601 Coleman St, Atlanta
24-Bed Personal Care Home | 8+ Years NNN Lease | Business Available Separately ($800K–$900K)
Marketing description
Property Description: 601 Coleman St, Atlanta, GA 30354
Asking Price: $1,500,000 (10.15% Cap Rate on Real Estate) Stabilized 24-Bed Personal Care Home | 8+ Years NNN Lease with ~3% Annual Escalations | Business Available Separately ($800K–$900K)
Property Overview This 7,500 ± SF licensed Personal Care Home (PCH), built in 1989, occupies a 0.69 ± acre fully fenced and paved lot in Hapeville (South Atlanta). Operating at maximum licensed capacity (24 residents) under a 10-year NNN lease (June 1, 2023 – June 1, 2033), the facility generates stable, escalating income from 100% private-pay residents, with ~50% secured via hospital referral contracts (30–90+ day stays). Higher care intensity drives additional per-resident revenue.
Key Highlights
Building Size: 7,500 ± SF (single-story PCH)
Lot Size: 0.69 ± Acres (30,000 SF, fully fenced & paved)
Year Built: 1989
Licensed Beds: 24 (max under current PCH; ALC upgrade possible for 25+ beds) Facility projected capacity 31 bed.
Lease: 10-Year NNN; ~3% annual escalations (partial Year 1); ~8 years remaining
NOI (Real Estate): Average $152,222/year (blended; tenant pays all expenses)
Cap Rate: 10.15%
Rent Escalations (Per Signed Addendum & Schedule):
Year 2 (Jul 2024–Jun 2025) $12,875 $154,500
Year 3 (2025–2026) $13,261.25 $159,135
Year 4 (2026–2027) $13,658.84 $163,906
Year 5 (2027–2028) $14,068.19 $168,818
Year 6 (2028–2029) $14,490.24 $173,883
Year 7 (2029–2030) $14,925.33 $179,104
Year 8 (2030–2031) $15,372.99 $184,476
Year 9 (2031–2032) $15,834.18 $190,010
Year 10 (2032–2033) $16,310.02 $195,720
Total Lease Income: ~$1,668,000
Zoning: CR (Hapeville) – permits PCH, ALC, medical office, or redevelopment
Location: 3.5 miles to Hartsfield-Jackson Airport; 1 mile to I-75/I-85; near Porsche HQ & Delta TechOps
Demographics (3-Mile Radius, 2024): Population 68,492; Avg. HH Income $72,105
Investment Highlights
Business Available Separately: Not included in real estate; priced $800,000–$900,000. Owner flexible on structure, retains staff, and stays on for transition (months post-close).
Revenue Model: 100% private-pay; ~50% hospital contracts (30–90+ days); higher care levels = increased per-resident revenue.
Stable Cash Flow: NNN lease; $100/day late fee; $12,000 security deposit; ~3% escalations locked in.
Value-Add Potential:
Potential to upgrade to Assisted Living Community (ALC) license for 25+ beds (GA Rules 111-8-63; requires DCH application—compliant with state/federal/local laws).
Market Context (South Atlanta / Hapeville Submarket) Atlanta senior care demand is strong: PCH/ALC occupancy >95%, 65+ population up 12% YoY in Fulton County. Hospital synergies and industrial conversion upside:
Aerotropolis Atlanta: $1.2B master plan Source: ATL Airport
Porsche Experience Center Expansion: Phase II completed Q2 2025 Source: Porsche Newsroom
Delta TechOps MRO: $200M hangar opened 2025 Source: Delta News Hub
Senior Care Stats: GA ALC growth; metro Atlanta vacancy <5% (CoStar Q3 2025).
Broker Contacts
Harrison Watson, Senior Director Century 21 Results | Commercial Division P: 770-314-2920 | O: 770-889-6090 Email: cpcgcre@gmail.com
Aaron McLaughlin, Director Century 21 Results | Commercial Division P: 678-521-5043 | O: 770-889-6090 Email: aaronmclaughlin@bridge2invest.com
Disclaimer Every effort has been made to provide accurate information, but no liability is assumed for errors or omissions. Data sourced from Fulton County Assessor (2025), qPublic, and GA DCH. Verify PCH/ALC license, financials, and compliance via DCH site inspection and legal review. Full lease, P&L, and license in data room.
Investment highlights
Surrounding Area Report: Hapeville / South Atlanta Airport Submarket (Fulton County, GA)
Location and Demographics
Hapeville, a compact city of ~6,800 residents in South Fulton County, is ideally positioned 3.5 miles from Hartsfield-Jackson Atlanta International Airport (ATL)—the world's busiest (104M+ passengers in 2024). The submarket benefits from seamless access to I-75/I-85, I-285, and Camp Creek Parkway, facilitating logistics and workforce commuting. Proximity to major employers (e.g., Delta, Porsche) drives demand for healthcare services like PCH/ALC facilities.
