Listed by Alpha Realty NY
$2,700,000
22 Covert Street
Details
APN 03420-7501,03420-0018
Property Type Multifamily
Sub Type Apartment Building
Square Footage 6,012
Units 8
NOI $175,075
Year Built 1906
Buildings 1
Stories 4
Zoning R6
Investment Type Value Add
22 Covert Street, New York City, NY 11207
Marketing description
Bushwick Multifamily Building. 8-Unit Condo Building. Tax Class Protected.
Multifamily Building | 8 Condo Apartments | 6,012 SF. Located at 22 Covert St, Brooklyn, NY 11207, between Broadway & Bushwick Avenue. A rare, fully deregulated asset with protected Tax Class 2C designation, situated in the heart of Brooklyn's most vibrant cultural hub. The property offers significant mark-to-market opportunity with in-place rents currently trailing the submarket, providing a clear path to yield expansion through strategic renovations.
Investment highlights
- 100% Free-Market Luxury: A rare, fully deregulated asset, providing immediate flexibility for rent increases and exempting the property from restrictive rent-stabilization laws
- Protected Tax Class 2C: Benefit from a highly coveted tax designation that limits annual assessment increases, providing long-term predictable carry costs and superior downside protection
- Significant Mark-to-Market Opportunity: Substantial value-add potential with in-place rents currently trailing the submarket; provides a clear path to yield expansion through strategic renovations
- Turn-Key Physical Condition: An exceptionally well-maintained asset with pride of ownership evident, minimizing near-term capital expenditure (CapEx) requirements
- Core Bushwick Location: Situated in the heart of Brooklyn's most vibrant cultural hub, offering tenants seamless access to premier dining, nightlife, and the L & M subway lines
- Massive Equity Arbitrage: The opportunity allows investors to acquire the asset at $337K per unit, representing a 53% discount to Bushwick's average condo pricing of $710K per unit ($897/SF). This attractive basis provides a rare opportunity to enter the market well below replacement cost with significant upside through future condominium sellout or appreciation
Listing Contacts
Listed by Alpha Realty NY
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$175,075.00
$14,589.58/mo
Valuation Metrics
0
DSCR
6.48%
Cap Rate
6.48%
ROI
Map
Zoning
R6 ResidentialMulti FamilyGeneral Residence
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View all 99 uses Last updated Apr 22, 2026 For deeper zoning details, reports are available at Zoneomics
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