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Hillcrest Apartments

Hillcrest Apartments

1450 & 1480 47th Ave NE Columbia Heights  /

Property Details

Price:
Property Type Multifamily
Total Lot Size: 1.31
Year Built: 1962
Number of Units: 40
County: Anoka

Description

Michel Commercial Real Estate is pleased to present an exclusive listing for the sale of the Hillcrest Apartments, a 40-unit apartment community. Built in 1963, Hillcrest offers spacious floor plans, private entrances, wood-burning fireplaces, and modern kitchen appliances.   Hillcrest is located in Columbia Heights, a historic, first-ring suburb of Minneapolis. Columbia Heights is home to popular restaurants, beautiful parks, and golf courses. Many residents enjoy the city’s small-town feel, big-city amenities, and easy access to downtown Minneapolis. Hillcrest is directly across the street from Columbia Heights High School and Highland Elementary School, a safe walking distance for many children. The city’s major commercial hub is less than a mile way, with everything from grocery stores and major brands to the iconic Heights Theater. The Property is less than two miles from the Interstate 694 entrance, which connects to Interstates 94 and 35W. University of Minnesota, University of Northwestern, and Bethel University are all located within 6.5 miles of Hillcrest as well.   The Hillcrest Apartments is a value-add investment opportunity with strong in-place income and upside potential through interior and exterior upgrades. Hillcrest is a reliable property located in a family-friendly market with access to parks, highways, and employment sectors.

Location

Columbia Heights is a diverse, historic community located in Anoka County and has a population of 20,253—a 3.88% increase since 2010—and an average household income of $69,002. As of April 2022, the median home value is $177,300 and the unemployment rate is 5.7%.   Columbia Heights is a first-ring suburb of Minneapolis, located just 7 miles from central Minneapolis. Many families and young professionals choose to live in Columbia Heights. In 2016, Columbia Heights received the All-American City Award, given by the National Civic League in recognition of city-wide partnerships and efforts to put children first. Columbia Heights offers an urban-suburban mix of neighborhoods and amenities. The city’s rental market spans from affordable small houses and apartments to upscale condos and homes. Residents enjoy the city’s variety restaurants and coffee shops, as well as a plethora of accessible, beautiful parks.

Highlights

Convenient Location
• Less than 5 miles from Downtown Minneapolis
• Minutes from Commercial Hub On Central Avenue
• 5 Parks Within 2.9 Miles
• 2 shopping centers within 0.7 miles
• Across the Street from Columbia Heights Elementary and High School

Value-Add Opportunity
• Strong In-Place Income
• Upside Potential through Interior & Exterior Upgrades
• Currently No Pets Allowed

 

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