450-528 Waterside Ave
- Approximately 8.7 years of remaining HAP contract term through January 31, 2035
- Single project-based Section 8 contract covering 100% of units
- Annual OCAF adjustments provide inflation-linked rent escalation without market-rate leasing risk; rents reset upward effective February 1, 2026
- Coverage attaches to the units rather than the tenants, so subsidy resumes on each unit at turnover and the income base is preserved
- Income anchored by HUD subsidy rather than local market rents, insulating cash flow from tenant credit and regional rent cycles
- Long-dated HAP contracts have become harder to source as older contracts approach renewal
- Replacement economics do not support new construction at these rent levels, insulating existing rents from new competitive supply
- Two two-story buildings, 1979 construction with a Stark County effective year built of 1999 reflecting substantial renovation
- Low-rise walk-up design: individual entries, private patio or balcony for every apartment, no elevators or interior corridors
- Windows replaced in more than 75% of units under current ownership
- Roughly one third of residents in place ten years or more
- Owner-paid utilities with every apartment individually metered, preserving the option to shift utilities to tenant-paid at a future contract renewal, subject to HUD approval
Property Description
Waterside Estates is a 40-unit garden-style apartment community on a 3.46-acre lakeside parcel in Canal Fulton, Ohio. All 40 units operate under a single project-based Section 8 Housing Assistance Payments contract with HUD, under which HUD pays the difference between each resident's income-based share and the full contract rent. The result is a federally supported income stream largely insulated from local market rent movement and tenant credit risk.
Broker Details
SVN | Summit Commercial Real Estate Advisors 330-475-5500
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| No. of Units: | 40 |
| Year Built: | 1979 |
| Lot Size: | 3.46 Acres |
| Opportunity Zone: | No |
| Property Website | Click Here |
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