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📬 In today’s edition:

• 📊 The office math that explains Cleveland's market

• 📰 Brownfields, big bets, and a 252% duplex

• 📈 East 55th is heating up — here's the proof

📰 Cleveland Market Minute

Cleveland housing developments get funded, neighborhoods lifted

Three Cleveland developments won competitive, highly coveted tax credits that will help push each of those new housing projects toward construction. In total, the trio will add 165 affordable residential units. But one of them is actually the construction of 40 new houses that offer an opportunity at home ownership.

The three projects that won 9 percent Low Income Housing Tax Credits (LIHTC) from the Ohio Housing Finance Agency (OHFA).

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Downtown Cleveland: experience drives perception

Downtown Cleveland, Inc. (DCI) says that the biggest thing wrong with the city’s central business district is that not enough people are familiar with it. If more people visited it more often, DCI said people would enjoy it more. And DCI has a survey of perceptions to back up its argument.

“Experience drives perception” is one of the most prominent takeaways DCI gained about the city center. The data from DCI’s survey suggests that as people spend more time downtown, their views of safety and vibrancy improve significantly.

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Edgewater, West Blvd grapple with new development

Cleveland’s Edgewater, Cudell, and West Boulevard neighborhoods are currently facing a small wave of development, ranging from renovations to new construction. But the path to groundbreaking has been easier for some projects than others.

At the southwest corner of West and Clifton Boulevards, six townhomes proposed by local builder SmartBuilt Development LLC and designed by Sixmo Architecture of Cleveland faced significant opposition from neighbors at a City Planning Commission meeting on May 1.

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🏠 Just Sold Spotlight – Historic High-Rise Condo with Brand-New Windows, Skyline Views & Walkable Downtown Living at The Pointe at Gateway

📍 1326 W 110th St, Cleveland, OH 44102

• 💰 Sold Price: $360,000

• 📏 Size: 2,700 sq. ft.

• 📅 Year Built: 1920

• 🛏 6 Beds | 🛁 3 Full Baths

• 🚗 Driveway

• 🌳 Lot Size: 5,558 sq. ft.

• 🏫 School District: Cleveland Municipal School District

📝 Investor Takeaway

At $133/sq. ft. on a fully gut-renovated duplex with three-unit income potential, this W. 110th Street multifamily closed right at its $360,100 Zestimate — a rare alignment of market value and sale price that signals strong pricing discipline. With projected rental income of ~$4,000/month across all three units, the gross yield picture is compelling for Cleveland's near west side, where demand from both renters and owner-occupants continues to tighten inventory. A 2023 roof, dual new HVAC units, new hot water tanks, and new windows mean near-zero deferred maintenance — a meaningful distinction for investors underwriting long-term hold strategies. The property has appreciated 252% over the last decade, making it one of the stronger appreciation stories in the 44102 zip code.

🏡 Neighborhood Insight

• 📍 Community: Near West Side, Cleveland

• 🏞 Nearby Landmarks: Edgewater Beach, Downtown Cleveland, local parks, shopping and entertainment corridors

• 🚶 Accessibility: Walkable to parks and retail; 5 minutes to Edgewater and downtown

• 🌿 Lifestyle Appeal: A rapidly appreciating near west corridor balancing urban access with residential density — ideal for the live-in landlord or seasoned multifamily investor

📈 Recent Sales Nearby:

• 1289 W 115th St – $353,000 | 5 Bed | 3 Bath

• 10105 Baltic Rd – $336,000 | 5 Bed | 3 Bath | 2.6k sq. ft.

• 2049 West Blvd – $418,000 | 5 Bed | 3 Bath | 2.5k sq. ft.

• 2095 Lark St, Lakewood – $310,000 | 7 Bed | 4 Bath | 2.6k sq. ft.

• 3123 West Blvd – $240,000 | 6 Bed | 2 Bath | 2.8k sq. ft.

