US - Jacksonville, FL
JLL has been retained on an exclusive basis to represent the sale of 260 Water Street in Dumbo, Brooklyn. The five-story, 26-Unit elevator building offers residents the opportunity to reside on one of the most prominent and quaint streets in Dumbo.
RARE INVESTMENT OPPORTUNITY IN A HIGH BARRIER TO ENTRY NEIGHBORHOOD:
In a neighborhood where most rental buildings are warehouse conversions rather than new developments, 260 Water Street represents a rare opportunity to acquire a Class A asset in a highly constrained Dumbo market.
QUALITY BUILDING WELL-POSITIONED FOR RENT GROWTH:
The recently renovated 260 Water Street is comprised of oversized, open & airy units, ideal for the neighborhood’s target demographic. The property has a total of 26 units and is currently comprised of 8 one-bedrooms (31%), 15 two-bedrooms (58%) and 3 three-bedrooms (12%). These large and spacious units feature top-of-the-line finishes with the front facing units above the second floor having stunning views of the Manhattan skyline. Additionally, the building features outdoor parking for 16 cars and three motorcycles, storage, and access to outdoor space.
PROMINENT BUILDING IN THE HEART OF DUMBO:
Featuring over 123’ of frontage on iconic Water Street, the property is situated at the epicenter of DUMBO, adjacent to the anchorage of the Manhattan Bridge. The neighborhood’s cobblestone streets host an eclectic retail mix of concept stores, independent boutiques, and artisan food purveyors lining unparalleled waterfront esplanades.
UNIQUE OPPORTUNITY WITH UPSIDE:
260 Water Street offers an investor a fully free market asset with significant in-place cash flows yet upside in a highly constrained and robust multifamily market. The Property presents a variety of potential value-add strategies including the ability to add more units by subdividing one of the apartment lines as well as undertaking a condo conversion. Additionally, new ownership has the opportunity to renovate the remaining seven units (27%) that are in original condition.
LOW RENTAL SUPPLY & SIGNIFICANT DEMAND:
Due to the proximity to Manhattan, low rental supply and its quality construction, 260 Water Street has capitalized on the increase of residential demand and low rental supply in Dumbo.
STREAMLINED ACCESS TO MANHATTAN:
Residents at the Property can access the F line at the York Street station or the AC lines at the High Street station within a one and seven-minute walk, respectively, granting excellent access across Brooklyn and Manhattan. The Fulton Ferry Terminal is also a 10-minute walk from the Property, servicing the East River and the South Brooklyn Routes.