Overview
Marcus & Millichap is pleased to present The Walnut Collective, a 21-unit multifamily community in the heart of Boulder, Colorado. Comprised of five buildings and a carriage house on a 0.48-acre site, the property sits between the iconic Pearl Street Mall and the University of Colorado Boulder campus—one of the state’s most desirable locations.
Ideally located off Walnut Street, The Walnut Collective offers direct access to Pearl Street, The Hill, 29th Street Mall, CU Boulder, Chautauqua Park, and Boulder’s extensive Flatiron trail system. Originally built in the early 1900s, the property features a mix of studio, one-, and two-bedroom units, with ample on-site parking and a spacious shared yard. Units have been thoughtfully renovated with high-end finishes uncommon in Boulder’s vintage housing, including quartz countertops, shaker cabinets, stainless steel appliances, vinyl flooring, upgraded fixtures, and in-unit washers/dryers in select units.
Residents enjoy walkability to Boulder’s top dining, shopping, and entertainment options, as well as access to over 300 miles of trails and 45,000+ acres of open space. The location appeals to both CU students and young professionals seeking a premium work-life balance. With limited new development due to regulatory barriers and home values rising over 47% since 2017, Boulder’s strong rental demand and sub-5% vacancy rate make The Walnut Collective a prime opportunity to capture both near- and long-term rent growth.
Investment Highlights
Supply-Constrained Market
A severe lack of developable land and extremely strict zoning policies have created very high barriers to entry in the Boulder market. With entitlement and development risk being significantly higher in Boulder than most other markets in the United States, ground up development is scarce, and supply is constrained, leading to increased rent growth and value appreciation for investors.
Height Moratorium Advantage
The Walnut Street property offers a rare zoning advantage in Boulder through a potential height exemption that allows development up to 55 feet—significantly above the city’s long-standing moratorium that limits most new construction to just 35 to 40 feet. This exemption is only granted when at least 40% of the multifamily units are designated as affordable housing, creating a substantial barrier to entry for typical developers. For qualifying projects, however, the ability to build taller means more units, better views, and increased long-term value—an especially valuable opportunity in one of the most supply-constrained and development-restricted markets in the country.
University of Colorado, Boulder
The University of Colorado Boulder is one of only 38 U.S. public research institutions in the prestigious Association of American Universities (AAU), a designation reserved for the nation's top research universities. With over 5,160 academic courses offered across 270 fields of study and more than 1,300 tenured and tenure-track faculty, CU Boulder plays a critical role in Colorado’s intellectual and economic ecosystem. The university generates an estimated $4.3 billion annual economic impact on the state and contributed $8 billion to the national economy between 2018 and 2022. With total enrollment exceeding 37,000 students in the 2023–2024 academic year—including over 30,000 undergraduates and nearly 6,500 graduate students—CU Boulder remains a powerful driver of demand, innovation, and housing need in the region.
World Renowned Outdoor Recreation
Boulder is nationally recognized as being a hub for world-renowned outdoor recreation with its breathtaking landscape and accessibility drawing tourists and outdoor enthusiasts from across the United States and beyond. Boulder is home to more than 300 miles of hiking and biking trails and over 45,000 acres of untouched open space, all near the city itself, offering an unparalleled work-life balance. Residents can enjoy hiking, biking, rock-climbing, bouldering, paddleboarding, kayaking, skiing and snowboarding - all within an hour of the city, if not just outside their back doors.
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