This study investigated the impact of a course-based community asset mapping (CAM) project on undergraduate students' capacity for identifying and understanding assets within communities surrounding specific schools. The mapping project was grounded in the literature on culturally sustaining pedagogy and experiential education and involved teacher education students (n = 45) collaborating to complete and report on an analysis of local community assets. Findings indicated participants gained improved knowledge and competence regarding CAM, were able to provide more accurate and detailed explanations of assets and the asset mapping process, and were able to identify various assets available to PK-12 students and families in particular communities within the local school district. The discussion highlights participants' success in inventorying physical, tangible assets, and notes where they fell short of recognizing other assets. We also discuss how coursework could have better supported the project and could have allowed the potential of CAM to be more fully realized. The conclusion addresses implications for teacher preparation, particularly for connecting candidates with communities and for the implementation of assignments similar to the community asset mapping project studied herein.