2-Unit New Construction
For Sale
$490,000
2119 Martin Luther King Jr Boulevard, New Orleans, LA 70113
Two matching residences feature modern kitchens, laundry hookups, and off-street parking.
Property Size2,667 SF
Price / SF$183.73
Days on Market42
Property Features for 2119 Martin Luther King Jr Boulevard
General Information
Standard status
Active
Size
2,667 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Amenities
in-unit laundry hook-ups
off-street parking
Building Details
Year Built
2023
Buildings
1
Listing Agency:
Berkshire Hathaway HomeServices Preferred, REALTOR
(504) 535-4353
Listed By:
Jessica Bordelon · License #995699315
Source:
Fiorellaavenue
Added: Jul 20
Changed: Aug 29
Last Checked: Aug 29 at 8:13PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Berkshire Hathaway HomeServices Preferred, REALTOR
Investment Insights
Based on property information with market context.
Completed in 2023, this 2,667-square-foot duplex contains two matching residences, each with three bedrooms and two bathrooms. The units use an open-concept layout with kitchens finished with quartz countertops and stainless appliances. Energy-efficient construction, in-unit laundry hookups, and off-street parking add practical features for residents and ongoing ownership.
The property is located at 2119 Martin Luther King Jr Boulevard in New Orleans, within a short walk of the CBD and Super Dome. The Warehouse District and Downtown New Orleans are also minutes away, placing the duplex near established employment, entertainment, and residential areas.
The property is located at 2119 Martin Luther King Jr Boulevard in New Orleans, within a short walk of the CBD and Super Dome. The Warehouse District and Downtown New Orleans are also minutes away, placing the duplex near established employment, entertainment, and residential areas.
Key Highlights
- 2023 construction with 2,667 SF of total property size
- Two identical 3‑bed/2‑bath units
- Open‑concept kitchens with quartz counters and stainless appliances
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$33,771
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.89%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$675,420
$675.4K
Cap Rate 7%
$482,443
$482.4K
Cap Rate 9%
$375,233
$375.2K
Market Conditions
NOI Build-Up for 2,667 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$52.8K $19.80/SF
− Vacancy
−$4.6K −$1.71/SF
EGI
$48.2K $18.09/SF
− OpEx
−$14.5K −$5.43/SF
NOI
$33.8K $12.66/SF
Area
New Orleans, LA
Vacancy
8.64%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$675,420
Cap Rate 7%
$482,443
Cap Rate 9%
$375,233
Alternative Uses
Best Use
Multifamily LT 5
$482.4K
$422.1K – $562.9K
NOI $33,771 @ 7.0% cap · market cap 6.89%
Second Best
Apartment 5plus
$443.4K
$388.0K – $517.4K
NOI $31,041 @ 7.0% cap · market cap 6.33%
Theoretical Best
Office A
$677.9K
$593.1K – $790.8K
NOI $47,450 @ 7.0% cap · market cap 9.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
4,883
Businesses Nearby
Explore this area
Business Placement
Demographics for 70113, LA
8,569
Population
5,512
Households
1.6
Avg Household Size
37
Median Age
27%
College-Educated
74%
High-School Grad
0.9 sq mi
ZIP Area
9,521
Density / Sq Mi
$36,897
Median Household Income
$31,126
Median Earnings
$960
Median Rent
$258,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two matching residences feature modern kitchens, laundry hookups, and off-street parking.
Where is this duplex located?
The property is located at 2119 Martin Luther King Jr Boulevard New Orleans, LA.
What is the asking price?
The asking price for this property is $490,000.
What are key features of this property?
This property features: 2023 construction with 2,667 SF of total property size; Two identical 3‑bed/2‑bath units; Open‑concept kitchens with quartz counters and stainless appliances
