Student Housing
Snow Lion
1900 Goss St, Boulder, CO 80302
Listing Price: $21,000,000
Investment Overview
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.
Snow Lion
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 BOTTOM OF THE COMP SET Projected rents of $1,400–$1,500/bed are positioned at the low end of newly renovated Boulder product; comparable assets command $1,800–$2,500/bed. Boulder student rents have grown 16.8% since 2020, with 8.4% average annual growth over eight years, driven by CU's addition of ~1,000 students per year.
- CU BOULDER: 38,808 STUDENTS AND GROWING Record enrollment, 68,000 applications (up 20% YoY), 91.2% retention—while national freshman enrollment declined 5%. On-campus housing is guaranteed only for freshmen and sophomores, pushing 30,000+ students into the off-campus market. Pre-leasing reaches 40%+ within days of opening; full occupancy by late October. The demand engine is structural and self-renewing.
- INSTITUTIONAL RETURNS Total basis of $24M ($21M acquisition + $3M renovation). Levered IRRs of 22.0% (3-year), 18.4% (5-year), and 16.9% (7-year) with equity multiples of 1.79x, 2.24x, and 2.78x. Exit cap at 4.75%. Equity requirement: $7.2M. Renovation is entirely debt-funded.
- WIDENING SUPPLY-DEMAND IMBALANCE Non-dorm student demand has grown at a 3.0% CAGR over 10 years while Boulder's rental license count has declined 2.6% since 2020—an estimated deficit of 1,250 units. New construction concentrates along 28th Street, not in Goss-Grove or University Hill. At $640/SF and $221,053/bed, The Snow Lion is priced well below the comp set average of $361,046/bed.
Listing Price: $21,000,000
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 BOTTOM OF THE COMP SET Projected rents of $1,400–$1,500/bed are positioned at the low end of newly renovated Boulder product; comparable assets command $1,800–$2,500/bed. Boulder student rents have grown 16.8% since 2020, with 8.4% average annual growth over eight years, driven by CU's addition of ~1,000 students per year.
- CU BOULDER: 38,808 STUDENTS AND GROWING Record enrollment, 68,000 applications (up 20% YoY), 91.2% retention—while national freshman enrollment declined 5%. On-campus housing is guaranteed only for freshmen and sophomores, pushing 30,000+ students into the off-campus market. Pre-leasing reaches 40%+ within days of opening; full occupancy by late October. The demand engine is structural and self-renewing.
- INSTITUTIONAL RETURNS Total basis of $24M ($21M acquisition + $3M renovation). Levered IRRs of 22.0% (3-year), 18.4% (5-year), and 16.9% (7-year) with equity multiples of 1.79x, 2.24x, and 2.78x. Exit cap at 4.75%. Equity requirement: $7.2M. Renovation is entirely debt-funded.
- WIDENING SUPPLY-DEMAND IMBALANCE Non-dorm student demand has grown at a 3.0% CAGR over 10 years while Boulder's rental license count has declined 2.6% since 2020—an estimated deficit of 1,250 units. New construction concentrates along 28th Street, not in Goss-Grove or University Hill. At $640/SF and $221,053/bed, The Snow Lion is priced well below the comp set average of $361,046/bed.
Investment Overview
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.
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