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📬 In today’s edition:

• 📑 New FinCEN rule reshapes all-cash real estate deals

• 🏡 Just Sold: Classic 1940 Colonial in Pilgrim Heights ($272K)

• 🚢 Port of Cleveland Approves $54M in Real Estate Bonds

📰 Cleveland Market Minute

Cleveland developments get $54M from Port

More than $54 million in bonds were awarded today by the Port of Cleveland for three Cleveland real estate developments including a luxury downtown hotel and an Ohio City apartment complex.

A third project won bonds awarded by the port authority’s board of directors to help reimburse a developer for a downtown mixed-use project along East Ninth Street that was completed in last year.

🔗 Read More

Cleveland Clinic sells, leases back 24 facilities

A large-scale sale-leaseback of 24 facilities in Ohio and Florida is underway, and it’s Greater Cleveland’s largest employer that’s initiating it.

The sale-leaseback was sought by Cleveland Clinic, and the buyer is MedCraft HealthCare Real Estate. a suburban Minneapolis-based health care real estate company.

🔗 Read More

McCafferty Center redo gets warm reception

Plans for demolishing a city-owned health center in Cleveland’s Ohio City neighborhood and replacing it with 72 affordable senior apartments over offices plus community spaces got a warm reception today from the city’s Landmarks Commission.

Commission members reviewed the plans by City Architecture of Cleveland for the new development at 4242 Lorain Ave. but didn’t vote on it.

 🔗 Read More

🏡 Just Sold Spotlight – 3217 W 165th St, Cleveland, OH 44111

📍 3217 W 165th St, Cleveland, OH 44111

• 💰 Sale Price: $272,000 (Sold September 10, 2025)

• 📏 Size: 1,582 sq ft | 3 beds | 🛁 2.5 baths | 8 total rooms

• 🏘️ Property Type: Single Family (Colonial)

• 🌳 Lot Size: 5,663 sq ft (40x120)

• 🛠️ Year Built: 1940

• 🚗 Garage: 2-car detached garage

• 📝 Investor Takeaway

This classic 1940 Colonial in Cleveland’s Pilgrim Heights neighborhood sold for $272K, offering 1,582 sq ft of living space across 2 stories. Featuring 3 bedrooms, 2.5 bathrooms, and a sunroom, it balances timeless charm with modern updates.

The home boasts a spacious living room with fireplace, granite-counter kitchen, formal dining room with built-ins, and a bonus room upstairs. Outdoors, a private fenced yard with patio, fire pit, storage outbuilding, and above-ground pool adds to its appeal.

🏡 Neighborhood Insight

• 📍 Nearby Cross Streets: Between Fischer Ave & Edgecliff Ave

• 🏫 School District: Cleveland Municipal – 1809

• 🧾 Assessed Taxes: ~$6,105 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 1940s Colonial brick construction

• Living room w/ fireplace + built-ins

• Eat-in kitchen w/ granite counters & modern appliances

• Formal dining room w/ bookcases & window treatments

• Bonus room + sunroom for added flexibility

• Central air + forced air gas heating

• Private backyard w/ patio, fire pit & above-ground pool

• Detached 2-car garage + storage outbuilding

💡 Insider’s Insight

New FinCEN Rule Hits All-Cash Real Estate Deals with Entities & Trusts

What’s changing:

FinCEN (Financial Crimes Enforcement Network) will require reporting of all-cash residential property transactions if the buyer is a legal entity (LLC, corporation, trust).

Direct purchases by individuals are exempt.

Reporting duties: Real estate professionals must:

• Identify a “reporting person”

• Collect beneficial ownership info & property details

• File reports within 30–60 days of closing

• Keep records for 5 years

Effective Date: December 1, 2025

Why it matters for Cleveland / NE Ohio investors:

• Many investors here buy through LLCs or trusts → this rule directly affects them.

• Title companies, attorneys, and closing agents in the region now face extra compliance steps.

• Exemptions are limited → informal or complex ownership structures may cause issues.

• Non-compliance risks: penalties or delayed closings.

Who’s Affected?

Applies to all-cash or non-bank-financed residential real estate transfers when the buyer is an entity or trust, not an individual.

👉 Action for Professionals: Review transaction workflows, update closing documents, and train staff for compliance before December 1, 2025.

🏡 House of the Week – Tudor Revival Luxury with Modern Touches

📍 2970 Fairmount Boulevard, Cleveland Heights, OH 44118

• 💰 Price: $2,175,000

• 📏 Size: 5,812 sq. ft.

• 📅 Year built: 1926

• 🛏 4 Beds | 3 Full, 1 Half Baths

• 🚗 3-car attached garage

• 🌳 Lot size: 0.68 acre

• 🏫 School district: Cleveland Heights-University Heights School District

🧘 Vibes: This 1920s Tudor masterpiece by Meade & Hamilton blends historic artistry with modern luxury. Inside, rich wood paneling, leaded-glass windows, wrought-iron chandeliers, and four fireplaces evoke timeless character, while a renovated kitchen with dual oversized islands and professional-grade appliances sets the stage for contemporary living. The primary suite boasts vaulted ceilings, a fireplace, bay window, and private balcony, complemented by a spa-style bathroom with marble shower and freestanding tub. Outdoors, manicured flower beds, a stone entryway, and a private backyard patio create an entertainer’s dream.

👉 Listed by: Craig Cantrall, Chestnut Hill Realty, Inc.

📞 216-249-2021 | ✉️ [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

The Port of Cleveland awarded $54M in bonds supporting three major developments, including a luxury downtown hotel, a new Ohio City apartment complex, and reimbursement for a recently completed mixed-use project along East Ninth Street.

Cleveland Clinic is executing a sale-leaseback of 24 facilities in Ohio and Florida with MedCraft HealthCare Real Estate, marking one of the region’s most significant healthcare real estate transactions.

In Ohio City, plans to redevelop the McCafferty Health Center into 72 affordable senior apartments with office and community space received a warm reception from the city’s Landmarks Commission.

🏡 On the housing side, notable activity continues:

• A 1940 Colonial in Pilgrim Heights sold for $272K, featuring modern updates, a sunroom, and a private backyard retreat.

• Cleveland Heights shines on the luxury end, where a 1926 Tudor Revival on Fairmount Boulevard hit the market for $2.175M, blending historic architecture with modern luxury finishes.

The FinCEN reporting rule takes effect December 1, 2025, requiring disclosure of beneficial ownership for all-cash residential transactions involving entities or trusts. Local investors, title companies, and attorneys should prepare workflows and compliance processes now to avoid penalties or delays.

Until next week,

Cleveland Real Estate Investors

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