Queens County • 6 ZIP Codes
Flushing, a dynamic hub in Queens, hosts a diverse population of approximately 200,000 residents, with 68% rent‑controlled or market‑rate tenants. The city’s economy is anchored by healthcare, retail, logistics, and a growing e‑commerce sector, supported by major employers such as the Flushing Hospital and the Port Authority. Population growth averages 0.5% annually, reflecting a steady influx of young professionals and families seeking affordable urban living. Vacancy rates remain low at 4.2–5.0%, driven by strong demand for the 2‑ and 3‑bedroom units that dominate the rental mix. Year‑over‑year rent growth reached 5.8% in FY 2026, outperforming the broader New York metro area. The market’s stability is reinforced by robust public transit links (IRT Flushing Line, LIRR), a well‑developed infrastructure, and a favorable regulatory environment for Section 8 investments. Overall, Flushing offers a resilient investment climate with predictable cash‑flow and consistent appreciation potential.
Property values in Flushing range from $400,000 for high‑density condos to $2.4 million for luxury multifamily complexes. Targeting 2‑ and 3‑bedroom multifamily units priced between $800,000 and $1.4 million yields an average gross yield of 5.5% to 6.0%, with net cash flow after operating expenses (8–10% mgmt fee, 5% maintenance reserve) around 4.0%–4.5%. Single‑family homes (3BR) in the $600,000‑$1.1 million range balance appreciation (3.2% CAGR) with a modest 3.5% net yield. The most attractive ZIP codes—11354, 11355, and 11364—show 3.5%–4.0% annual appreciation and lower vacancy rates (3.8%–4.2%). Recommended strategies include turnkey multifamily acquisitions for immediate cash flow, and rehabilitation of distressed single‑family properties to capture upside while leveraging Section 8 incentives. Diversifying across these ZIP codes maximizes exposure to both high‑density rental demand and family‑home appreciation.
Neighborhoods vary: 11358 is highly dense with a younger renter base, while 11371 offers more suburban single‑family homes. Tenant screening should require a credit score above 650, income at least 3× the monthly rent, and a verifiable employment history to reduce vacancy risk. Property management costs average 8–10% of gross rent; factor a 5% maintenance reserve to cover routine repairs and seasonal upkeep. Risks include potential flood zoning in low‑lying areas, rising HOA fees in condominium complexes, and increasing competition from new developments. Long‑term appreciation remains solid, with a projected 3.2%–3.8% CAGR over the next decade, bolstered by continued demand for affordable, family‑friendly housing in Queens.