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Multi-Family

Hull Street Development Sites

1114 Hull St, Richmond, VA 23224

Listing Price: Request For Offer

Lot Size
0.74 acres
Land Type
Land
Buildable Square Feet
132,187

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire Lighthouse East & West, two shovel-ready, fully entitled, mixeduse development sites located in an opportunity zone in Manchester, Virginia. The first project, Lighthouse East, located at 1114 Hull Street, is a five-story development consisting of 86 units over ground floor retail and 58 street level parking spaces. The second project, Lighthouse West, located at 1228 Hull Street, is also a five-story development consisting of an additional 24 units over ground floor retail with two parking spaces. The two sites total approximately 132,000 gross square feet on about 32,000 square feet of B-5 zoned land. They are available for purchase together or separately. THE LOCATION The Manchester neighborhood has experienced significant mixed-use and multifamily development over the past few years. The area maintains a robust development pipeline with more than 750 multifamily units and 13,000 square feet of retail space currently under construction. As this development pushes further south, Hull Street is well-positioned to benefit. The Hull Street corridor provides residents direct access into downtown Richmond via the Mayo Bridge & South 14th Street and is in close proximity to I-95. This location will support residential and retail rent growth over the next few years as the area develops into a bustling commercial corridor. THE INVESTMENT OPPORTUNITY The two development sites at Lighthouse East & West present a tremendous opportunity to invest in a shovel-ready, fully entitled development site in an up-and-coming neighborhood poised for future rental growth. New construction assets closer to the James River than Lighthouse East & West currently average $2.10-$2.15 in residential rent per square foot, with some assets achieving as high as almost $2.5 in rent per square foot. Additionally, new construction ground floor retail space north of Commerce Road along Hull Street averages approximately $25 in rent per square foot triple net. As the proposed projects at Lighthouse East & West are located further from the James River south of Commerce Road, they’re poised to operate at a discount to these projects currently. However, tailwinds, including significant development in Manchester and high inflation, have the potential to drive rents to these levels quickly. Finally, as both sites are fully entitled, buyers will save significant capital on soft costs & carrying costs, reducing risk and allowing for a clear path to project completion.

Investment Highlights

  • Fully Entitled Development Sites
  • Rapidly Developing Area
  • An Improving Retail Corridor
  • Proximity to I-95 & I-64
  • Nearby Restaurants & Retail
  • Richmond International Airport Improving Infrastructure

Exclusively Listed By

Broker of Record

  • Brian Hosey

    First Vice President/ Division Manager

    (202) 536-3700

    License(s) VA: 0225247494

    Virginia

Multi-Family

Hull Street Development Sites

Listing Price: Request For Offer

Lot Size
0.74 acres
Land Type
Land
Buildable Square Feet
132,187

Investment Highlights

  • Fully Entitled Development Sites
  • Rapidly Developing Area
  • An Improving Retail Corridor
  • Proximity to I-95 & I-64
  • Nearby Restaurants & Retail
  • Richmond International Airport Improving Infrastructure

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire Lighthouse East & West, two shovel-ready, fully entitled, mixeduse development sites located in an opportunity zone in Manchester, Virginia. The first project, Lighthouse East, located at 1114 Hull Street, is a five-story development consisting of 86 units over ground floor retail and 58 street level parking spaces. The second project, Lighthouse West, located at 1228 Hull Street, is also a five-story development consisting of an additional 24 units over ground floor retail with two parking spaces. The two sites total approximately 132,000 gross square feet on about 32,000 square feet of B-5 zoned land. They are available for purchase together or separately. THE LOCATION The Manchester neighborhood has experienced significant mixed-use and multifamily development over the past few years. The area maintains a robust development pipeline with more than 750 multifamily units and 13,000 square feet of retail space currently under construction. As this development pushes further south, Hull Street is well-positioned to benefit. The Hull Street corridor provides residents direct access into downtown Richmond via the Mayo Bridge & South 14th Street and is in close proximity to I-95. This location will support residential and retail rent growth over the next few years as the area develops into a bustling commercial corridor. THE INVESTMENT OPPORTUNITY The two development sites at Lighthouse East & West present a tremendous opportunity to invest in a shovel-ready, fully entitled development site in an up-and-coming neighborhood poised for future rental growth. New construction assets closer to the James River than Lighthouse East & West currently average $2.10-$2.15 in residential rent per square foot, with some assets achieving as high as almost $2.5 in rent per square foot. Additionally, new construction ground floor retail space north of Commerce Road along Hull Street averages approximately $25 in rent per square foot triple net. As the proposed projects at Lighthouse East & West are located further from the James River south of Commerce Road, they’re poised to operate at a discount to these projects currently. However, tailwinds, including significant development in Manchester and high inflation, have the potential to drive rents to these levels quickly. Finally, as both sites are fully entitled, buyers will save significant capital on soft costs & carrying costs, reducing risk and allowing for a clear path to project completion.

Exclusively Listed By

Broker of Record

  • Brian Hosey

    First Vice President/ Division Manager

    (202) 536-3700

    License(s): VA: 0225247494

    Virginia

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