NORDIC HEIGHTS
Nordic Heights Apartments is a 10-unit, multifamily building located in Seattle's rapidly growing Ballard neighborhood. Constructed in 1957 with a wood frame and brick façade, Nordic Heights consists of one studio and nine 1 bedroom units, with an onsite laundry room on a 4,285 square foot lot. The project started as a 1031 exchange, where PI moved its investors from an under performing single family asset into Nordic Heights. The asset repositioning was managed end to end by NPI from due diligence, transacting, construction management, and finally releasing and property management.
| 1957 Year Built | 10 Units |
|---|---|
| PURCHASE DATE | May 2021 |
| LIST PRICE | $2,350,000 |
| CLOSING PRICE | $2,085,000 |
| PRICE PER UNIT | $208,000 |
| STABILIZED CAP RATE | 6.95% |
| NET RENTABLE SF | 6.300 |
| ASSET TYPE | Multifamily |
| PURCHASE OPTION | 1031 Exchange |
PROJECT UPDATE
Seven of the ten units have been fully renovated; including fresh paint, new vinyl plank flooring and kitchen quartz countertops. Features such as modern tiled backsplashes and cabinets in both the kitchens and bathrooms give the property a fresh update. In addition, significant utility updates were made to remodeled units, which include new water and baseboard heaters as well as electrical boxes. Custom vanities and cabinets along with all new hardware and mirrors give the units a finished, contemporary- look. All new stainless- steel appliances (fridge, dishwasher, stove, and microwave) along with updated ceilings complete the thorough renovation of individual units. Going beyond interior upgrades, the onsite laundry room has been fully updated with new flooring, fresh paint, and two state of the art industrial washers and dryers that are free for residents. Additional storage lockers make laundering a much more pleasant experience. The exterior had a complete face-lift, which included full exterior paint & new LED lighting for safer entry at night. A 2011 roof replacement was also updated with preventative maintenance repairs in 2021.
Address
11900 NE 1st St Suite 300
Bellevue, WA, 98005
