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318 Covert Street
Bushwick, Brooklyn | Knickerbocker Ave & Irving Ave
23 Rooms11 Beds7 Baths4,680 Square FeetIncome Property
$2,800,000
$2,800,000
Updated 6 years ago
Off Market

318 Covert Street

Bushwick, Brooklyn | Knickerbocker Ave & Irving Ave

23 Rooms11 Beds7 Baths4,680 Square FeetIncome Property

$2,800,000
floors / apts3 / 6
Lot Size25'x100'
Built Size20'x78'
ZoneR6
Building TypeLow-Rise
RE Taxes$12,108
Price Per SF
$598

Property Description for 318 Covert Street

Please email me for the full offering memorandum.
318 Covert Street is a 3-story, 6-unit apartment building that’s located between Irving Avenue and Knickerbocker Avenue in the Bushwick neighborhood of Brooklyn. The building is 4,680 square feet and consists of one 1-bedroom and five 2-bedroom free-market apartments.
The sale represents a compelling acquisition opportunity for investors looking for a very well-maintained, free-market apartment building on a quiet residential street in an up-and-coming neighborhood. All capital improvements have already been made (new roof, new plumbing and venting, restored facade, etc.).
In addition to owning a well-maintained asset, a buyer would be able to immediately add value in a few ways.
1. Upgrade the finishes in the apartments to a more modern look with stainless steel appliances.
2. Duplex one of the apartments on the first floor into the already-renovated and finished basement.
3. The building has an additional 1,400 square feet of air rights and the zoning allows for another floor to be added, just like the building next door.

Building Details for 318 Covert Street

OwnershipIncome Property
Building TypeLow-Rise
AgePre-War
AccessWalk-up
Year Built1906
Floors/Apts3/6
Learn More About the Building

Transit and Citi Bike

Subway

Halsey St
0.2 miles
Wilson Av
0.3 miles

Citi Bike

Irving Ave & Halsey St
0.13 miles
Knickerbocker Ave & Halsey St
0.15 miles

Contact Agents

Contact Agents

Shaynon Gramling
Compass
Udi Eliasi
Compass

Bushwick | Brooklyn

Quick Profile

As one of the most diverse neighborhoods in New York, Bushwick offers a perfect snapshot of just how multicultural the city is. Long-established as an amalgam of cultures and ethnicities, a wave of varying types of immigrants trickled in from the seventeenth to twentieth centuries, with Bushwick largely becoming a home to Hispanics of Puerto Rican and Dominican backgrounds by the latter part of the twentieth century. 

With the Bushwick Initiative of the mid-00s that aided in revitalization, it became an attractive area to young professionals and artists. And even now, Bushwick has sustained affordable rent prices where other North Brooklyn counterparts, like Williamsburg and Greenpoint, have become more expensive. Priding itself on the weird and the wacky, numerous art collectives thrive in this part of Brooklyn, once famously named the seventh coolest neighborhood in the world by Vogue. 

Though it has drawn in many tourists in recent years (there’s even a graffiti tour you can take from the Bushwick Collective), the neighborhood remains very much community-oriented, and has not been subject to quite the same sort of corporate infiltration phenomenon of its nearby Williamsburg environs. 

But yes, of course, Bushwick has come a very long way from its 80s and 90s reputation as being “The Well,” a nickname given to it for its free-flowing and widely available amount of drugs (quantity over quality being the cliche applied here). 

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All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.
OLR ID: 78340TH
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