Queens County • 3 ZIP Codes
Located in Queens, Kew Gardens is a densely populated, highly diverse enclave with a 2025 population of 58,000, reflecting a modest 0.5% decline since 2019. The median household income sits at $74,000, and the renter population is 68% of all households, with a strong preference for two‑ and three‑bedroom units. Key employment sectors include healthcare (Mount Sinai West), retail, logistics, and burgeoning tech startups anchored at nearby Long Island City. Vacancy rates remain robust at 4.2%, slightly above the borough average, and year‑over‑year rent growth has averaged 3.1% over the past three years, driven largely by demand for Section 8 compliant units. Average Section 8 FMR rates for FY 2026 are $2,573 for studios, $2,700 for 1 BR, $2,960 for 2 BR, $3,707 for 3 BR, and $4,027 for 4 BR. The market is characterized by moderate appreciation (≈4% annually) and stable cash flow, making it a resilient investment climate for both new entrants and seasoned investors.
Property prices in Kew Gardens range from $350,000 for a well‑maintained one‑bedroom condo to $1.2 million for a single‑family home on a four‑acre lot. Investors targeting 2‑BR and 3‑BR multifamily buildings can expect gross yields of 6.5%–7.5% after accounting for operating expenses. The most lucrative ZIP codes are 11412 and 11414, where median home prices are 12% lower than 11415, resulting in higher cash‑on‑cash returns. A 2‑BR rental at $2,700/month generates $32,400 annual gross revenue; after a 38% operating expense ratio, net operating income is $19,872, yielding a 7% gross yield on a $270,000 purchase. Turnkey acquisitions are favored for their immediate cash flow, but a moderate rehab strategy (up to 15% of purchase price) can boost rent by 8%–10% and increase equity quickly. Long‑term appreciation remains solid, with a projected 4.5% annual increase in property values, balanced by stable rental income and a strong Section 8 demand pipeline.
A neighborhood‑level analysis shows 11412 and 11414 have higher walkability scores and closer proximity to public transit, translating to lower vacancy risks. Tenant screening should prioritize verified incomes at least 3× the rent, thorough credit checks, and landlord references. Property management costs average 8% of gross rent; selecting a local manager familiar with Section 8 regulations can reduce compliance issues by 15%. Maintain a 1.5%–2% annual maintenance reserve per unit, or $4,500–$6,000 for a 3‑BR building. Risks include rising interest rates, which could increase mortgage costs by 0.75% annually, and potential zoning changes that may limit expansion. However, the area’s continued economic diversification supports long‑term appreciation, forecasted at 4.5% per annum, and a stable rental market under the Section 8 program.