Belltown, Seattle · Multifamily · Accredited investors
Own a piece of Belltown, two blocks from the waterfront.
Nordic Bay is 58 apartments and a ground-floor commercial space at 2510 Western Ave. Nordic Partners' plan is projected to return a 23% LP IRR over three years.
- Projected LP IRR
- 23%
- Equity multiple
- 1.78x
- Annual cash-on-cash
- 8.8%
- Hold
- 3 yrs
Run the numbers
What an investment could look like.
Illustration only, using the sponsor's projected figures. Actual results will differ and are not guaranteed. Capital is at risk.
The three-year plan
Fix the operations. Let the rents catch up. Sell.
The building has been under-managed: over the trailing twelve months, expenses ran 91% of revenue. Nordic takes over management, re-leases units at renovated rents as they turn over naturally, and assumes the 4.31% Fannie Mae loan already on the building.
- Sept 2026Projected close
Assume $7,762,000 of 4.31% Fannie Mae debt, interest-only for 36 months.
- Year 1$637,810 NOI
Nordic's own management takes over. Lease-up begins on 31 turns.
- Year 2$767,327 NOI
Remaining 28 turns. Renovated rents build through the schedule.
- Year 3$853,375 NOI
Full renovated rent roll in place. Stabilized operations.
- Aug 2029Projected sale
Projected exit value of $14,841,309 at a 5.75% cap rate.
The property
A courtyard building with a rooftop view of Elliott Bay.
- 58 + 1apartments plus one commercial space
- $166,102basis per door, vs. a $276,597 Seattle average (June 2026)
- $321per unit, per month below comparable rents
- 4.31%assumable Fannie Mae debt, maturing March 2031
The location
Seattle's most walkable neighborhood.
- Olympic Sculpture Park0.2 mi
- Pike Place Market0.5 mi
- Seattle Aquarium0.6 mi
- Amazon Spheres0.7 mi
- Waterfront SeattleTwo blocks
- Link light rail20-min walk
Your partners
Nordic Partners Investments runs it end to end.
Nordic handles construction, property management, residential brokerage and landscaping in-house, so the business plan doesn't depend on outside vendors.
20 investment properties and 650 doors. PSBJ 40 Under 40 (2025).
384 multifamily units. Principal, Nordic Real Estate Property Management.
In real estate since 2010. Prior experience includes CBRE and Microsoft.
Questions
Before you book.
What's the minimum investment?
$50,000.
Who can invest?
Accredited investors only. The offering is made under Rule 506(c) of Regulation D, so accredited status is verified before investing.
How are profits split?
Investors receive a 5% non-compounding, non-accruing preferred return. Above that, profits are split 70/30 between investors and the sponsor.
How long is my money invested?
The plan projects a three-year hold: close in September 2026 and a sale in August 2029.
Can I see the full numbers first?
Yes. The full offering memorandum, including the rent roll, financials and returns, is at nordic-bay.com.