📌 Notable Features

• 🏠 Three-unit multifamily layout — first floor, second floor, and third-floor suite with kitchenette

• 🍽 Gourmet kitchens across units with quartz countertops, high-quality cabinetry, and stainless appliances

• 🛋 Spacious open-concept living rooms on both main units with seamless kitchen flow

• 🍽 Second floor includes formal dining room and 3-bedroom configuration with full modern bath

• 🏗 Third floor features a large bonus room with kitchenette and full bath — flex income or owner suite

• 🌿 Front porch and balcony for outdoor living

• 🔧 Major 2023–2025 updates: new roof (2023), 2 new AC units, new hot water tanks, new windows, new flooring, new fixtures, fresh paint throughout

• 💰 Projected rental income of ~$4,000/month — live-in landlord or full cash flow play

• ✅ Seller warranty included; eligible for Cash, Conventional, FHA, and VA financing

💡 Insider’s Insight

🏢 AmTrust Bets $14M on Staying Downtown

📍 The Move

AmTrust is splitting its Greater Cleveland office presence, relocating part of its workforce to suburban Mayfield Heights while keeping roughly a third downtown at the AECOM Building, 1300 E. 9th St.

💰 The Investment

• $14M tenant buildout for 51,397 sq ft across the 2nd and 3rd floors

• $200K already spent on interior demolition to clear the space

• Architectural, electrical, mechanical, and plumbing modifications planned

⚖️ The Irony Worth Noting

• AmTrust's $14M renovation is more than 3x what its current tower (800 Superior) just sold for

• It also exceeds the $11M owner Rugby Realty put into renovating the entire 21-story building after buying it in 2018

🏚 The Building It's Leaving

• 800 Superior (587,118 sq ft, 23 stories) sold May 1 for just $4M to a Kassouf family affiliate

• AmTrust leased ~300,000 sq ft there for 15 years; lease expires at year's end

• Second-largest tenant National General also exiting — leaving major vacancy

• County appraised the tower at $19.6M last year, a $10M drop from 2022

🔑 Investor Takeaway

A landmark downtown tower trading at $4M while a single tenant spends $14M to renovate suburban-adjacent space tells the story of a bifurcating office market: flight to quality and amenities, with older bulk-square-footage assets repricing hard. As Newmark's Terry Coyne put it, the winners and losers are already identifiable.

🏗 Tax Credits Power 165 New Affordable Units Across Cleveland

🏆 The Awards

Three Cleveland projects won competitive 9% Low-Income Housing Tax Credits (LIHTC) from the Ohio Housing Finance Agency, part of $39.1M in statewide awards. The program can subsidize up to 70% of construction costs.

🥇 Lorain Avenue Redevelopment — $27.2M

• 62-unit general-occupancy apartment building in Ohio City

• Replaces the aging, nearly vacant McCafferty Health Center

• Ground-floor space becomes Ohio City Inc.'s permanent office

• Serves households at 30–70% of Area Median Income (Cleveland median: ~$40,801)

• Construction could begin mid-2027 — pending demolition funding

🥈 Living At 55 — $21M

• Senior housing (55+) at 1401 E. 55th St. in St. Clair-Superior

• Built on the former Frank Sterle's Slovenian Country House site (closed 2017, demolished 2023)

• Cleveland Clinic backing the project with a $1M grant to co-developer Famicos

• Construction targeted before end of 2027

🥉 South Collinwood SFLP Homes — $14.56M

• 40 new single-family lease-to-purchase homes on former land-bank lots

• ~36 three-bedroom two-story homes + 4 accessible one-story homes

• Offered to families at or below 60% AMI

• CHN's lease-purchase model: a 15-year, coached pathway to ownership (1,800+ homes transferred to date)

📈 The Bigger Picture

• $2.5M loan + $10M in 4% LIHTC also went to Union at Cleveland Harbor

• $64M Warner Swasey redevelopment breaks ground June 1

• Retail following residential: A to Z Furniture expanding ($590K), new AutoZone ($1.6M) on E. 55th

🔑 Investor Takeaway

The East 55th corridor and Ohio City are absorbing serious public capital, and one project here is for-sale housing, not just rentals — South Collinwood's lease-to-purchase model builds owner-occupants and long-term neighborhood stability. As Famicos director John Anoliefo noted, out-of-state partners are circling E. 55th. Subsidized construction lifts surrounding comps and signals where private capital tends to follow.

