Three furnished 12-bed, 12-bath duplexes in Berkeley Park, professionally managed.
| Return at $3,900,000 | Current run rate | Pro forma fully leased |
|---|---|---|
| Gross income | $434,315 | $510,112 |
| Operating expenses, tax, insurance | -$171,896 | -$171,896 |
| NOI before mgmt and platform fees | $262,419 6.7% cap | $338,216 8.7% cap |
| PadSplit and mgmt fees | -$98,349 | -$93,039 |
| NOI | $164,070 4.2% cap | $245,177 6.3% cap |
Transitioning from long-term leases to fully furnished co-living, powered by the PadSplit platform. Learn more at padsplit.com/hosts
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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.
Trail sections and status from Atlanta BeltLine Inc. Distances are straight-line from the block. Drive times are typical.
Northwest Trail Segment 3A opened in July 2025 at Monday Night Brewing's The Grove, 0.3 miles from the block. Segment 3B broke ground in September 2026 and will connect Berkeley Park to Collier Hills and Tanyard Creek Park by late 2028.
Homes within a half mile of the BeltLine's northwest section rose 53.7% in value, against 32.2% for comparable homes farther away. Not used in the projections.
Immergluck and Balan, Georgia Tech, 2017.
56,715 students in fall 2025, including 35,687 graduate students, and more than 5,700 faculty and staff. Tech Square Phase 3 opened in September 2026.
A 643-bed hospital with more than 1,000 physicians and 4,000 health care professionals. The 16-story Marcus Tower has room for up to 408 beds.
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.
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.
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.
Purpose built in 1990 as two units of six bedrooms, with a finished terrace level and private exterior entrances on the ground floor. All 12 rooms have been on PadSplit since October 2025, and its December 2025 to September 2026 results are the basis for the pro forma.
Quartz-topped kitchen islands and furnished common rooms. Rooms on PadSplit rose from 8 in November 2025 to 11 in July 2026. One room remains on a $1,000 month-to-month long-term lease and moves to PadSplit when that lease ends.
Converted in stages since November 2025: 3 rooms on PadSplit through April 2026, 4 through July, 8 in August, and 10 in September. Remaining: one vacant room and a $1,000 long-term lease through March 31, 2027.
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 pro forma assumes both remaining leased rooms move to furnished rentals when their leases end.
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 September 2026, 688 July to September 2026.
The offering memorandum has line items by property, CPM's operating expenses, and the methodology.
| Month earned | 1631 Tallulah | 688 Holmes | 684 Holmes | Total |
|---|---|---|---|---|
| Sep 2025 | $4,559 | $190 | $0 | $4,748 |
| Oct 2025 | $5,265 | $5,367 | $0 | $10,632 |
| Nov 2025 | $8,634 | $5,620 | $969 | $15,223 |
| Dec 2025 | $14,853 | $8,455 | $3,955 | $27,263 |
| Jan 2026 | $12,682 | $4,676 | $2,579 | $19,937 |
| Feb 2026 | $10,937 | $6,480 | $3,709 | $21,125 |
| Mar 2026 | $15,119 | $10,457 | $3,706 | $29,282 |
| Apr 2026 | $10,746 | $9,207 | $2,181 | $22,133 |
| May 2026 | $13,020 | $10,946 | $3,929 | $27,895 |
| Jun 2026 | $12,174 | $10,257 | $4,930 | $27,361 |
| Jul 2026 | $12,692 | $13,140 | $4,006 | $29,838 |
| Aug 2026 | $13,719 | $11,631 | $4,509 | $29,858 |
| Sep 2026 | $11,054 | $10,448 | $5,097 | $26,600 |
Completed months from PadSplit's host earnings report, after PadSplit's fees. PadSplit pays each month out the following month.
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. The current run rate uses December 2025 to September 2026 at Tallulah, July to September 2026 at 688, and September 2026 at 684, its latest completed month. Long-term lease rent is $1,000 a month for each of the two remaining long-term leases. The pro forma keeps Tallulah at its December 2025 to September 2026 results and puts each Holmes duplex at 688's July to September 2026 gross per room ($1,195 a month), 3.6% above Tallulah's $1,153, because the Holmes duplexes are nicer. Current income at 684 and 688 is lower because they are still moving rooms off long-term leases. Before-fee NOI adds back CPM and PadSplit fees at the same rents and expenses. Operating expenses come from CPM's statements; property tax is the 2026 bills, and insurance is a $12,500 estimate per duplex.
CPM reports 140+ properties managed and 900+ residents. Continued management with a new owner is subject to CPM's terms.
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 September 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.
| Annual, at $3,900,000 | Current run rate | Pro forma fully leased |
|---|---|---|
| NOI as managed | $164,070 4.2% cap | $245,177 6.3% cap |
| Add back: CPM management fees | $42,472 | $51,012 |
| Add back: PadSplit platform fees | $55,877 | $42,027 |
| PadSplit and mgmt fees | $98,349 | $93,039 |
| NOI before mgmt and platform fees | $262,419 6.7% cap | $338,216 8.7% cap |
The pro forma assumes Tallulah's 8.2% PadSplit fee for all three duplexes; 688's recent rate is 10.7% due to lease-up costs. CPM charges 10% of gross collections plus $60 a month per long-term lease. Before-fee NOI adds back CPM and PadSplit fees at the same rents and expenses. It is not a self-managed return: an owner without PadSplit and CPM would take on leasing, screening, collections, management, and turnover costs, which are not estimated here.
| 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.