West Midtown Furnished Rental Portfolio | 3 Duplexes in Berkeley Park | $3,900,000

Return at $3,900,000	Stabilized all 3 buildings*
Gross income	$504,704
Operating expenses, tax, insurance	-$170,910
NOI before platform and management fees	$333,794 8.6% cap
Platform and management fees	-$97,134
NOI	$236,660 6.1% cap

Property improvements

~$650,000 of capital work and furniture completed

Property	Capital work and furniture
684 and 688 Holmes	~$450,000
1631 Tallulah	~$200,000
Total	~$650,000

688 Holmes kitchen with quartz island, pendant lights, and two French-door refrigerators — 688 Holmes kitchen

Scope of work	Items
Exterior and site	Roofing, select siding on front facades, custom shutters, tree removal, landscaping, bike station and leisure deck
Building systems	Almost all HVAC units, electrical updates, plumbing supply replacements to PEX, low-flow devices, R-38 attic insulation
Interiors	Kitchen renovations, 688 kitchen and living room reframing, updated flooring, custom paint and wallpaper throughout
Ready to operate	All appliances 2018 or newer, furnishings, access controls

Examples

R-38 attic insulation at all three properties, October 2025: $6,270

New LVP at 1631 Tallulah: $19,300

PEX repipe of 688 Holmes Unit A, 2026: $14,000

Scope varies by property. Amounts are approximate and provided by the owner.

Location and BeltLine

Near Midtown, Georgia Tech, and Piedmont Atlanta Hospital

Select a place to see it on the map.

Kroger on Howell Mill and Monday Night Brewing's The Grove on the BeltLine are a short walk. Piedmont Atlanta Hospital (1.1 miles), Georgia Tech (1.8 miles), and West Midtown's offices are potential sources of demand for furnished rooms.

The three duplexes are 0.3 miles from the BeltLine Northwest Trail at Monday Night Brewing's The Grove, with Kroger, IKEA, The Works, the Interlock, Piedmont Atlanta Hospital, and Westside Paper all within about a mile.

The three duplexes (1, 2, 3)BeltLine trail, openUnder constructionPlannedNearby places

Trail sections and status from Atlanta BeltLine Inc. Distances are straight-line from the block.

The BeltLine: a proven appreciation driver, 0.3 miles away

What it has done

Historical research, 2011 to 2015

+21.5 points

Home values within a half mile of the BeltLine's northwest section rose 53.7%, against 32.2% for comparable homes farther away.

$14.2 billion

of private investment in the BeltLine planning area (Atlanta BeltLine Inc., May 2026).

0.3 miles

from the block to the BeltLine Northwest Trail at Monday Night Brewing's The Grove.

Historical research, not used in the projections. Source: Immergluck and Balan, Georgia Tech, 2017 (Urban Geography, 2018).

What's happened and what's coming

July 2025
Northwest Trail Segment 3A opened at Monday Night Brewing's The Grove.
September 2026
Segment 3B broke ground, which will connect Berkeley Park to Collier Hills and Tanyard Creek Park, with a bridge over Northside Drive. Completion is planned for late 2028.
2027 to 2028
Segment 4 connects English Avenue to Trabert Avenue: 4A by mid-2027, 4B in 2028.

Rendering of the BeltLine Northwest Trail on an elevated path beside I-75 — Rendering: Northwest Trail Segment 3

Trail schedule from Atlanta BeltLine Inc. and Urbanize Atlanta. Rendering from Atlanta BeltLine Inc., beltline.org.

What you can see from the block

Drone photo looking southeast from above the block toward Midtown, Downtown, Georgia Tech, Atlantic Station, and the Atlanta Waterworks reservoir — Looking southeast: Midtown and Downtown, with Atlantic Station, Georgia Tech, and the Atlanta Waterworks reservoir.

Drone photo looking northeast toward Buckhead, Piedmont Atlanta Hospital, and I-75 — Looking northeast: Piedmont Atlanta Hospital and Buckhead, with I-75 in the middle distance.

Employers and development near the block

Georgia Tech, 1.8 miles away

56,715 students in fall 2025, including 35,687 graduate students, and more than 5,700 faculty and staff.

Georgia Tech enrollment · Georgia Tech News

Piedmont Atlanta Hospital, 1.1 miles away

A 643-bed hospital with more than 1,000 physicians and 4,000 health care professionals.

