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📬 In today’s edition:

• 📊 Cleveland is officially balanced — here's every number that proves it

• 📍 New tenants, new energy — the Flats East Bank reset is underway

• 💸 $1M estimate. $4M+ reality. Here's what that means for your next pre-1990 acquisition

📰 Cleveland Market Minute

Flats find new life with wave of openings

When the sudden closings of several long-term tenants punctuated the end of the 2025 season, many were quick to declare Flats East Bank in Cleveland “dead” once again.

Margaritaville, Inferno and Rum Runners closed for good while Punch Bowl Social closed temporarily to work on an “exciting new concept.” They have yet to reopen.

🔗 Read More

Cosm goes vertical downtown

In Downtown Cleveland’s Gateway District, Cosm’s vertical construction is moving along — fast. The massive “shared reality” entertainment venue, being developed as part of Bedrock’s Rock Block, would stream sports events on a nearly 100-foot, 12k-resolution LED dome.

While the development is addressed as 522 E. Prospect Ave., the building will front Huron Road, directly across from Rocket Arena (owned by one of Bedrock’s sister companies).

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Clinic seeks OK of Emergency Dept expansion

Cleveland Clinic and its facility planning consultants are seeking approval next week from the Cleveland Planning Commission for conceptual designs for its expanded Emergency Department, called Building E, 9105 Cedar Ave., in Cleveland’s Fairfax neighborhood.

Some may look at the “massing” designs, which intentionally lack texture and details, and wonder what the commission is being asked to approve. But the point of a massing is for the city to weigh in on the proposed scale, shape and placement of a structure on a site.

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🏠 Just Sold Spotlight – Sophisticated 4-Story Duck Island Townhouse with Dual Rooftop Decks, Private Sauna & Remaining Tax Abatement Between Tremont & Ohio City

📍 2275 W 19th St, Cleveland, OH 44113

• 💰 Sold Price: $650,000

• 📏 Size: 2,400 sq. ft.

• 📅 Year Built: 2020

• 🛏 3 Beds | 🛁 2 Full + 2 Half Baths

• 🚗 Attached 2-Car Garage (Heated, Epoxy Floor)

• 🌳 Lot Size: —

• 🏫 School District: Cleveland Municipal School District

📝 Investor Takeaway

Closing $8,800 above its $641,200 Zestimate in a market sitting at a neutral-to-buyer index (44/100), this W. 19th Street townhouse demonstrated that well-finished, energy-efficient new construction with remaining tax abatement commands a premium regardless of broader market softness.

At $271/sq. ft. on 2,400 finished feet across four levels, pricing aligns tightly with the comparable Duck Island corridor — where recent sales have ranged from $645,000 to $825,000. The standout yield signal: a Rent Zestimate of $4,769/month against a $200/month HOA covering grounds, insurance, snow removal, and trash.

That's a gross rent-to-price ratio that outperforms most 44113 product at this price tier, with energy-efficient mechanicals, Low-E Argon windows, and Energy Star appliances keeping operating costs in check for long-term holders.

🏡 Neighborhood Insight

• 📍 Community: Duck Island / Nineteen West, Cleveland (44113)

• 🏞 Nearby Landmarks: Tremont restaurant corridor, Ohio City, West Side Market, Towpath Trail, downtown Cleveland

• 🚶 Accessibility: Highly walkable; ideally positioned between Tremont and Ohio City with easy downtown access

• 🌿 Lifestyle Appeal: One of Cleveland's most vibrant and walkable urban pockets — coffee shops, acclaimed dining, shopping, and green space all within reach of a truly turnkey modern home

📈 Recent Sales Nearby:

• 2149 Columbus Rd – $675,000 | 3 Bed | 4 Bath | 2.2k sq. ft.

• 2253 W 19th St – $645,000 | 2 Bed | 4 Bath | 2.4k sq. ft.

• 2147 Columbus Rd – $675,000 | 3 Bed | 4 Bath | 2.2k sq. ft.

• 2157 Columbus Rd – $675,000 | 3 Bed | 4 Bath | 2.2k sq. ft.

• 3118 Vine Ct – $825,000 | 3 Bed | 4 Bath | 2.5k sq. ft.

