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204 N Chorro St - College Gardens Apartments 35 Unit Apartment Building Offered at $14,750,000 at a 4.81% Cap Rate San Luis Obispo, CA 93405
INVESTMENT HIGHLIGHTS
- Established student housing complex minutes from University of Cal Poly, San Luis Obispo.
- May be purchased as part of a 3-property portfolio, including 555 Westmont Apartments and 607 Grand Apartments. Contact Listing Agents for Details.
- Convenient location adjacent to University Square shopping center (grocery, restaurants, gym, shopping within walking distance).
EXECUTIVE SUMMARY
College Garden Apartments is a 35-unit multifamily community located at 204, 228, 256, and 284 North Chorro Street, positioned along the established student housing corridor on Chorro Street within the core of San Luis Obispo’s student hub. The property is conveniently accessed via Foothill Boulevard and is located just 0.8 miles from the Cal Poly campus, offering students an efficient commute while remaining surrounded by coffee shops, late-night dining, fitness centers, and other off-campus housing. This walkable, student-oriented setting supports strong and consistent rental demand driven by proximity and lifestyle appeal.
The property features a functional and well-balanced unit mix tailored to student living, consisting of one- and two-bedroom floor plans, including 18 standard apartment units and 7 two-bedroom bungalow-style units that provide a differentiated housing option. A notable feature is the approximately 35 private garage spaces—effectively one enclosed garage per tenant— offering a level of storage and privacy that is rarely found in student housing. Additional amenities include on-site laundry facilities and an on-site manager space that is not currently utilized, presenting potential operational flexibility or future upside, while the overall layout integrates seamlessly into the surrounding student-oriented neighborhood.
ALSO AVAILABLE FOR PURCHASE AS A 3-PROPERTY PORTFOLIO. ALL PROPERTIES UNDER SAME OWNERSHIP: 555 WESTMONT APARTMENTS & 607 GRAND APARTMENTS.
The property features a functional and well-balanced unit mix tailored to student living, consisting of one- and two-bedroom floor plans, including 18 standard apartment units and 7 two-bedroom bungalow-style units that provide a differentiated housing option. A notable feature is the approximately 35 private garage spaces—effectively one enclosed garage per tenant— offering a level of storage and privacy that is rarely found in student housing. Additional amenities include on-site laundry facilities and an on-site manager space that is not currently utilized, presenting potential operational flexibility or future upside, while the overall layout integrates seamlessly into the surrounding student-oriented neighborhood.
ALSO AVAILABLE FOR PURCHASE AS A 3-PROPERTY PORTFOLIO. ALL PROPERTIES UNDER SAME OWNERSHIP: 555 WESTMONT APARTMENTS & 607 GRAND APARTMENTS.
PROPERTY FACTS
AMENITIES
SITE AMENITIES
- Courtyard
- Laundry Facilities
- Walk To Campus
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 10 | - | - |
| 2+1 | 25 | - | - |
1 1
Walk Score®
Very Walkable (76)
Bike Score®
Very Bikeable (87)
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204 N Chorro St - College Gardens Apartments
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