Piedmont Atlanta

The Grove and The Berkeley

Monday Night Brewing opened The Grove on the BeltLine in August 2025, 0.3 miles away. Next door, The Berkeley at 1500 Northside Drive is under construction for mid-2027.

Monday Night Brewing · Rough Draft Atlanta

The Works, the Interlock, and Westside Paper

The Works, a mile west, filed for a 2.2 million sq ft Phase II in February 2026. The $750 million Interlock is anchored by Publix and Lidl, and Westside Paper adds about 220,000 sq ft of retail and office.

Urbanize Atlanta · REBusiness · ConnectCRE

Parking and amenities

Ample parking and room to add amenities

Shared Holmes parking lot — 24 spots in shared Holmes parking lot

Bike racks by the bamboo screen at 684 Holmes — Bike parking at 684 Holmes

Side of 1631 Tallulah and parking — 1 of 2 parking areas for Tallulah

Ample parking

Holmes has 24 off-street spaces, one for every room, plus on-street parking. Tallulah has 10 spaces, including 8 on-street. That is rare for co-living. Per PadSplit, ~50% of members have cars.

Amenity upside

There are opportunities to expand amenity options, such as fitness and a movie room, to drive rates up. The stabilized figures do not include any added income from them.

The properties

Three duplexes, one block, one operator

684 and 688 Holmes are next door to each other and share a parking lot; 1631 Tallulah is across the street. Each duplex has two units of six bedrooms. Every bedroom has a private bath, and many have their own exterior entrance. Each unit has two kitchens, two laundry rooms, and a living and dining area.

684 Holmes St NW, Atlanta, GA 30318
688 Holmes St NW, Atlanta, GA 30318
1631 Tallulah St NW, Atlanta, GA 30318

Overhead drone photo of the block with the three duplexes outlined: 1631 Tallulah north of Holmes Street, 688 and 684 Holmes south of it — The three duplexes from directly overhead, October 2026.

Property 1 of 3

1631 Tallulah St NW

Duplex, 12 beds / 12 baths · built 1990

Stabilized at a 6.1% cap rate

Three-story gray duplex with parking court — Exterior

Front of the duplex with covered entry stoops — Front, with private ground-floor entrances

Kitchen with white upper and gray lower cabinets and quartz counters — Kitchen

Living room with gray sofa and coffee table — Common living room

Bedroom with queen bed and an open door to its private bath — Direct entry to private bath

Bedroom with queen bed, desk, and closet — Room 2, Unit A

Kitchen with white cabinets and stainless appliances — Second kitchen

Living room with tropical mural wall — Living room, Unit B

Bright bedroom with queen bed and two windows — Room 4, Unit A

Kitchen with window over the sink — Kitchen

Washer and dryer in a louvered closet — Laundry, one of two per side

Side of the duplex and parking — Side and parking

1 / 12

Gross income

$165,336

annualized, $13,778 a month, Dec 2025 to Oct 2026

Payout, annualized

$151,326

$12,610 a month, after PadSplit fees

NOI before fees

$109,468

before platform and management fees

Cap rate before fees

8.4%

on $1,300,000, before platform and management fees

NOI after fees

$78,924

after platform and management fees

Cap rate after fees

6.1%

on $1,300,000, an equal per-room share of the price

Each unit has two kitchens, two laundry areas, a finished terrace level, and private exterior entrances on the ground floor. All 12 rooms have been on PadSplit since October 2025. Figures annualize the 11 months since stabilization.

3D tour, Unit A PadSplit listing, Unit A PadSplit listing, Unit B

Property 2 of 3

688 Holmes St NW

Duplex, 12 beds / 12 baths · built 1994

Stabilized at a 6.1% cap rate

Three-story gray duplex with parking — Exterior

Open kitchen with quartz island, pendant lights, and two French-door refrigerators — Kitchen with quartz island

Kitchen with herringbone tile backsplash and open shelving — Kitchen

Living room with sofa and tropical mural — Common living room

Kitchen with coral walls and round dining table — Second kitchen and dining

Kitchen island with dining area beyond — Kitchen and dining

Dining table with teal chairs next to the kitchen — Dining area

Living room with mural wall and TV — Living room

Living room with sofa and coffee table — Living room

Dining nook with graphic mural — Entry and dining

Side of the duplex and shared driveway — Exterior and driveway

1 / 12

Gross income

$169,684

annualized: PadSplit $157,684, long-term rent $12,000

Payout, annualized

$140,877

$11,740 a month, after PadSplit fees

NOI before fees

$112,163

before platform and management fees

Cap rate before fees

8.6%

on $1,300,000, before platform and management fees

NOI after fees

$78,868

includes $12,000 long-term rent

Cap rate after fees

6.1%

on $1,300,000, an equal per-room share of the price

Quartz-topped kitchen islands and furnished common rooms. This property has not completely transitioned to co-living: one of its 12 rooms is still on a long-term lease, at $1,000 a month, month-to-month. Figures annualize July to September 2026.