📌 Notable Features

• 🌅 Dual rooftop decks — east-facing for sunrise, west-facing for sunset skyline views over downtown Cleveland

• 🧖 Private in-suite sauna in the primary bathroom — a rare luxury amenity in Cleveland's urban townhouse market

• 🏋 Home gym in the heated attached garage with epoxy flooring and ample storage — can convey with the property

• 🍽 Chef's kitchen with quartz countertops, large center island, 42-inch cabinetry, and stainless Energy Star appliances

• 🔥 Entry-level flex space with electric fireplace — ideal as home office, fourth bedroom, or lounge

• 🏙 Main living level with 9-ft ceilings, expansive windows, open floor plan, and private balcony

• 👑 Primary suite with custom walk-in closet, frameless glass tiled shower, and dedicated sauna

• 🧺 Third-level laundry room conveniently located between bedrooms

• 🌿 Eco-conscious construction: high-efficiency mechanicals, Low-E Argon windows, Energy Star appliances throughout

• 💰 Remaining tax abatement in place — meaningful savings on carrying costs for owner-occupants and investors alike

• 🏘 HOA at $200/month covers grounds maintenance, insurance, snow removal, and trash

💡 Insider’s Insight

📊Cleveland Is Officially a Balanced Market — Here's the May 2026 Breakdown

📍 The Headline

• Per Realtor.com's May 2026 data, Cleveland is now classified as a balanced market — supply and demand running roughly even. The Realtor Hotness Index still flags it as warm, with homes moving in a median of 42 days.

📊 Citywide Key Indicators (May 2026)

• 🏷 Median listing price: $144,900 | 0% YoY | +26% 3Y

• 💰 Median sold price: $145,000 | +8.21% YoY | +15.08% 3Y

• 📐 Price per sq ft: $109 | -3.54% YoY | +37.97% 3Y

• 🏘 Active listings: 1,926 | +16.31% YoY | +16.46% 3Y

• 📅 Median days on market: 42 days | 0% YoY | +23.53% 3Y

• 🏠 Rental properties: 1,467 | -45.62% YoY | -34.69% 3Y

• 💵 Median rent: $1,275/mo | -15% YoY | -1.92% 3Y

💰 What the Numbers Are Telling Sellers

• Homes sold for 1.18% below asking in May

• 99% sale-to-list ratio — sellers are still capturing nearly full price

• 42-day median time on market is unchanged YoY

• The 0% YoY change in median list price against listings up 16% means sellers haven't blinked

🛒 What the Numbers Are Telling Buyers

• Active listings up 16.31% YoY — the deepest pool of options buyers have seen in three years

• $109/sq ft is down 3.54% YoY — modest relief on per-foot pricing

• The 3-year picture is still strongly positive: +26% on list price and +38% on price-per-sq-ft

• Entry remains accessible: $145K median suits first-time buyers and yield investors alike

🏠 What the Numbers Are Telling Landlords

• Rental listings collapsed -45.62% YoY (1,467 units available vs. ~2,700 last year)

• Median rent dipped -15% YoY to $1,275/mo

• Over three years rents are basically flat (-1.92%), but inventory is down 34.69%

• The mismatch — tenants absorbing units fast while rents softened — suggests tenants captured supply rather than landlords losing pricing power

🏘 Where to Look Next

• Neighborhoods worth exploring: Glenville, West Park, Broadway–Slavic Village, Mt. Pleasant

• High-density investor zips: 44102, 44120, 44105, 44109

🔑 Investor Takeaway

The most important number in this dataset isn't the median price — it's the +38% three-year jump in price-per-square-foot against a 0% one-year change in median list. Translation: Cleveland's long appreciation cycle is intact, even though the last 12 months gave it a breather. Listings up 16% with the price holding flat is a textbook signal of equilibrium, not weakness. The rental side is the sleeper story — a 45% drop in available units against only a 15% rent decline tells you tenants moved on inventory faster than landlords adjusted asking rents. Underwriting takeaway: assume rents recover, not that they keep falling. For yield-focused investors, the deeper inventory plus stable cap rates in 44102, 44105, 44109, and 44120 is the cleanest entry window in three years.

🏛 Geauga County's $1M Roof Becomes a $4M+ Project: The Discovery Cost Lesson

📍 The Story

Geauga County commissioners are opening bids for a full roof replacement at the county Safety Center in Chardon — the building that houses both the county jail and the sheriff's office. Water intrusion has disrupted jail operations and damaged equipment, and county officials say they're done with patch jobs. Only a complete replacement with a heavier-duty membrane will stop the recurring problems.

💰 The Cost Explosion Every Investor Recognizes

• Original estimate: ~$1 million

• Revised scope: more than $4 million — a 4x blowout

• Trigger: inspectors opened the roof and found ~90% of the coverboard saturated and ~80% of the lower insulation layers waterlogged

• New spec: polyvinyl chloride (PVC) roofing system — chosen for long-term durability

📅 The Procurement Timeline

• July 1: mandatory pre-bid meeting at the Safety Center (site walk + scope clarification)

• July 15: bid review begins

• Project plans were submitted earlier this year to the Ohio Department of Rehabilitation and Correction for required state review

• Bid documents and addenda posted at the Board of Commissioners' bid openings page

⚠️ The Operational Constraint

• Detention services must continue throughout construction

• Leaks have already destroyed equipment

• At one point a portion of the jail had to be temporarily closed while crews worked to maintain safe conditions

• Contractors with experience staging work around active public-safety facilities are expected to lead in review

