Waterside Estates

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

Attachments

• Property Brochure 1 ()

Location

Points of Interest