1005 14Th St Boulder, CO 80302

Property Details for 1005 14Th St

Property size

23,162 SF

Property type

Dormitories

Property subtype

Student housing

Description

This exceptional three-building student housing portfolio in Boulder, Colorado, presents a compelling investment opportunity. Located on "The Hill," just a block from the University of Colorado campus, this property boasts a prime location near new retail, restaurants, hotels, and conference centers. The portfolio comprises three properties on a single 24,900 sq ft lot, totaling 23,162 square feet and featuring 63 bedrooms across various configurations. 1005 14th Street, a 2018 new construction building, includes nine large units (35 beds) and a rare 35-space underground parking garage, offering significant upside potential. 1019 14th Street, a 20-bed property, is master-leased to a Greek organization through 2026. 1027 14th Street is an 8-bed duplex with an additional carriage house and a 400+ sq ft clubhouse. All three properties have undergone significant renovations, including updated plumbing, electrical, boilers, roofs, and exteriors (1019 & 1027). The portfolio enjoys a remarkable 100% occupancy rate, with pre-leasing well in advance for the 2024-2025 academic year. The asking price is $23,000,000, representing a price per square foot of $993.01 and a price per unit of $365,079. The current NOI is $1,046,511, with a pro-forma NOI of $1,164,861, yielding a cap rate of 4.55% and a pro-forma cap rate of 5.06%. Boulder's consistent average rent increases of over 6% for the past 15 years further underscore the strong potential for future profitability. This portfolio offers a rare chance to acquire a high-performing asset in a highly sought-after location.

Location Insight

City

Boulder

County

Boulder

State

Colorado

Longitude

-105.275

Latitude

40.0056