Property 3 of 3

684 Holmes St NW

Duplex, 12 beds / 12 baths · built 1994

Ramping quickly, 10 of 12 rooms on PadSplit

Three-story duplex with parking in front — Exterior

Side of the duplex from the driveway — Exterior

Kitchen with bar stools and stainless appliances — Kitchen with breakfast bar

Living room with sofa and plants — Common living room

Furnished bedroom with bed, desk, and TV — Bedroom

Private bathroom with tub and vanity — Private bath

Kitchen with open shelving and island — Kitchen

Dining area with graphic mural and coral walls — Second kitchen and dining

Living room with mural wall — Living room

Dining table next to the kitchen — Dining area

Bedroom with bed and ceiling fan — Bedroom

Bike racks by the bamboo screen — Bike parking

1 / 12

Beds / baths

12 / 12

two units of six, built 1994

Rooms on PadSplit

10 of 12

plus 1 long-term lease, 1 vacant

PadSplit payout by month earned

$969

$2,181

$4,006

$8,357

3 rooms

4 rooms

10 rooms

In transition since November 2025, so no annualized NOI is shown. In October 2026, 684 paid $9,357 including long-term rent, 73% of 688's $12,740 monthly average. Payouts exclude the $1,000 a month long-term rent, which runs through March 31, 2027. Rooms added in August and September were still leasing up. The stabilized total assumes 684 reaches 688's level.

Transition status, October 2026

From long-term leases to furnished rentals, with upside

1631 Tallulah12 of 12 transitioned

688 Holmes11 of 12 transitioned

684 Holmes10 of 12 transitioned

Furnished medium-term rentalLong-term leaseVacant

Owner-provided context

While a room is vacant and being refurbished it earns nothing, so income dips before it rises. 684 has produced less than Tallulah mainly because it is moving off lower-rate long-term leases and carrying the cost of converting rooms. Revenue, fee, expense, and capital detail is in the offering memorandum.

The three duplexes are moving from long-term leases, a lower net operating income model, to furnished medium-term rentals, a higher one. 1631 Tallulah finished the move at the end of 2025. 688 Holmes has 11 of 12 rooms transitioned; its last long-term lease is month-to-month. 684 Holmes has 10 of 12, most moved in August and September 2026; its last long-term lease runs through March 31, 2027, and one room is vacant. The stabilized figures keep one long-term lease in each Holmes building and do not include moving those last rooms to furnished rentals. This means there is even more upside after transitioning remaining rooms from long-term to furnished suites.

How a room transitions

The long-term tenant moves out.
The room is refurbished and furnished.
It is listed as a furnished medium-term rental on PadSplit and leased up.
It then earns more than the lease it replaced: about $1,148 to $1,195 a month per room, against $1,000 on the remaining long-term leases.

PadSplit is a platform like Airbnb, but for furnished rooms rented medium-term, with a focus on workforce housing. CPM Partners runs day-to-day operations as co-host.

Room counts from PadSplit, October 2026. Per-room figures are gross collections before fees: Tallulah December 2025 to October 2026, 688 July to September 2026.

The offering memorandum has line items by property, CPM's operating expenses, and the methodology.

Request OM & Financials Schedule a Tour

Payout by month earned

Month earned	1631 Tallulah	688 Holmes	684 Holmes	684 rooms	Total
Sep 2025	$4,559	$190	$0	0	$4,748
Oct 2025	$5,265	$5,367	$0	0	$10,632
Nov 2025	$8,634	$5,620	$969	3	$15,223
Dec 2025	$14,853	$8,455	$3,955	3	$27,263
Jan 2026	$12,682	$4,676	$2,579	3	$19,937
Feb 2026	$10,937	$6,480	$3,709	3	$21,125
Mar 2026	$15,119	$10,457	$3,706	3	$29,282
Apr 2026	$10,746	$9,207	$2,181	3	$22,133
May 2026	$13,020	$10,946	$3,929	4	$27,895
Jun 2026	$12,174	$10,257	$4,930	4	$27,361
Jul 2026	$12,692	$13,140	$4,006	4	$29,838
Aug 2026	$13,719	$11,631	$4,509	8	$29,858
Sep 2026	$11,054	$10,448	$5,097	10	$26,600
Oct 2026	$11,721	$11,922	$8,357	10	$32,000

