Multifamily Property for Sale in Boulder, CO

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Boulder, CO 80302

Description

MARCUS & MILLICHAP IS PLEASED TO EXCLUSIVELY REPRESENT THE SALE OF THE SNOW LION, A 38-UNIT, 95-BED STUDENT HOUSING ASSET AT 1900 GOSS STREET IN THE HEART OF BOULDER, COLORADO’S MOST SUPPLY-CONSTRAINED RENTAL SUBMARKET. Situated on 0.75 acres of RH-2 zoned land steps from the University of Colorado Boulder campus and Pearl Street Mall, The Snow Lion occupies a position that is, in every meaningful sense, irreplaceable—one of only seven parcels in Boulder’s core with the density, scale, and zoning to support comparable housing. The property is master-leased to Naropa University through June 15, 2027, delivering $95,625 per month in guaranteed income under a modified gross structure that limits the landlord’s responsibility to taxes and insurance. Upon lease expiration, the building vacates completely—a blank canvas—for a $3,000,000 gut renovation that adds a bedroom to every unit, growing the property from 57 to 95 beds (a 67% increase) and repositioning it at rents conservatively underwritten at the low end of newly renovated Boulder Student Housing product. At $640 per square foot and $221,053 per bed—well below the comp set average of $361,046 per bed—with a stabilized cap rate of 6.28% and yield on cost of 5.49%, The Snow Lion offers the rare combination of contractual near-term income, a clearly executable value-add program, and permanent control of an irreplaceable asset in a market where supply constraints are structural and intensifying. Investment Highlights: • IRREPLACEABLE POSITION Only six parcels in Boulder's core university submarket carry RH-2+ zoning on 0.70+ acres. The Snow Lion is one of them. • 67% BEDROOM GROWTH AT $79K PER UNIT A $3M gut renovation adds a bedroom to all 38 units via interior partitioning within the concrete/steel frame. • GUARANTEED INCOME WITH A CLEAN EXIT The Naropa master lease delivers $95,625/month through June 2027. Snow Lion vacates entirely at expiration eliminating phased construction. • RENTS UNDERWRITTEN AT THE BOTT

Market Context

This multifamily in Boulder, CO is listed for sale. It is offered at an approximate 6.3% capitalization rate, a key benchmark for income-producing multifamily assets. It has been on the market for 67 days. Compare it against other multifamily listings for sale in Boulder, CO — <a href="/search/sale/multifamily/colorado/boulder">view the full market</a>.

As of Q4 2025, the Denver multifamily market showed cap rates around 5.3%. Source: Consensus Q4 2025 market report.

Its 6.3% asking cap rate is above the Denver multifamily market average of about 5.3%, implying a higher yield (and typically more risk or upside) than comparable assets.

Multifamily market FAQ

What is the typical cap rate for multifamily in Denver?
About 5.3% as of Q4 2025, per Consensus.

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