Waterside Estates

450-528 Waterside Ave, Canal Fulton, OH 44614

Accepting Offers

Asking Price

Waterside Estates

450-528 Waterside Ave, Canal Fulton, OH 44614

Details

Asset Type: Real Estate

Estate: Leasehold

Year Renovated: 1999

Number of Floors: 2

Property Size: 34,324 SF

Property Type: Multifamily

Year Built: 1979

Land Area: 3.46 Acres

Number of Units: 40

Investment Highlights

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

Call for Offers | 40-Unit Project-Based Section 8 | Canal Fulton, OH (HAP to 2035)

CALL FOR OFFERS. Following strong interest, SVN Summit is conducting a call for offers on Waterside Estates, a 40-unit project-based Section 8 community in Canal Fulton, Stark County. Single HAP contract through January 31, 2035, OCAF-adjusted, delivered free and clear. All offers are due Thursday, November 19, 2026 by 5:00 PM ET. The full OM, rent roll, financials, and HAP documents are available in the data room under a signed confidentiality agreement. Offered subject to offer. 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.

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