241 Covert Street, North Hempstead, NY, 11590
$879,999
activeBedrooms
6
Bathrooms
2
Year Built
1908
Type
Multi Family
Estimate. Actual payment depends on credit, lender, taxes, and insurance.
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.
Listed by Joseph Ricco Jr, Coldwell Banker American Homes
Listings courtesy of OneKey® MLS as distributed by MLS GRIDBased on information submitted to the MLS GRID as of May 1, 2026, 5:36 PM UTC (date and time MLS GRID Data was obtained). All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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