Washington, Oregon and California investors:25%+ investor IRR58 residential units plus one commercial space in Seattle, financing in place.
2510 Western Ave, Seattle. $7,762,000 of financing in place at 4.31%. The projected 25.22% IRR is over a three-year hold.
Four questions. About two minutes. Accredited investors only.
↓ Start here. Four questions
Which of these best describes you as an investor?
The asset
Most Seattle deals ask you to believe a forecast about where the market goes next.
This one starts from things you can check: a purchase price, a loan already in place, and a projection that is labeled as one.
The purchase price is $9,800,000, or $166,102 a door and $325 a foot.
The financing is $7,762,000 at 4.31%, interest-only through March 1, 2031. It transfers to the new owner on a 1% assumption fee.
The seller's package estimates roughly $488,000 of additional cash flow over five years against current loan quotes. The estimate is the seller's, not Nordic's.
One building in Seattle, for investors across Washington, Oregon and California.
Nordic's plan starts with operations, not construction.
Under prior ownership the building produced roughly $73,000 of trailing net operating income. Nordic reads that as a management gap and not a demand problem. It takes over management and revenue systems, and spends a $477,000 renovation budget on natural turnover as units roll, not all at once. Its underwriting carries a projected stabilized net operating income above $850,000 by the end of the three-year plan.
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