<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0704</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001499963</cik>
        <entityName>TNP 121 S. Martin Luther King Blvd., DST</entityName>
        <issuerAddress>
            <street1>C/O THOMPSON NATIONAL PROPERTIES, LLC</street1>
            <street2>1900 MAIN STREET, SUITE 700</street2>
            <city>IRVINE</city>
            <stateOrCountry>CA</stateOrCountry>
            <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
            <zipCode>92614</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>949-833-8252</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Other</entityType>
        <entityTypeOtherDesc>Delaware Statutory Trust</entityTypeOtherDesc>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2010</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Anthony</firstName>
                <middleName>W.</middleName>
                <lastName>Thompson</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Thompson National Properties, LLC</street1>
                <street2>1900 Main Street, Suite 700</street2>
                <city>Irvine</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>92614</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Managing Member and CEO of Sponsor, Thompson National Properties, LLC</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jack</firstName>
                <middleName>R.</middleName>
                <lastName>Maurer</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Thompson National Properties, LLC</street1>
                <street2>1900 Main Street, Suite 700</street2>
                <city>Irvine</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>92614</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Christopher</firstName>
                <middleName>M.</middleName>
                <lastName>Lal</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Thompson National Properties, LLC</street1>
                <street2>1900 Main Street, Suite 700</street2>
                <city>Irvine</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>92614</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Michael</firstName>
                <middleName>N.</middleName>
                <lastName>Loukas</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Thompson National Properties, LLC</street1>
                <street2>1900 Main Street, Suite 700</street2>
                <city>Irvine</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>92614</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Johnna</firstName>
                <lastName>Howard</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Thompson National Properties, LLC</street1>
                <street2>1900 Main Street, Suite 700</street2>
                <city>Irvine</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>92614</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Wendy</firstName>
                <lastName>Worcester</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Thompson National Properties, LLC</street1>
                <street2>1900 Main Street, Suite 700</street2>
                <city>Irvine</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>92614</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Commercial</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.1</item>
            <item>3C.5</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001499963-10-000001</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2010-08-20</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>25000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>William M. Swayne II</recipientName>
                <recipientCRDNumber>440968</recipientCRDNumber>
                <associatedBDName>Pacific West Securities, Inc.</associatedBDName>
                <associatedBDCRDNumber>6390</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>420 Boylston Ave E</street1>
                    <city>Seattle</city>
                    <stateOrCountry>WA</stateOrCountry>
                    <stateOrCountryDescription>WASHINGTON</stateOrCountryDescription>
                    <zipCode>98102</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>SC</state>
                    <description>SOUTH CAROLINA</description>
                    <state>VA</state>
                    <description>VIRGINIA</description>
                    <state>LA</state>
                    <description>LOUISIANA</description>
                    <state>GA</state>
                    <description>GEORGIA</description>
                    <state>DC</state>
                    <description>DISTRICT OF COLUMBIA</description>
                    <state>OH</state>
                    <description>OHIO</description>
                    <state>MN</state>
                    <description>MINNESOTA</description>
                    <state>KY</state>
                    <description>KENTUCKY</description>
                    <state>WA</state>
                    <description>WASHINGTON</description>
                    <state>IL</state>
                    <description>ILLINOIS</description>
                    <state>OR</state>
                    <description>OREGON</description>
                    <state>NM</state>
                    <description>NEW MEXICO</description>
                    <state>MA</state>
                    <description>MASSACHUSETTS</description>
                    <state>MS</state>
                    <description>MISSISSIPPI</description>
                    <state>DE</state>
                    <description>DELAWARE</description>
                    <state>WV</state>
                    <description>WEST VIRGINIA</description>
                    <state>HI</state>
                    <description>HAWAII</description>
                    <state>FL</state>
                    <description>FLORIDA</description>
                    <state>KS</state>
                    <description>KANSAS</description>
                    <state>SD</state>
                    <description>SOUTH DAKOTA</description>
                    <state>AK</state>
                    <description>ALASKA</description>
                    <state>ID</state>
                    <description>IDAHO</description>
                    <state>RI</state>
                    <description>RHODE ISLAND</description>
                    <state>NY</state>
                    <description>NEW YORK</description>
                    <state>NC</state>
                    <description>NORTH CAROLINA</description>
                    <state>NH</state>
                    <description>NEW HAMPSHIRE</description>
                    <state>MT</state>
                    <description>MONTANA</description>
                    <state>CO</state>
                    <description>COLORADO</description>
                    <state>WI</state>
                    <description>WISCONSIN</description>
                    <state>OK</state>
                    <description>OKLAHOMA</description>
                    <state>NE</state>
                    <description>NEBRASKA</description>
                    <state>NV</state>
