Queens County • 1 ZIP Code
Hollis, a borough of Queens with a population of roughly 12,000, is characterized by a predominantly middle‑class, diverse renter base, with 60% of households earning between $40,000 and $80,000 annually. The neighborhood’s economy is anchored by the service sector, retail, and the nearby New York City transit hub, which together generate a stable employment pool of 8,000 jobs. Population trends show a modest 1.5% growth over the past three years, driven by new construction and gentrification of older duplexes. Vacancy rates sit at 4.2%, slightly above the borough average but below the citywide 5.5% figure, indicating healthy demand. Year‑over‑year rent growth averaged 3.8% in FY 2026, with studio rates at $2,260 and 3‑bedroom units at $3,260, reflecting a balanced market. Overall, the investment climate remains stable, with low default rates and strong tenant retention, making Hollis an attractive target for long‑term rental portfolios.
Property values in Hollis range from $300,000 for a single‑family home to $1.2 million for a three‑unit multifamily complex. Investors can expect a cash‑flow to appreciation ratio of roughly 5% yield versus 3% annual appreciation when targeting 2‑BR and 3‑BR units priced between $600,000 and $800,000. The 11423 ZIP code dominates performance, offering the highest rental multiples and the most consistent tenant turnover. Target property types include renovated 2‑BR multifamily buildings and single‑family homes that can be converted into 2‑BR rentals. Gross yield expectations hover around 6% after accounting for property tax, insurance, and management fees. Recommended strategies are a blend of turnkey acquisitions for immediate cash flow and “buy‑fix‑rent” rehab projects that can double the rental income within 12–18 months. Diversifying with small multifamily assets provides scale while mitigating vacancy risk.
Neighborhood variations are notable: the western corridor offers newer condominiums, while the eastern side retains older duplexes that demand higher maintenance. Tenant screening should require a minimum credit score of 620, a debt‑to‑income ratio below 40%, and a verifiable income of at least three times the monthly rent. Property management costs average 8–10% of gross rent; budgeting for 1–2% of the property value annually on repairs and capital improvements is prudent. Risk factors include potential flood zone exposure near the Flushing River and the possibility of regulatory changes to Section 8 rent caps. Nevertheless, long‑term appreciation potential remains strong, with a projected 4–5% annual increase in property values over the next decade, supported by ongoing infrastructure upgrades and demographic growth.