreational activities that bring residents together and foster a close-knit community spirit. Education: The city is served by the Robbinsdale Area Schools District, which provides quality education to students. There are several public and private schools in Crystal, ensuring that families have access to educational options for their children. Employment Opportunities: Crystal’s location within the Minneapolis-St. Paul metropolitan area provides residents with a wide range of employment opportunities in various industries. With Minneapolis being a major economic center, there are diverse job prospects and career options available within a reasonable commuting distance.

Highlights

Recent Capital Improvements

2022
• Tree Removal (18 Ash Trees)
• Parking Lot Repairs

2021
• Garage Updates

2020
• New Hallway Flooring
• New Entry Doors

2019
• New Water Heater
• New Windows

2014
• New Boilers

2008-2018
• Roofs Replaced

Rental Upside

• Value-add Opportunity through Interior Upgrades
• Garage Income
• RUBS Income
• Pet Income

Convenient Location

• Near to Retail Including Cub Foods
• 5 Minutes to Bassett Creek Park
• Less than 10 Miles to Downtown Minneapolis
• Easy Access to Highway 169 and Highway 100
• Adjacent to Beacon Academy Charter School

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