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📬 In today’s edition:

• 🏗️ New Housing Breakthrough in West Park After 20 Years

• 🚢 Port of Cleveland Welcomes New CEO, Jeff Epstein

• 🏠 House of the Week: Brand-New Tremont Colonial — $514K

📰 Cleveland Market Minute

First new West Park residential in 20 years

Long Cleveland’s most stable neighborhood, West Park has been getting a little gray in the 20th century. While several other Cleveland neighborhoods are seeing new housing and businesses get built, that investment has largely eluded West Park. Until now.

On successive days last week, two important developments in West Park took significant steps forward. On Sept. 4, ground was broken for the 19-unit Parker Townhomes, 3272 Warren Rd., located between the Warren Village Shopping Center and St. Mary Romanian Catholic Orthodox Cathedral.

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Port of Cleveland names new CEO

The Port of Cleveland announced that it has nominated Jeff Epstein to serve as its next president and chief executive officer, pending formal board approval. Epstein brings more than two decades of experience at the intersection of economic development, public-private partnerships, and transformative urban investment.

Board Chair Dave Wondolowski said Epstein brings the vision, experience, and leadership needed to advance strategic priorities at the Cleveland-Cuyahoga County Port Authority.

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Downtown garage is coming down

A small, decaying parking garage on an available property near Progressive Field in Downtown Cleveland is likely to be demolished soon. The question is, what might replace it now and for the long term?

The two-level parking garage, called the Oppman Garage because it was owned in the early 2000s by the late real estate investor Harvey G. Oppman, dates from 1950

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🏡 Just Sold Spotlight – 3440 W 151st St, Cleveland, OH 44111

📍3440 W 151st St, Cleveland, OH 44111

• 💰 Sale Price: $202,000 (Sold September 9, 2025)

• 📏 Size: 1,449 sq ft | 3 beds | 🛁 1 bath | 7 total rooms

• 🏘️ Property Type: Single Family (Colonial)

• 🌳 Lot Size: 4,792 sq ft (39x151)

• 🛠️ Year Built: 1931

• 🚗 Garage: 1-car detached garage

• 📝 Investor Takeaway

This charming 1931 colonial in Cleveland’s Warren Crest neighborhood sold for $202K, offering 1,449 sq ft of living space across 2 stories. With 3 bedrooms, 1 full bath, and a spacious living room (21x12), the home combines classic brick-and-vinyl curb appeal with modern comforts.

Highlights include central air, forced air heating, a formal dining room, and an updated kitchen with plenty of space for entertaining. Outdoor features like a porch, deck, and fenced yard make it an attractive single-family residence. Strong neighborhood amenities (parks, shopping, public transit, golf, and medical services) boost its livability and long-term value.

🏡 Neighborhood Insight

• 📍 Nearby Cross Streets: Between Triskett Rd & Warren Rd

• 🏫 School District: Cleveland Municipal – 1809

• 🧾 Assessed Taxes: ~$4,867 annually

• 💸 No HOA fees

📈 Recent Sales Nearby:

• 3421 W 150th St – $210,000 | Single Family | 3 beds | 2 baths

• 3505 W 152nd St – $198,500 | Colonial | 3 beds | 1.5 baths

• 14704 Fernshaw Ave – $205,000 | Single Family | 3 beds | 2 baths

📌 Notable Features

• Classic 1930s Colonial design (brick + vinyl siding)

• Spacious living room & formal dining room

• Central air + forced air gas heat

• Porch + deck for outdoor living

• Chain-link fenced yard

• Laundry in basement (washer/dryer included)

• City view + community amenities (parks, pool, tennis, shopping)

• Strong location near Warren Rd & Triskett for accessibility

💡 Insider’s Insight

🏡 Cleveland Real Estate Market & Investment Update | August–September 2025

Residential Market Trends (2025–2026)

The Cleveland housing market is showing steady growth and a gradual shift toward balance.

• Home Values: Average home values range from $113,522 to $116,771, up 1.9%–5% year-over-year.

• Median Prices: From $108,333 in April to $173,756 in June 2025, reflecting as much as an 8.8% annual increase.

• Inventory: Listings are up 37.3% across Cuyahoga, Portage, and Summit counties, offering buyers more choices.

• Time on Market: Homes now average 11–41 days, with some slowing compared to last year.

