What is the asking price for Waterside Estates?

Please use the contact form to get in touch with a broker and find out more about what this multifamily property has to offer.

What type of property tenancy can you find at Waterside Estates?

This property is listed as Multi-Tenant.

What is the total size of Waterside Estates?

The property has a total square footage of 34,324 SF.

When was this property built?

Waterside Estates was built in 1979.

How many parking spaces are available at Waterside Estates?

Parking information for the property isn't currently listed. However, other nearby parking options include Olde Muskingum Trail Cherry St. Trailhead Parking Area, located 0.70 miles away , and Butterbridge Road Parking, which is 2.76 miles away.

450-528 Waterside Ave, Canal Fulton, OH 44614

For Sale Subject to Offer
Property Type Multi-Family
Property Size 34,324 SF
Units 40
Lot Size 3.46 Acre
Property Tenancy Multi-Tenant
Building Class C
Year Built 1979
Year Renovated 1999
Date Updated Sep 21, 2026

Description

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.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.

Highlights

Annual OCAF adjustments provide inflation-linked rent escalation without market-rate leasing risk; rents reset upward effective February 1, 2026
Approximately 8.7 years of remaining HAP contract term through January 31, 2035
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
Low-rise walk-up design: individual entries, private patio or balcony for every apartment, no elevators or interior corridors
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
Replacement economics do not support new construction at these rent levels, insulating existing rents from new competitive supply
Roughly one third of residents in place ten years or more
Single project-based Section 8 contract covering 100% of units
Two two-story buildings, 1979 construction with a Stark County effective year built of 1999 reflecting substantial renovation
Windows replaced in more than 75% of units under current ownership