403 Stockton St
Richmond, VA 23224
Plant 1 Apartments · Multifamily Property For Sale · 134 Units

Marcus & Millichap is pleased to present the Offering Memorandum for Plant One located in the Manchester neighborhood of Richmond, Virginia. The property spans an entire city block in the Manchester District and consists of 134 market rate units that sit atop 1 acre. The unit mix consists of 65 one-bedroom, one-bathroom units, 28 one-bedroom, one-and-a-half bathroom units, 38 two-bedroom, two-bathroom units, 1 two-bedroom, two-and-a-half bathroom units, and 2 three-bedroom, two-bathroom units. All units have condo quality finishes, such as granite countertops, artisan stained concrete and dramatic historic features. The property offers high-end amenities, such as a stunning community roof-deck, convenient indoor and outdoor parking, and state of the art cardio and strength training facility, and cable and internet are available at no extra cost. In addition to the Plant 1 site, an additional acre of land located across the street is part of the deal. The land, which is currently used as parking for Plant 1, can be redeveloped into a nine story development. Other developments in the area are taking advantage of this new zoning and this is a value-add for the deal. 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. Plant 1 is one of the newest properties to hit the Manchester sub-market. Manchester typically attracts a mix of students and young professionals looking for historic loft-style conversions and neighborhood amenities. The current rents are in line with other historic loft properties in the area as is occupancy and collections