Demographic Summary (3-Mile Radius, 2024 Estimates):
Population: 68,492 (up 2.1% YoY)
Households: 28,456; Avg. HH Income: $72,105 (up 3.5% YoY)
65+ Population: 8,945 (13%; up 12% YoY, per U.S. Census/American Community Survey)
Owner-Occupied Units: 12,843
This aging, middle-income demographic supports senior housing demand, with hospital referrals (e.g., from nearby Grady Memorial and Wellstar) aligning with the property's revenue model.
Market Snapshot: Healthcare / Senior Housing (Fulton County / South Atlanta, Q3 2025)
Atlanta's senior housing sector is rebounding strongly, with surging demand from baby boomers and "solo agers." The submarket's low vacancy and airport synergies position assets like 601 Coleman St for stable yields and ALC upgrades. Key metrics (NIC MAP Vision Q1 2025;):
Occupancy Rate: 87.4% (up 0.3% QoQ; assisted living at 85.8%, independent living at 89%)—metro Atlanta at 83.9%, but Southside <5% vacancy due to limited supply.
Rent Growth: 3.9% YoY (decelerating from 7.2% in 2024; PCH/ALC rates $3,500–$5,000/bed/month).
Cap Rates: 8.5–10.5% for stabilized PCH/ALC (10.15% aligns with listing; down 50 bps YoY on strong absorption).
Absorption: +1.2M beds nationally (Q1 2025); Atlanta +15K beds YoY, driven by Fulton County's 12% 65+ growth.
Under Construction: 2.5M beds metro-wide (mostly multifamily with senior components); South Atlanta vacancy 4.2% for healthcare/special purpose.
Overall Commercial Context (Supports Repositioning Potential):
Industrial Vacancy: 8.6% (up 20 bps QoQ; submarket 6.8%)—net absorption +2.0 MSF (Q3 2025).
Asking Rents: $7.06/SF (industrial); $11.75/SF NNN average.
Retail Vacancy: 3.7% (near historic lows).
Multifamily Vacancy: 11.9% (up from 10.5% YoY; avg. rent $1,640/unit).
Fulton County's rental vacancy is 7% (higher than average, per HUD), but senior-specific demand outpaces supply, enhancing NOI stability for NNN-leased PCHs like this one.
Industrial and Economic Momentum (2024–2025)
The Hapeville/Airport submarket thrives on ATL's $1.2B Aerotropolis master plan, fostering logistics, jobs, and mixed-use growth. Cumulative investments: $2.5B+ since 2020, adding 5,000+ jobs (per Atlanta Regional Commission). Key projects:
Aerotropolis Atlanta Blueprint: $1.2B visionary plan transforming Southside with logistics hubs, mixed-use districts, and 10,000+ jobs; adopted 2016, Phase II underway 2025. Source: Hapeville Official Site
Porsche Experience Center Expansion (Phase II): $100M+ upgrade completed Q2 2025; added 100+ jobs, event space near property. Source: Porsche Newsroom
Delta TechOps MRO Facility: $200M hangar opened 2025; supports 400+ skilled jobs, boosting hospital referrals. Source: Delta News Hub
ATL Concourse D Widening: $500M+ modular expansion (5 modules installed Jan 2025); improves passenger flow, economic impact $1B+ annually. Source: WSP Insights
New Airport Routes: 22 destinations added/returned 2024–2025 (e.g., Etihad to Abu Dhabi Jul 2025); 1,604 daily movements, driving tourism/healthcare demand. Source: Simple Flying
Cumulative Milestones: 45 new/expanding firms since 2020; 4,200 jobs, $2.1B capital (ARC data); 2025 openings include cargo relocations tied to new runway planning.
Residential & Mixed-Use Momentum (2024–2025)
South Atlanta's housing boom (1,200+ single-family permits in Fulton Q1–Q3 2025) complements senior care via workforce influx and live-work-play amenities. Median home prices $285,000 (up 5.2% YoY); inventory +12%. Key projects:
Solis Hapeville (Terwilliger Pappas): 300+ unit multifamily with retail; groundbreaking Jan 2025 near Porsche HQ/downtown; tops out Q4 2025. Source: Urbanize Atlanta
SCP Hapeville (South City Partners): 285-unit multifamily; delivered Q3 2025, enhancing airport-adjacent density. Source: Urbanize Atlanta
Signal Development (South City Partners): Mixed-use with 68 townhomes, retail near airport/Porsche; opened early 2025. Source: Georgia Trend
Stillwood Enclave: Dense single-family (50+ homes) in downtown Hapeville; phased delivery through 2026. Source: Urbanize Atlanta
North Central Avenue Townhomes: 68 rental units along main drag; completed Q2 2025, supporting commuter growth. Source: Urbanize Atlanta
Chattabrewchee Brewery Expansion ("The Hangar"): Second location in downtown Hapeville remodel; Q4 2025 opening, adding F&B vibrancy. Source: Urbanize Atlanta
Shirley Estates: Boutique single-family replacing car lot; "Atlanta’s coolest community," sales started mid-2025. Source: Urbanize Atlanta
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