204 N Chorro St - Apartments FOR SALE


San Luis Obispo, CA 93405
$14,750,000 USD
805-698-0174
204 N Chorro St, San Luis Obispo, CA for Sale
$14,750,000 USD
Apartments - FOR SALE
1/30
null | 4.81% Cap Rate

204 N Chorro St
San Luis Obispo, CA 93405


HIGHLIGHTS

  • Established student housing complex minutes from University of Cal Poly, San Luis Obispo.
  • Convenient location adjacent to University Square shopping center (grocery, restaurants, gym, shopping within walking distance).
  • May be purchased as part of a 3-property portfolio, including 555 Westmont Apartments and 607 Grand Apartments. Contact Listing Agents for Details.

OVERVIEW

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.

FOR SALE DETAILS

PRICE

$14,750,000 USD

PRICE/SF

$553 USD /SF

# OF UNITS

35

PRICE/UNIT

$421,429

CAP RATE

4.81%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

College Gardens Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1953

PARKING SPACES

35

LAND DETAILS

LAND ACRES

1.43 AC

LAND SF

62,350 SF

ZONING

R-4

APN/PARCEL ID

052-332-023

ASK ABOUT THIS PROPERTY

Steve GolisRadius Commercial Real EstateMore Info
805-698-0174

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Steve GolisRadius Commercial Real EstateMore Info
805-698-0174

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.