A convertible furniture piece has a compact profile while folded with the seat cushions residing at a comfortable and ergonomic height and an esthetically pleasing streamlined appearance. The convertible furniture takes advantage of a leg assembly that is anchored within the thickness of the mechanism panels so as to stack the foot and body panels closer to each other. The leg assembly is also anchored at a position other than the edges of the panels to help conceal the leg assembly below the bed.