🏡House of the Week – Remodeled Corner Townhome in One of Ohio City's Most Coveted Private Courts

📍 📍 3901 Vine Ct, Cleveland, OH 44113

• 💰 Price: $375,000

• 📏 Size: 1,410 sq ft

• 📅 Year Built: 2009

• 🛏 3 Beds | 🛁 1 Full Bath + 1 Half Bath

• 🚗 Attached 1-Car Garage

• 🏡 Corner Townhouse | Clinton Court, Ohio City

• 🏫 School District: Cleveland Metropolitan School District

🧘 Vibes: Tucked behind garden-lined walkways off Clinton Avenue — one of Ohio City's most sought-after addresses — this light-filled corner townhome is the rare find that checks every box without asking you to compromise. Fully updated, move-in ready, and priced for a buyer who recognizes that location and lifestyle at $266 per square foot in this zip code is genuinely hard to replicate.

The floor plan is efficient but lives large. A first-floor flex suite — easily deployed as a home office, guest room, or private gym — establishes the versatility early. The main living level delivers on natural light through large picture windows, with a renovated kitchen as the clear centerpiece: white quartz countertops, custom tile backsplash, curated lighting, a coffee bar area, and a full stainless steel appliance suite — a remodel done with intention, not just a surface refresh. The living area flows directly onto a private rear deck, freshly repaired and re-stained this year, extending the usable footprint for morning routines and evening entertaining alike. A powder room completes the main level.

👉 Listed by: Allie Carr | Berkshire Hathaway HomeServices Professional Realty

📞 216-952-8884 | ✉️ [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 Repositioning, Affordable Housing & Near West Side Momentum

Cleveland’s real estate market continues evolving through a mix of downtown reinvestment, public-backed housing expansion, and rising demand across key west-side neighborhoods. While older office assets struggle nationally, Cleveland is seeing renewed confidence in upgraded urban product and long-term neighborhood development.

📊 Market Momentum: Office Repricing, Public Capital & Housing Expansion

This week highlighted the growing divide within commercial real estate. AmTrust’s $14M investment into Downtown Cleveland offices — while its former tower sold for just $4M reinforces a clear “flight to quality” trend reshaping the office sector.

💡 Takeaway: Cleveland remains a value-driven market where public investment, infrastructure, and neighborhood positioning continue attracting long-term capital despite broader national uncertainty.

🏠 Just Sold Spotlight | Renovated Near West Side Multifamily

• 📍 1326 W 110th St, Cleveland, OH 44102

• 💰 $360,000 | 📏 2,700 sq ft

This fully gut-renovated three-unit multifamily closed directly at Zestimate value, signaling disciplined pricing and strong investor demand on Cleveland’s near west side.

💡 Insider Insight

Cleveland’s market is becoming increasingly segmented — and more strategic.

Older office buildings without modernization are repricing aggressively, while upgraded, amenity-driven assets continue attracting investment. At the neighborhood level, areas receiving sustained public funding and housing incentives are beginning to establish long-term redevelopment momentum that private capital is following closely.

The bigger trend is clear: Cleveland’s growth story is no longer just about affordability — it’s increasingly about targeted reinvestment, infrastructure-backed stability, and neighborhood identity.

🏡 House of the Week | Remodeled Ohio City Corner Townhome

• 📍 3901 Vine Ct, Cleveland, OH 44113

• 💰 $375,000 | 📏 1,410 sq ft

A fully updated corner-unit townhome tucked inside Ohio City’s sought-after Clinton Court community, featuring renovated interiors, quartz countertops, private outdoor living space, and walkability to one of Cleveland’s strongest lifestyle corridors.

Cleveland Real Estate Investors

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