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About This Home
This 6-bedroom, 2-bathroom residential multi family at 241 Covert Street in Westbury, NY is listed for $879,999. Built in 1908, on a N/A lot.
Rare Investment Opportunity: Multi-Family with Expansion Potential This isn't just another listing; it's a once-in-a-lifetime opportunity to secure a high-performing asset with built-in growth potential. Whether you are looking for a turnkey rental machine or a project with a massive upside, this property delivers on every front.
Property Highlights Current Configuration: Legal two-family residence. Expansion Potential: Possible approval for a three-family conversion, allowing you to instantly scale your equity and cash flow. Major Renovations (2010): Peace of mind comes standard.
The property underwent a comprehensive overhaul in 2010, including: Updated Plumbing: Modernized throughout. Upgraded Electric: Total system overhaul. New Sheetrock: Clean, modern finishes in both units. Mechanicals: Equipped with high-efficiency Separate boilers in both units.
Utilities: Separate electric meters for each unit, keeping overhead low and management simple. Financials & Value Add Current Rent Roll: Generating a robust $6,700 per month. Bonus Land: The sale includes an adjacent lot, providing rare outdoor space, potential for additional parking, or future development (subject to local zoning).
Why This Property? The heavy lifting has already been done. With the major systems updated and a strong existing rent roll, you can collect a premium income from day one while pursuing the third-unit conversion. Multi-family properties with this level of upkeep and an included extra lot are a rare find in today's market.
Investor Note: High demand and a proven income stream make this an ideal candidate for 1031 exchanges or a cornerstone for any real estate portfolio. Don't wait-opportunities with this much "meat on the bone" disappear fast.
Key Features
- Built in 1908
- 6 parking spaces
Property Details
Monthly Cost Estimate
$4,706/mo
20% down · 6.5% · 30 years
Estimates only. Actual payments may vary.
Location
241 Covert Street
Westbury, NY 11590
Features & Amenities
Interior Features
Property Details
Construction
Parking
Heating
Questions & Answers
This 6-bedroom, 2-bathroom residential multi family at 241 Covert Street is listed at $879,999. The estimated monthly payment is $3,813 based on 20% down at 6.5% interest.
Key features include: Built in 1908, 6 parking spaces. Interior Features: First Floor Bedroom, First Floor Full Bath, Eat-in Kitchen.
This property is listed by Joseph Ricco Jr and can be reached at (800) 270-6318 or joericcoc21@yahoo.com.