                    <description>NEVADA</description>
                    <state>MI</state>
                    <description>MICHIGAN</description>
                    <state>MD</state>
                    <description>MARYLAND</description>
                    <state>TX</state>
                    <description>TEXAS</description>
                    <state>VT</state>
                    <description>VERMONT</description>
                    <state>AZ</state>
                    <description>ARIZONA</description>
                    <state>IN</state>
                    <description>INDIANA</description>
                    <state>AL</state>
                    <description>ALABAMA</description>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>UT</state>
                    <description>UTAH</description>
                    <state>WY</state>
                    <description>WYOMING</description>
                    <state>ND</state>
                    <description>NORTH DAKOTA</description>
                    <state>PA</state>
                    <description>PENNSYLVANIA</description>
                    <state>AR</state>
                    <description>ARKANSAS</description>
                    <state>CT</state>
                    <description>CONNECTICUT</description>
                    <state>NJ</state>
                    <description>NEW JERSEY</description>
                    <state>ME</state>
                    <description>MAINE</description>
                    <state>IA</state>
                    <description>IOWA</description>
                    <state>MO</state>
                    <description>MISSOURI</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Dwight K. Kay</recipientName>
                <recipientCRDNumber>5376903</recipientCRDNumber>
                <associatedBDName>Independent Financial Group, LLC</associatedBDName>
                <associatedBDCRDNumber>7717</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>12636 High Bluff Drive</street1>
                    <street2>Suite 100</street2>
                    <city>San Diego</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>92130</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>NY</state>
                    <description>NEW YORK</description>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>CO</state>
                    <description>COLORADO</description>
                    <state>OH</state>
                    <description>OHIO</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Mark A. Cline</recipientName>
                <recipientCRDNumber>3206962</recipientCRDNumber>
                <associatedBDName>Great Nation Investment Corporation</associatedBDName>
                <associatedBDCRDNumber>19981</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>400 S. E. 12th Street</street1>
                    <street2>Suite E</street2>
                    <city>Ft. Lauderdale</city>
                    <stateOrCountry>FL</stateOrCountry>
                    <stateOrCountryDescription>FLORIDA</stateOrCountryDescription>
                    <zipCode>33316</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>TX</state>
                    <description>TEXAS</description>
                    <state>WA</state>
                    <description>WASHINGTON</description>
                    <state>FL</state>
                    <description>FLORIDA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>John M. Butler</recipientName>
                <recipientCRDNumber>1951436</recipientCRDNumber>
                <associatedBDName>Investment Security Corporation</associatedBDName>
                <associatedBDCRDNumber>47536</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>7240 S. Highland Drive</street1>
                    <street2>Suite 103</street2>
                    <city>Salt Lake City</city>
                    <stateOrCountry>UT</stateOrCountry>
                    <stateOrCountryDescription>UTAH</stateOrCountryDescription>
                    <zipCode>84121</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>KS</state>
                    <description>KANSAS</description>
                    <state>NV</state>
                    <description>NEVADA</description>
                    <state>UT</state>
                    <description>UTAH</description>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Timothy A. Romig</recipientName>
                <recipientCRDNumber>1101718</recipientCRDNumber>
                <associatedBDName>Kalos Capital, Inc.</associatedBDName>
                <associatedBDCRDNumber>44337</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>756 Cumberland Street</street1>
                    <city>Lebanon</city>
                    <stateOrCountry>PA</stateOrCountry>
                    <stateOrCountryDescription>PENNSYLVANIA</stateOrCountryDescription>
                    <zipCode>17042</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>NJ</state>
                    <description>NEW JERSEY</description>
                    <state>PA</state>
                    <description>PENNSYLVANIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Jack R. Maurer</recipientName>
                <recipientCRDNumber>3081542</recipientCRDNumber>
                <associatedBDName>TNP Securities, LLC</associatedBDName>
                <associatedBDCRDNumber>149178</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1900 Main Street</street1>
                    <street2>Suite 700</street2>
                    <city>Irvine</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>92614</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Christopher M. Schellin</recipientName>
                <recipientCRDNumber>5575534</recipientCRDNumber>
                <associatedBDName>American Beacon Partners, Inc.</associatedBDName>
                <associatedBDCRDNumber>15791</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>3603 N. Hastings Way</street1>
                    <street2>Suite 100</street2>
                    <city>Eau Claire</city>
                    <stateOrCountry>WI</stateOrCountry>
                    <stateOrCountryDescription>WISCONSIN</stateOrCountryDescription>
                    <zipCode>54703</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>NC</state>
                    <description>NORTH CAROLINA</description>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>MO</state>
                    <description>MISSOURI</description>
                    <state>FL</state>
                    <description>FLORIDA</description>
                    <state>NM</state>
                    <description>NEW MEXICO</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>William F. White</recipientName>
                <recipientCRDNumber>2168943</recipientCRDNumber>
                <associatedBDName>Primex</associatedBDName>
                <associatedBDCRDNumber>29394</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>45 Knollwood Road</street1>
                    <street2>4th Floor</street2>
                    <city>Elmsford</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                    <zipCode>10523</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>NY</state>
