Good morning, Cleveland Real Estate Investors!

Don’t keep us a secret: Share the email with friends (copy URL here)​

📬 In today’s edition:

• 📊 Cleveland 2025 Forecast: Resilient Market, Key Shifts Ahead

• 🚧 Lakewood Common Breaks Ground: New Era for Downtown

• ⚠️ Statler Building Faces $52M Foreclosure Batt

📰 Cleveland Market Minute

Downtown Cleveland’s Statler building faces foreclosure after $52M default, lawsuit says

CLEVELAND, Ohio – Millennia Companies, one of the largest owners of downtown Cleveland buildings, has defaulted on a $52 million mortgage for The Statler apartment building that is now facing foreclosure, according to a lawsuit.

Millennia owes $60.7 million to Union Labor Life Insurance Company, when fees and interest are included, according to the lawsuit filed Thursday in federal court in Cleveland.

 🔗 Read More

Housing study: Ohio rents rise faster than incomes, homelessness jumps

Homelessness and homeownership are both rising in Ohio, pointing to a mixed bag of housing market indicators that need to be either slowed or supported by state housing policies and programs.

With rising construction costs, high interest rates and a lack of readily available building sites, it’s a challenging environment for developers who are seeking to provide affordable housing in Greater Cleveland.

🔗 Read More

West Cleveland Target store to be rehabbed

Next year will be the 20th anniversary of the Target store at West 117th Street and Interstate 90 in Cleveland’s Westown neighborhood. And after two decades of pretty heavy foot traffic, it needs a freshening up.

It will get that update in 2026, according to plans submitted Sept. 26 by the Minneapolis-based retail giant to Cleveland’s Building Department.

🔗 Read More

🏡 Just Sold Spotlight – 1481 Lindazzo Ave, Cleveland, OH 44114

📍 1481 Lindazzo Ave, Cleveland, OH 44114

• 💰 Sale Price: $385,000 (Sold September 23, 2025)

• 📏 Size: 2,139 sq ft | 3 beds | 🛁 3.5 baths | 6 total rooms

• 🏘️ Property Type: Townhouse (Henry Wicks Subdivision)

• 🌳 Lot Size: 1,568 sq ft (0.036 acre) – Corner Lot

• 🛠️ Year Built: 2007

• 🚗 Garage: 2-car attached garage

• 📝 Investor Takeaway

This modern 3-story townhouse in Cleveland’s Henry Wicks neighborhood closed at $385K, offering 2,139 sq ft of functional city living. With 3 bedrooms, 3.5 bathrooms, and 6 total rooms, it provides a flexible floor plan ideal for both families and professionals.

Key highlights include an eat-in kitchen with stainless appliances, a spacious great room, upper-level laundry, and a primary suite with en suite bath. Added comforts include a fireplace, central air, and forced air gas heat.

The exterior features a deck for outdoor living, while the corner lot location enhances natural light and privacy. A 2-car attached garage with electric, paved drive, and opener ensures easy city parking.

🏡 Neighborhood Insight

• 📍 Nearby Cross Streets: E. 15th St & Lindazzo Ave

• 🏫 School District: Cleveland Municipal – 1809

• 🧾 Assessed Taxes: ~$12,341 annually

• 💸 HOA Fee: $115/month (includes grounds maintenance + snow removal)

📈 Recent Sales Nearby:

• 2130 Superior Ave – $399,000 | Townhome | 3 beds | 3 baths

• 1509 Hamilton Ave – $365,000 | Townhome | 2 beds | 2.5 baths

• 1440 E 18th St – $375,500 | Townhome | 3 beds | 3 baths

📌 Notable Features

• Contemporary 3-story townhouse built in 2007

• Great room with fireplace & open floor plan

• Eat-in kitchen w/ granite counters + stainless appliances

• Primary suite w/ walk-in + en suite bath

• Laundry on upper level (washer/dryer included)

• Private deck for outdoor relaxation

• Central air + forced air heating

• HOA includes maintenance & snow removal

• Located near public transit and downtown amenities

💡 Insider’s Insight

🏙️ Cleveland 2025 Real Estate Forecast (Main Feature)

MMG Real Estate’s new 2025 Cleveland Forecast points to steady market growth despite economic headwinds.

• Population & Jobs: Cleveland remains attractive for cost-conscious employers and new residents, especially compared to pricier Midwest markets.

• Multifamily Outlook: Vacancy expected to stay below 6%, rents projected to rise modestly, with new supply slowing but not stopping.

• Industrial Strength: Logistics and advanced manufacturing will drive continued demand for industrial real estate.

