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Waterside Estates 450-528 Waterside Ave 40 Unit Apartment Building For Sale Canal Fulton, OH 44614
Investment Highlights
- Approximately 8.7 years of remaining HAP contract term through January 31, 2035
- Low-rise walk-up design: individual entries, private patio or balcony for every apartment, no elevators or interior corridors
- Single project-based Section 8 contract covering 100% of units
- Roughly one third of residents in place ten years or more
Executive Summary
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.
Property Facts
| Sale Type | Investment | Lot Size | 3.46 AC |
| No. Units | 40 | Building Size | 43,950 SF |
| Property Type | Multifamily | Average Occupancy | 95% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built/Renovated | 1979/1999 |
| Building Class | C | Parking Ratio | 1.37/1,000 SF |
| Zoning | Multifamily | ||
| Sale Type | Investment |
| No. Units | 40 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 3.46 AC |
| Building Size | 43,950 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built/Renovated | 1979/1999 |
| Parking Ratio | 1.37/1,000 SF |
| Zoning | Multifamily |
Amenities
Unit Amenities
- Balcony
- Refrigerator
- Oven
- Range
- Deck
- Lawn
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Playground
- Pond
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 8 | - | 685 |
| 2+1 | 24 | - | 860 |
| 3+1.5 | 8 | - | 985 |
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Somewhat walkable
30/100
Very drivable
80/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 09501665 | Improvements Assessment | $585,450 |
| Land Assessment | $109,310 | Total Assessment | $694,760 |
Property Taxes
Parcel Number
09501665
Land Assessment
$109,310
Improvements Assessment
$585,450
Total Assessment
$694,760
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