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.