• Office Challenges: The office market will stay in flux, with flight-to-quality trends and slower leasing activity.

• Capital Markets: Financing conditions remain tight, but local/regional lenders are still active.

Key takeaway: Cleveland’s real estate sector shows resilience, with multifamily and industrial as the strongest sectors, while office continues its transition.

🏗️ Lakewood Common Groundbreaking

The Lakewood Common development officially broke ground this week, transforming the former Lakewood Hospital site.

• Mixed-use project bringing apartments, retail, and public green space.

• Expected to revitalize downtown Lakewood and strengthen walkable, transit-friendly development.

• Developers emphasize community-centered design as part of Lakewood’s urban evolution.

📊 Cleveland Q3 2025 Pipeline Report

MMG’s Q3 Pipeline Report highlights the projects reshaping Cleveland:

• Multifamily pipeline: 3,400 units under construction, mostly clustered in downtown and University Circle.

• Office pipeline: Limited activity — conversions dominate as new office demand softens.

• Industrial pipeline: Over 4.5M sq. ft. underway, focused on logistics hubs near I-480 and I-90.

• Retail pipeline: Smaller-scale, tied to mixed-use and neighborhood redevelopment.

Trend: Development is shifting toward adaptive reuse and mixed-use projects as demand patterns evolve.

🏡 House of the Week – Gates Mills Estate with Resort-Style Amenities

📍 2140 County Line Road, Gates Mills, OH 44040

• 💰 Price: $2,500,000

• 📏 Size: 8,966 sq. ft. + 4,878 sq. ft. finished lower level

• 📅 Year Built: 2000

• 🛏 6 Beds | 7 Full, 2 Half Baths

• 🚗 4-Car Attached Garage

🧘 Vibes: This luxurious 2000-built estate sits on 5.76 private acres in one of Northeast Ohio’s most prestigious communities. A sweeping staircase with custom ironwork, soaring ceilings, and refined millwork set a grand tone throughout the nearly 9,000 sq. ft. interior.

The home features a chef’s kitchen with granite counters, high-end appliances, and a large island, while the family room brings natural light with vaulted ceilings and skylights. A first-floor primary suite offers a fireplace, dual walk-in closets, and a spa-inspired bath. Upstairs, each bedroom has its own en suite, with a flexible bonus room above the garage.

The finished lower level transforms into an entertainment retreat with a rec room, wet bar, dance floor, billiards room, wine cellar, theater, gym, sauna, steam room, and guest suite. Outdoors, multiple gathering spaces, a pergola firepit, and a stone spa framed by mature gardens deliver true resort-style living.

👉 Listed by: Jen Waters, The Young Team – KW Greater Metropolitan

📞 330-283-0873 | ✉️ [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’s real estate outlook is holding steady, with MMG Real Estate’s 2025 Forecast pointing to resilient multifamily and industrial growth even as office space continues to struggle. Population and job gains keep the city attractive compared to pricier Midwest markets, with vacancies staying low and rents expected to rise modestly.

Meanwhile, Lakewood marked a major milestone as the Lakewood Common development officially broke ground. The mixed-use project will transform the former Lakewood Hospital site into apartments, retail, and public green space — a centerpiece for the city’s evolving downtown.

Fresh data also came in via MMG’s Q3 2025 Pipeline Report, showing 3,400 multifamily units underway across Cleveland, over 4.5M sq. ft. of industrial projects in logistics hubs, and steady retail development tied to adaptive reuse and mixed-use designs.

🏡 On the housing side, notable activity includes:

• Just Sold Spotlight: A modern 3-story townhouse at 1481 Lindazzo Ave in Cleveland closed at $385K. Built in 2007, it offers 2,139 sq ft, 3 bedrooms, 3.5 baths, and a corner lot location with plenty of natural light.

• House of the Week: A $2.5M Gates Mills estate spanning nearly 9,000 sq ft inside and 4,800 sq ft on the finished lower level. Luxury touches include a chef’s kitchen, spa-like primary suite, wine cellar, home theater, and resort-style outdoor amenities.

Other market headlines this week:

• Statler Building Foreclosure: Millennia Companies defaulted on a $52M mortgage, putting the historic Statler apartments into foreclosure proceedings.

• Ohio Housing Study: Rents are outpacing incomes, with homelessness rising — adding pressure on policymakers to address affordability.

• Retail Update: Target filed plans to refresh its West 117th Street store by 2026, modernizing the 20-year-old Westown anchor.

Until next week,

Cleveland Real Estate Investors

📩 Don’t keep us a secret: Share the email with friends Forward the newsletter.