Investment Overview

Marcus & Millichap is pleased to present the Offering Memorandum for The Stockton Yard Development site located in Richmond, VA's coveted Manchester Neighborhood. The subject site is currently an approximately 20,000 sqft industrial warehouse, on top of .9 acres which is located at the corner of 3rd St and Stockton St, walking distance to Richmond's CBD. The site is located in an Opportunity Zone and its B-7 zoning allows a podium style, five story multifamily development with an estimated 247 units. The neighborhood is home to several warehouse to multifamily conversions as well as several ground-up developments which are currently under construction. This opportunity can also be a triple net (NNN) industrial property and "land banked" until the time of development.

The Manchester District is located just South of Shockoe Slip along the James River. Manchester is a historic district, originally known as an industrial area. Over the past few years, the area has grown tremendously, as developers have converted many of the old industrial and tobacco buildings into loft-style apartments. The neighborhood has also seen an influx of new businesses, restaurants, and night-life, as a result of more people moving to the area. New businesses range from art galleries, such as the Planet Zero Cafe Art Works and new local breweries, such as the Legend Brewery.
The location offers quick and easy access to Interstates 95 and 64, as well as, Hull Street and Points South. Manchester typically attracts a mix of students and young professionals looking for historic loft-style conversions and neighborhood amenities. The current rent projections are in line with other properties in the area as is occupancy and collections.