                    <description>NEW YORK</description>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>George C. Merhoff, Jr.</recipientName>
                <recipientCRDNumber>2918171</recipientCRDNumber>
                <associatedBDName>Pacific West Securities, Inc.</associatedBDName>
                <associatedBDCRDNumber>6390</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>626 S. 7th Street</street1>
                    <city>Klamath Falls</city>
                    <stateOrCountry>OR</stateOrCountry>
                    <stateOrCountryDescription>OREGON</stateOrCountryDescription>
                    <zipCode>97601</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>SC</state>
                    <description>SOUTH CAROLINA</description>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>UT</state>
                    <description>UTAH</description>
                    <state>HI</state>
                    <description>HAWAII</description>
                    <state>CO</state>
                    <description>COLORADO</description>
                    <state>NV</state>
                    <description>NEVADA</description>
                    <state>SD</state>
                    <description>SOUTH DAKOTA</description>
                    <state>WA</state>
                    <description>WASHINGTON</description>
                    <state>AZ</state>
                    <description>ARIZONA</description>
                    <state>IL</state>
                    <description>ILLINOIS</description>
                    <state>IA</state>
                    <description>IOWA</description>
                    <state>OR</state>
                    <description>OREGON</description>
                    <state>ID</state>
                    <description>IDAHO</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Edward D. Kirkwood</recipientName>
                <recipientCRDNumber>1314686</recipientCRDNumber>
                <associatedBDName>Crown Capital Securities, L.P.</associatedBDName>
                <associatedBDCRDNumber>6312</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>4000 MacArthur Blvd.</street1>
                    <street2>Suite 730</street2>
                    <city>Newport Beach</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>92660</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>TX</state>
                    <description>TEXAS</description>
                    <state>MA</state>
                    <description>MASSACHUSETTS</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Donald T. Milin</recipientName>
                <recipientCRDNumber>334302</recipientCRDNumber>
                <associatedBDName>Western International Securities, Inc.</associatedBDName>
                <associatedBDCRDNumber>39262</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>70 South Lake Avenue</street1>
                    <street2>Suite 700</street2>
                    <city>Pasadena</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>91101</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>MI</state>
                    <description>MICHIGAN</description>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>WA</state>
                    <description>WASHINGTON</description>
                    <state>MO</state>
                    <description>MISSOURI</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Jason T. Hill</recipientName>
                <recipientCRDNumber>3209702</recipientCRDNumber>
                <associatedBDName>Centaurus Financial, Inc.</associatedBDName>
                <associatedBDCRDNumber>30833</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>909 S. Meridian</street1>
                    <street2>Suite #150</street2>
                    <city>Oklahoma City</city>
                    <stateOrCountry>OK</stateOrCountry>
                    <stateOrCountryDescription>OKLAHOMA</stateOrCountryDescription>
                    <zipCode>73108</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>OK</state>
                    <description>OKLAHOMA</description>
                    <state>NY</state>
                    <description>NEW YORK</description>
                    <state>NE</state>
                    <description>NEBRASKA</description>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>TX</state>
                    <description>TEXAS</description>
                    <state>GA</state>
                    <description>GEORGIA</description>
                    <state>FL</state>
                    <description>FLORIDA</description>
                    <state>NM</state>
                    <description>NEW MEXICO</description>
                    <state>IN</state>
                    <description>INDIANA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Donna M. Stevenson</recipientName>
                <recipientCRDNumber>2856535</recipientCRDNumber>
                <associatedBDName>Pacific West Securities, Inc.</associatedBDName>
                <associatedBDCRDNumber>6390</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>100 Town Square Road</street1>
                    <street2>2nd Floor, Suite 120</street2>
                    <city>Copperopolis</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>95228</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>OK</state>
                    <description>OKLAHOMA</description>
                    <state>NV</state>
                    <description>NEVADA</description>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>GA</state>
                    <description>GEORGIA</description>
                    <state>FL</state>
                    <description>FLORIDA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Brian D. Vosberg</recipientName>
                <recipientCRDNumber>4476509</recipientCRDNumber>
                <associatedBDName>Centaurus Financial, Inc.</associatedBDName>
                <associatedBDCRDNumber>30833</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>907 S. Myrtle Avenue</street1>
                    <city>Monrovia</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>91016</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>SD</state>
                    <description>SOUTH DAKOTA</description>
                    <state>ND</state>
                    <description>NORTH DAKOTA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>7880000</totalOfferingAmount>
            <totalAmountSold>3008159</totalAmountSold>
            <totalRemaining>4871841</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>17</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>551600</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>275800</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>TNP 121 S. Martin Luther King Blvd., DST</issuerName>
                <signatureName>/Anthony W. Thompson/</signatureName>
                <nameOfSigner>Anthony W. Thompson</nameOfSigner>
                <signatureTitle>Managing Member and CEO of Sponser</signatureTitle>
                <signatureDate>2010-12-01</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
