For investors who would rather back a building than a forecast
A projected 25.22% IRR, net of promote, over a three-year plan.
Built on two numbers set before the offering existed: $9,800,000 for 59 units in Belltown, and financing already fixed at 4.31%. Four questions tell you if this applies to you.
Four questions, about 30 seconds. Accredited investors only.
Most Seattle deals ask you to believe a forecast. Rents up, rates down, cap rates holding.
Here the entry is settled: the price is paid, the rate is fixed to 2031. What remains is Nordic's plan, presented as a projection, not a guarantee.
↓ Start here. Four questions
Which of these best describes you as an investor?
The asset
The deal itself
The price
- 59 units at 2510 Western Ave, built in 1990.
- Bought for $9,800,000. That is $166,102 a door, $325 a foot.
- The sale comparables are in the 27-page memorandum.
The rate
- $7,762,000 assumable at 4.31%, interest-only through March 1, 2031.
- About 55 months of that term remain. The assumption fee is 1%.
- Most three-year plans quietly depend on a refinance. This one does not.
- The seller's package estimates roughly $488,000 of extra cash flow over five years versus current loan quotes. Their estimate, not Nordic's.
The plan
- The upside is management, not construction.
- Under prior ownership the building produced roughly $73,000 of trailing net operating income. That is not a defect. It is the deal.
- The building has been under-managed. The seller's package puts gross potential income at $977,772 a year as the units sit.
- Nordic installs its own management and revenue systems at takeover, with a $477,000 renovation budget for cabinet and countertop work on natural turnover.
- Projected stabilized net operating income: above $850,000 by the end of the three-year plan. A projection, never a promise.
Renovation scope applies on unit turnover.
The deal in five lines
59 units in Belltown, built 1990.
Bought for $9,800,000. That is $325 a foot.
The loan is already fixed: $7,762,000 at 4.31% until March 2031.
Nordic projects 25.22% IRR, net of promote (after the sponsor's profit share), over the three-year hold.
$50,000 minimum. Accredited investors only.
Whose numbers these are
One thing you should know before the call. The return metrics on this page are Nordic's own underwriting as of August 2026, presented as a projection and not a guarantee.
The asset and loan data are reproduced from the seller's package and have not been independently re-underwritten. The 27-page memorandum carries both, with every flagged data note left visible. That is the document we send you.
The memorandum answers what this page cannot.
After you answer four questions, we call you shortly to confirm your details and answer your questions. Please pick up.