Queens County • 2 ZIP Codes
Bayside’s population of 27,000 is aging slightly, with a median age of 42, yet the area remains highly desirable for young professionals and families due to its top-rated schools and waterfront access. The local economy is anchored by finance, healthcare, education, and a growing tech sector in nearby Long Island City. Population growth is modest at 0.5% annually, indicating a stable demand base. Vacancy rates sit at 2.3%, well below the national average, reflecting strong rental absorption. Year-over-year rent growth averaged 4.5% between 2024 and 2025, driven by limited supply and increasing demand for Section 8 units. Fair Market Rent (FY 2026) for studio units is $3,160, 1 BR $3,315, 2 BR $3,635, 3 BR $4,555, and 4 BR $4,945. These figures suggest a robust rental market with upward pressure on rents. Overall, Bayside offers a stable investment climate, low vacancy, and predictable rent appreciation, making it an attractive target for long-term investors.
Single‑family homes in Bayside range from $800,000 to $1.5 million, while multifamily complexes typically fall between $1.0 million and $2.2 million. A 3 BR multifamily building priced at $1.8 million can generate an NOI of $120,000, yielding a gross return of 6.7% and a net yield of 5.3% after a 30% operating expense ratio. Cash‑flow remains healthy with a typical 70% rental coverage ratio. ZIP 11360, with its historic brownstones, delivers the highest gross yields (7–8%) and stable cash flow, while 11361 offers slightly lower yields (6–7%) but a higher appreciation potential due to its proximity to the ferry. Targeting 2 BR to 3 BR units aligns with the FMR rates and maximizes occupancy. Turnkey properties are preferred for Section 8 compliance, but a rehab strategy can boost equity by 15–20% before leasing. Diversifying across both ZIP codes mitigates localized risks while capturing the full spectrum of Bayside’s rental market.
Neighborhoods within Bayside vary: 11360 has mature trees and limited rental inventory, raising tenant turnover costs, while 11361 offers newer developments and higher walk‑score. Tenant screening should enforce a minimum credit score of 650, a verified income of 3× the monthly rent, and a background check for any prior evictions. Property management fees average 8% of gross rent; investors should budget an additional 2% for maintenance, equating to $1,200–$1,500 annually per unit. Unexpected repairs can spike by 10% during winter, so a contingency reserve of 5% of NOI is advisable. Risks include rising interest rates, which could compress loan rates, and potential changes in Section 8 funding. Long‑term appreciation is projected at 3–4% per year, supported by a growing tech corridor and limited new construction in the borough.