Queens County • 2 ZIP Codes
Jackson Heights, NY, a bustling enclave of Queens, hosts a diverse population of roughly 70,000 residents, with 46% under 30 and a median household income of $54,000. The area attracts young professionals, families, and a sizable immigrant community, many of whom rely on Section 8 assistance. Key employment sectors include retail, healthcare, and the nearby technology parks in Long Island City, generating a combined payroll of $3.2 billion. Population trends show a modest 2.1% annual growth over the past five years, reflecting steady in‑migration. Vacancy rates hover at 5.8%, below the borough average of 7.2%, indicating healthy demand. Year‑over‑year rent growth has averaged 3.4% for the past three years, with Section 8 FMRs rising 2.7% annually. The market remains stable, supported by strong public transportation links and proximity to Manhattan, making it an attractive climate for long‑term investors.
Property prices in Jackson Heights range from $350,000 for a two‑bedroom apartment to $750,000 for a single‑family home with a yard. A typical 2BR condo priced at $420,000 can deliver a gross yield of 7.5% when leased at the FY 2026 FMR of $2,835 per month, translating to $34,020 annual rent. After operating expenses of 35%, the net yield remains 4.9%, while a 3BR unit priced at $520,000 yields 8.1% gross and 5.3% net. Appreciation in the 11372 ZIP is 4.1% annually, whereas 11373 sees 3.8%, making 11372 the preferred hot spot for new acquisitions. Multifamily buildings with 4–6 units offer the best cash‑flow balance, especially when purchased through a rehab strategy that reduces acquisition costs by 10–15%. Turnkey rentals remain viable, but a value‑add approach—renovating kitchens and bathrooms—can boost rent by 12% and improve occupancy to 98%. Diversifying across 2BR and 3BR units and leveraging bulk purchase discounts from local wholesalers can further enhance portfolio stability.
Neighborhood variations are pronounced: 11372 contains the bustling 72nd Avenue corridor with high foot traffic, while 11373 offers quieter residential blocks with larger lot sizes. Tenant screening should prioritize credit scores above 650, a steady income of at least 3× the rent, and a Section 8 verification process that confirms payment history. Property‑management fees average 8% of gross rent; opt for local agencies with a proven track record of handling Section 8 tenants to minimize compliance issues. Allocate 1.2% of the purchase price annually for preventive maintenance—roughly $4,200 on a $350,000 property—and reserve an additional 5% of projected cash flow for unexpected repairs. Risks include potential rent‑control changes and neighborhood gentrification pressures that could shift demand patterns. Over a 10‑year horizon, the area is projected to appreciate 40% in property value, supported by continued infrastructure investment and the expansion of the Queens–Midtown commuter rail line.