Waterside Estates | 40 Units | Project-Based Section 8, Canal Fulton OH

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

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.

Waterside Estates is located in Canal Fulton, a small residential community in northwest Stark County, within the Canton-Massillon Metropolitan Statistical Area and the broader Akron-Canton region of Northeast Ohio. Interstate 77 runs north to south a short distance east of the property, connecting the submarket to Canton, Akron, and Cleveland.

Canal Fulton sits west of Interstate 77 and north of Massillon, with State Route 21 and U.S. 30 providing the primary regional connections. The property is roughly half a mile north of the Canal Street historic district and the canal towpath. Schools are served by Northwest Local School District.

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