• Interest Rates: Mortgage rates are expected to hover between 6–7% through 2026, keeping affordability in focus.

📍 Neighborhood Highlights

• East Side: Ohio City ($166K, +7%), Tremont ($349K, -2%), Collinwood ($133K, +5%), Shaker Heights ($334K, +6%).

• West Side: Old Brooklyn ($160K), Edgewater ($599K), Kamm’s Corner ($234K), Bellaire-Puritas ($139K).

🔑 Takeaways for Buyers & Sellers

• Buyers benefit from more inventory and slower competition but face affordability challenges.

• Sellers must price strategically and invest in presentation to stand out in a crowded market.

• Forecast through 2026 suggests moderate growth (3–5%), new apartment developments, and a move toward a balanced market.

Commercial & Investment Spotlight

A major development reshapes the Cleveland investment real estate scene.

Legacy Capital Partners and RHM Capital Group have merged to form Legacy RHM Capital — a new real estate investment powerhouse focused on Core Plus and Value-Add multi-family housing.

• Portfolio: 18 properties | 3,541 units | $625M total cost basis.

• Track Record: Legacy has raised $394M across 7 funds; RHM has managed $224.6M in acquisitions and joint ventures.

• Focus Areas: Midwest & Southeast multi-family investments, leveraging strong ties with Bellwether Enterprise Real Estate Capital for financing.

• Team: Founded by seasoned Cleveland real estate leaders — David St. Pierre, Mitchell Schneider, John Joyce, Ned Huffman, and Jim Doyle — supported by investment and operations professionals.

📈 Why It Matters

This merger strengthens Cleveland’s role as a hub for institutional real estate investment, ensuring more capital flows into multi-family housing and development across the region.

🏡 House of the Week – New Construction Colonial in Tremont

📍 3139 W 17th Pl, Cleveland, OH 44109

• 💰 Price: $514,900

• 📏 Size: 1,930 sq ft above grade (new build)

• 📅 Built: 2025

• 🛏 4 Beds | 3 Full Baths

• 🚗 Garage: 2-car detached garage

• 🌳 Lot Size: ~0.085 acres (~3,700 sq ft)

• 🏫 School District: Cleveland Municipal School District – 1809

🧘 Vibes: Brand-new Colonial-style home in Tremont with Energy Star certification and tax abatement. The open-concept first floor flows from the living and dining areas into a chef-painted kitchen with stylish backsplash and stainless appliances. A flexible bedroom or office on the main level offers versatility.

👉 Listed by: Michelle R. Thomas, Realty Reimagined

📞 330-219-9963 | ✉️ [email protected]

🛠 Tools & Resources We Recommend

• PropStream → Lead generation + property comps

• AirDNA → Short-term rental profitability data

• BiggerPockets Cap Rate Guide → Know how to calculate investment ROI

• Cleveland Housing Court Tracker → Spot eviction risks and distressed deals

• Cleveland Real Estate Investor Facebook Group → Share deals and insights with local investors

📣 Weekly Wrap-Up

West Park is seeing its first new residential development in two decades. Ground was broken on the 19-unit Parker Townhomes along Warren Road, signaling new momentum in one of Cleveland’s most stable but long-overlooked neighborhoods.

The Port of Cleveland has nominated Jeff Epstein as its next CEO, bringing over 20 years of experience in economic development and public-private partnerships. His leadership is expected to shape the Port’s long-term growth and regional role.

In Downtown Cleveland, the Oppman Garage, a small, aging structure near Progressive Field, is slated for demolition. The cleared site raises big questions about what new project could rise in the heart of the Gateway District.

On the housing side, the Cleveland market update shows steady strength:

• Median home prices have climbed nearly 9% year-over-year

• Inventory is up 37% across Northeast Ohio

• Listings average 11–41 days on market, signaling more breathing room for buyers while sellers must stay competitive.

Investment activity is also heating up. Legacy Capital Partners and RHM Capital Group have merged to create Legacy RHM Capital, a $625M real estate platform managing over 3,500 multifamily units. This move highlights Cleveland’s growing role in institutional real estate investment.

Recent sales underline the diversity of the market: a 1931 Colonial in Warren Crest sold for $202K, while a new construction Colonial in Tremont listed at $514K showcases the strength of both traditional and high-end demand.

Until next week,

Cleveland Real Estate Investors

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