Investment Overview

Marcus & Millichap is pleased to present the exclusive offering for 2006-2008 Hull Street and 2021 Decatur St located in the South Manchester neighborhood in Richmond, VA. Subject Asset A (2006-2008 Hull St) is a .83 acres and zoned B-3, and Subject Asset B (2021 Decatur St) is .47 acres and is zoned M-1. The parcels are contiguous and are located within a quick drive of Richmond’s CBD and VCU Campus. The properties by-right zoning would be supportive to a mixed-use development, but other uses are available with a special use permit (SUP). The Richmond market is seeing a lot growth with about 6,500 new units currently under construction. An analysis from CoStar anticipates these units will be absorbed as they hit the market. Richmond has also historically enjoyed high occupancy rates and it is expected for this trend to continue over the next decade. The Richmond market is seeing 3% vacancy across its various submarkets and are seeing new lease rates averaging about 15% higher year-over-year. The combination of a strong historical occupancy in the market along with steady rent growth makes this an ideal location for any investor looking to grow their portfolio.