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31628476
31628477

2119 Martin Luther King Jr Blvd, New Orleans, LA 70113

$490,000
58 days on market
Updated 2 days ago
Opportunity zone

Multifamily Near Super Dome and CBD New Orleans

Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 2,667
Net Rentable (SqFt) 2,667
Units 2
Cap Rate 7.86%
NOI $38,532
Occupancy 100%
Tenancy Multi
Rent Bumps Yes
Pro-Forma Cap Rate 8.02%
Pro-Forma NOI $39,302
Price per SqFt $184
Class A
Year Built 2023
Year Renovated 2023
Buildings 1
Stories 2
Lot Size (SqFt) 3,137
Zoning HU-RM2
Parking Spaces per unit
Investment Type Stabilized
Occupancy Date 07/01/2025
Sale Condition N/A

Multifamily | 2 Units | $245,000/unit

Marketing description

| Turn Key Investment | 70113 Central City

Positioned in a high-demand rental corridor just minutes from the Central Business District (CBD) and the Superdome, this 2023-built duplex offers a rare combination of immediate cash flow and zero deferred maintenance. Designed for the sophisticated investor, this asset is an ideal "Stabilized" addition to any portfolio.

Financial & Asset Advantages:

  • Turn-Key Stabilized Asset: 2023 construction means full compliance with modern building codes, lower insurance premiums, and minimal capex requirements for years to come.
  • High-Yield Configuration: Two identical 3BD/2BA units featuring open-concept layouts, quartz countertops, and stainless steel appliancesโ€”finishes that command top-of-market rents.
  • Strategic Location: Exceptional "walkability" to major employment hubs in the CBD and Warehouse District, ensuring a consistent and high-quality tenant pool.

Property Specifications:

  • Total SF: 2,667 SF
  • Systems: All-electric, energy-efficient HVAC and appliances, separate meters, and in-unit laundry hookups.
  • Parking: Rare off-street parking included, a significant value-add for the 70113 area.
  • Occupancy: Ready for immediate lease-up or owner-occupancy on one side to utilize FHA/VA financing.

Investment highlights

Capture this gem nearby tourist attractions access to major employers in the medical field

High earning potential - Near Super Dome and Downtown New Orleans

๐Ÿšถ๐Ÿฝโ™€๏ธ๐Ÿšถ๐Ÿฝโ™€๏ธ๐Ÿšถ๐Ÿฝโ™€๏ธWalking distance to the St Charles Streetcar line

New construction means low maintenance and low risk as a real estate investor and house hacker.

Both units are 3 Bed ๐Ÿ›๏ธ ๐Ÿ›๏ธ ๐Ÿ›๏ธ and 2 Bath ๐Ÿ› ๐Ÿ› - Currently 100% occupied and earning $3686 in rent per month.

๐Ÿ’Ž๐Ÿ’Ž๐Ÿ’Ž Right in the middle of many current developments and new construction

There are at least 15 different sites to promote for midterm rentals such as nursing staff and visiting executives

Listing Contacts

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Loan Amount
$0.00
Annual Debt Service
$--
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Annual Cash Flow
$38,532.00
$3,211.00/mo

Valuation Metrics

0
DSCR
7.86%
Cap Rate
7.86%
ROI

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