Below-market basis
$166,102 per door, against a Seattle average of $276,597 per unit across June 2026 sales.
Investment opportunity
Belltown · Seattle
Nordic Bay
2510 Western Ave, Seattle
23%
Projected LP IRR · three-year hold
58 residential units plus one commercial space, priced well below the Seattle average per unit, with 4.31% assumable Fannie Mae debt.
See if it's a fitFour questions. About two minutes. Then pick a time to talk.
1.78xProjected equity multiple
8.8%Projected annual cash-on-cash
$166KBasis per door
4.31%Assumable debt
Start here · four questions
Question 1 / 4
Which of these best describes you as an investor?
Question 2 / 4
The minimum investment is $50,000. Is that a fit for you?
Question 3 / 4
If the deal is a fit, when could you invest?
Question 4 / 4
Have you invested as a limited partner (LP) in a real estate deal before?
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Book a call with a principal
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We'll call you shortly to confirm. Please pick up. In the meantime, the full offering memorandum is ready for you.
Read the full Nordic Bay OMThis offering is for accredited investors only.
Nordic Bay is offered under Rule 506(c) of Regulation D, which is limited to verified accredited investors. If your situation changes, we'd be glad to hear from you.
Learn about Nordic PartnersThanks for letting us know.
This offering has a $50,000 minimum. Nordic brings other opportunities to market. Leave your details on the full memorandum page and we'll keep you in mind.
View the Nordic Bay OMWhy Nordic Bay
A Belltown building at the right basis.
4.31% assumable debt
$7,762,000 of in-place Fannie Mae financing, interest-only for 36 months, maturing March 1, 2031.
Rents below the market
A $321 per unit, per month gap to comparable rents, closed through management, leasing and light renovation on natural turnover.
Seattle's most walkable submarket
98 Walk Score. Pike Place Market down the street, Elliott Bay to the west and the $806M Waterfront Seattle project next door.
58 residential units over one ground-floor commercial space, built in 1990, at 2510 Western Ave in Belltown.
About Nordic Partners Investments
Seattle operators.
Seattle building.
Professional. Reliable. Personable.
Our mission is to foster genuine relationships with our community, holding their success at the heart of our business. We create long-term wealth for our clients through a strategy that balances risk and return in the Seattle multifamily space. Conservative underwriting is and always will be one of our core principles.
Nordic controls its value chain: construction, property management, residential brokerage and landscaping.
Want the full numbers?
Answer four questions and pick a time to talk with a principal.
See if it's a fit