Completed months from PadSplit's host earnings report, after PadSplit's fees. Does not include income from long-term leases. Through July 2026, only 3 to 4 of 684's 12 rooms were on PadSplit; the rest were on long-term leases or being converted. PadSplit pays each month out the following month.

How these figures are built

Gross collections and payout come from PadSplit's host earnings report, by month earned. Payout is gross collections less PadSplit's platform and booking fees. Tallulah's figures annualize December 2025 to October 2026, and 688's annualize July to September 2026, including $12,000 a year of long-term rent. 684 Holmes is in transition and is not annualized. These are annualized estimates from completed months, not trailing twelve-month results. Building cap rates divide NOI by $1,300,000, an equal per-room share of the $3,900,000 asking price; the buildings are sold together. The stabilized total is 1631 Tallulah's $78,924, 688 Holmes's $78,868, and 684 Holmes at 688's level, $236,660 in all. 684 is not at that level yet, so the total is an estimate. No rent increase, lower PadSplit fee, or conversion of the last two leased rooms is assumed. Before-fee NOI adds back CPM and PadSplit fees at the same rents and expenses. Operating expenses come from CPM's statements and the Metros P&L; property tax is the 2026 bills, and insurance is a $12,500 estimate per duplex.

Operating structure

Who does what

PadSplit

Master lessee and rental platform

Six master leases, one per unit
Lists and markets the rooms
Screens members, initially
Collects member payments and pays the owner monthly, after its fees
Provides tech platform for room management, reporting, and member support

CPM Partners

Co-host and property manager

Move-ins, move-outs, and turnovers
Housekeeping and maintenance
Utilities, furnishing, and room setup
Owner statements for each property

CPM reports 140+ properties managed and 900+ residents. Continued management with a new owner is subject to CPM's terms.

Owner economics

Owner income is PadSplit's monthly payout of room revenue after its fees, plus rent from any remaining long-term leases. It varies with occupancy and rates: Tallulah's payout ranged from $10,746 to $15,119 a month from December 2025 to October 2026.

The payouts are not a fixed rent. Buyers should review the master lease agreements for term, fees, and assignment. CPM charges 10% of gross collections plus $60 a month per long-term lease.

Fees

Management and PadSplit Platform Fees Optional, use your own team

Annual, at $3,900,000	Stabilized all 3 buildings, 684 at 688's level
NOI as managed	$236,660 6.1% cap
Add back: CPM management fees	$49,510
NOI replacing CPM, before your own management costs	$286,170 7.3% cap
Add back: PadSplit platform fees	$47,624
Platform and management fees	$97,134
NOI before platform and management fees	$333,794 8.6% cap

PadSplit fees are the actual rates: 8.5% of gross at Tallulah and 10.7% at 688, which includes lease-up costs. CPM charges 10% of gross collections plus $60 a month per long-term lease. Before-fee NOI is not a self-managed return. An owner without PadSplit and CPM would take on leasing, screening, collections, and management, which are not estimated here. Replacing CPM or PadSplit depends on CPM's terms and the PadSplit master leases.

2024 sales, for context

Comparable sales

Property	Closed	Beds / baths	Sold	Per room
1040 Curran St NW Duplex, furnished · 3,328 sf · built 1987	Sep 2024	12 / 4	$1,438,825	$119,902
1036 Curran St NW Duplex, furnished · sold with 1040 · built 1987	Sep 2024	12 / 4	$1,340,000	$111,667
Curran pair, combined two duplexes sold together	Sep 2024	24 rooms	$2,778,825	$115,784
515 Lynch Ave NW Triplex, across from Georgia Tech · built 1930	Nov 2024	9 / 4	$1,175,000	$130,556
This offering 3 duplexes, furnished · built 1990 and 1994	Asking	36 / 36	$3,900,000	$108,333

Sale data from FMLS; links open the listing record. FMLS did not report a bath count for 1036 Curran. Comparable sales are provided for context and are not an appraisal.