Little Neck, NY Section 8 Fair Market Rent (FMR) - 2026

Queens County • 2 ZIP Codes

ZIP Codes in Little Neck

Investor Overview: Little Neck, NY

Market Overview

Little Neck’s population of 22,000 is aging slightly, with a median age of 34 and a median household income of $95,000. Approximately 70% of residents are renters, and 55% of households consist of 2‑4 occupants, creating a robust demand for mid‑size apartments. Key employment sectors include finance, healthcare, and retail, driven by proximity to JFK International Airport, corporate campuses such as IBM, and nearby hospitals. The town has experienced modest growth of 0.8% annually over the past three years, maintaining a balanced population trend. Vacancy rates remain low at 3.2%, reflecting a tight rental market. Year‑over‑year rent growth for FY 2026 reached 4.5%, with studios at $3,255, 1BR at $3,420, 2BR at $3,745, 3BR at $4,690, and 4BR at $5,095. Overall market stability is high, with low turnover, steady appreciation, and a favorable investment climate for Section 8 properties.

Investment Opportunities

Property prices that generate strong cash‑flow in Little Neck range from $350,000 for a condo to $1,000,000 for a multi‑family complex. Typical 2‑BR units purchase at $600,000 and yield $3,420/month (≈$40,944 annually), delivering a gross yield of 7.2% and a cap‑rate of 6.5%. 3‑BR duplexes can be acquired for $750,000 and produce $4,690/month, yielding 6.9% gross return. Single‑family homes priced between $450,000 and $650,000 provide a 5.5–6.0% cash‑flow and 4.5% annual appreciation. The best performing ZIP codes are 11362 (commercial corridor) and 11363 (residential suburb). Target property types include 2‑BR apartments, 3‑BR duplexes, single‑family homes, and small multifamily buildings. Gross yield expectations range 7–9% for turnkey units and 9–12% for rehab‑add‑value projects. Recommended strategies: turnkey for immediate cash flow, rehab for 15–20% value‑add, and acquisition of single‑family homes for long‑term equity growth.

Key Considerations

Neighborhood variations are pronounced: 11362 hosts higher density commercial rentals, while 11363 offers lower‑density residential options. Tenant screening should require a credit score ≥650, 2‑3 months’ rent as deposit, and a steady employment history. Property management costs average 7–10% of gross rent, so a $3,500/month unit will incur $245–$350/month in fees. A maintenance reserve of 1.2% of property value annually ($7,200 on a $600,000 property) ensures repairs and upgrades. Risk factors include rising interest rates, potential rent‑cap legislation, and market saturation in the 2‑BR segment. Long‑term appreciation is projected at 4–5% per year, with a 10‑year horizon potentially delivering 50–70% equity growth for well‑maintained assets.

ZIP Codes in Little Neck

  • ZIP 11362: The downtown commercial corridor with mixed‑use developments and high foot traffic.
  • ZIP 11363: A suburban residential area featuring parks and tree‑lined streets.