🔍 What Happens Next

• County officials say the overall timeline depends on (a) how fast bids can be approved and (b) whether crews uncover additional out-of-scope repairs once demolition begins

• Commissioners will take formal action at an upcoming session once bid documents are finalized

• Goal: a "one-and-done" fix that trims ongoing maintenance costs

🔑 Investor Takeaway

This is the most relatable underwriting cautionary tale published this month — and it has nothing to do with Cleveland city limits. A roof estimated at $1M came in at over $4M once anyone actually opened it, with 80–90% of the substrate underneath rotted. Every flipper, syndicator, and value-add operator has lived a smaller version of this exact moment. Two practical reads: (1) On any pre-1990 roof where inspection can't get under the membrane, price discovery contingency at 2–3x base estimate, not the standard 10–15% buffer. (2) For investors using outer-ring counties like Geauga as escape valves from Cuyahoga pricing, watch the municipal capex pipeline. A county absorbing a $3M+ unbudgeted hit on a single building tends to defer other projects, lean on levies, or push tax adjustments — all of which eventually touch property owners. Geauga's higher median home values make this kind of capital shock material before assuming low-tax positioning is durable.

🏡House of the Week – Rooftop Skyline Views, Dual Fireplaces & Ultra-Low Taxes in the Heart of Tremont

📍 2307 Thurman Ave, Cleveland, OH 44113

• 💰 Price: $585,000

• 📏 Size: 1,881 sq ft

• 📅 Year Built: 2014

• 🛏 2 Beds | 🛁 2 Full Baths + 1 Half Bath

• 🚗 Attached 2-Car Garage

• 🏡 Townhouse | Tremont

• 🏫 School District: Cleveland Metropolitan School District

🧘 Vibes: Tremont's most coveted streets don't produce listings like this often — a beautifully appointed multi-level townhome with rooftop city views, dual fireplaces, premium finishes throughout, and an annual tax bill of $1,175. No HOA. Two-car attached garage. This is the property Tremont buyers have been waiting to find.

The craftsmanship sets the tone from the moment you walk in. Quartz countertops, a beautifully appointed kitchen with full appliance suite including disposal and microwave, HardiPlank and cedar exterior construction, and permeable pavers underfoot signal a home built with intention and maintained with pride. Two fireplaces — one on the main living level, one elsewhere in the home — add warmth and character that elevate the everyday living experience well beyond what the square footage alone suggests.

👉 Listed by: Adam T. Bellinski & Matthew R. Lynch | Russell Real Estate Services

📞 330-685-5583 | ✉️ [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

📰 Cleveland Real Estate Weekly | Downtown Dome, Flats Revival & Duck Island at a Premium

Cleveland's market continues balancing two realities at once: large-scale redevelopment and expanding inventory. While national housing momentum slows and buyers gain leverage, Cleveland remains active with new investment pipelines, adaptive reuse projects, and strong demand for premium urban housing.

📊 Market Momentum: Downtown Activation Accelerates While Buyers Gain Ground

Cosm's 12K-resolution LED dome is rising fast in the Gateway District one of the most visible signals yet that Bedrock's Rock Block is becoming a reality. In the Flats, demolition approval at 401 Stones Levee clears the final hurdle for a $45M+ amphitheater that could fundamentally redefine the riverfront entertainment corridor.

🏠 Just Sold Spotlight | Sophisticated 4-Story Duck Island Townhouse with Dual Rooftop Decks, Private Sauna & Remaining Tax Abatement Between Tremont & Ohio City

• 📍 2275 W 19th St, Cleveland, OH 44113

• 💰 $650,000 | 📏 2,400 sq ft

Closing $8,800 above its $641,200 Zestimate in a neutral-to-buyer market (44/100 index), this W. 19th Street townhouse confirmed that well-finished, energy-efficient new construction with remaining tax abatement commands a premium regardless of broader softness.

💡 Insider Insight | Cleveland's Rental Inventory Collapse Is the Story Hiding Inside the Balanced Market Headline

Everyone is talking about listings up 16% and a balanced market classification — but the number that actually moves the needle for investors is buried two rows down in the May 2026 data: rental inventory fell 45.62% year-over-year. Cleveland went from roughly 2,700 available rental units to 1,467 in twelve months.

🏡 House of the Week | Rooftop Skyline Views, Dual Fireplaces & Ultra-Low Taxes in the Heart of Tremont

• 📍 2307 Thurman Ave, Cleveland, OH 44113

• 💰 $585,000 | 📏 1,881 sq ft

A beautifully appointed multi-level Tremont townhome with rooftop city views, dual fireplaces, quartz countertops, HardiPlank and cedar exterior construction — and an annual tax bill of $1,175. No HOA. Two-car attached garage. Rare on one of Tremont's most coveted streets.

Cleveland Real Estate Investors

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