New Construction
For Sale
$490,000
2119 MARTIN LUTHER KING JR Boulevard, New Orleans, LA 70113
Multi-Family, Contemporary, New Orleans, LA
Property Size2,667 SF
Price / SF$183.73
Days on Market151
Property Features for 2119 MARTIN LUTHER KING JR Boulevard
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
Driveway, Off Street
Security features
Security
Patio and Porch features
Porch
Exterior features
Balcony, Porch, Security Cameras
Lot features
Regular
Subdivision
Central City
Standard status
Active
APN
101108910
Size
2,667 SF
Taxes and HOA fees
Tax Description
1. SQ 315 LOT 4 MARTIN L. KING BLVD 2. 32/32.7X99.9/94.4 3. 2119-21 MARTIN L KING BLVD
Legal Description
1. SQ 315 LOT 4 MARTIN L. KING BLVD 2. 32/32.7X99.9/94.4 3. 2119-21 MARTIN L KING BLVD
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
in-unit laundry hook-ups
fenced in backyard
Building Details
Year built
2023
Floors in Building
2
Number of units
2
Roof type
Shingle
Architectural style
Contemporary
Listing Agency:
Berkshire Hathaway HomeServices Preferred, REALTOR
(504) 799-1702
Listed By:
Jessica Bordelon · License #995699315
(504) 535-4353
Added: Mar 25
Changed: Aug 19
Last Checked: Aug 22 at 3:06PM
MLS# 2549692
Copyright © 2026 New Orleans Metropolitan Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 2023, this contemporary duplex contains 2,667 square feet with two matching residences, each offering 3 bedrooms and 2 bathrooms. Both units include laundry hookups, central heating and cooling, off-street driveway parking, and access to a fenced backyard. Exterior amenities include balconies, a porch, and security cameras, while the property is served by public water and has a shingle roof.
Unit B already has a renter in place, providing an existing income-producing arrangement for the next owner. The property is located on Martin Luther King Jr Boulevard in New Orleans, with the Medical District, the Superdome, and the CBD identified in the surrounding context.
Unit B already has a renter in place, providing an existing income-producing arrangement for the next owner. The property is located on Martin Luther King Jr Boulevard in New Orleans, with the Medical District, the Superdome, and the CBD identified in the surrounding context.
Key Highlights
- 2023 construction with 2,667 square feet
- Two units, each with 3 bedrooms and 2 bathrooms
- Unit B has a renter in place
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Contemporary two-unit property with private parking, fenced outdoor space, and laundry hookups in each residence.
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 square feet; Two units, each with 3 bedrooms and 2 bathrooms; Unit B has a renter in place
