Good morning, Cleveland Real Estate Investors!

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📬 In today’s edition:

• 📉 Rates hit 6.58% and the 15-year just touched its 52-week high

• ✈️ Flexjet is adding nearly 1,000 jobs in Richmond Heights and a modular housing maker is taking the Midline

• 🔨 Demolished industrial, new apartments above parking Midtown Fairfax's next chapter is rising

📰 Cleveland Market Minute

Next-gen IKEA store coming to Greater Cleveland

In 2018, IKEA walked away from Cleveland after the search for a buildable site fell through. Nearly a decade later, the Swedish home and furniture supplier will return with a brand-new concept for Northeast Ohio.

Opening in Spring 2027, Clevelanders will no longer have to make the two hour journey to Columbus, Pittsburgh or Detroit for access to IKEA’s inventory of thousands of household goods.

🔗 Read More

Ohio City awaits new apartments, retail

While numerous Ohio City developments are transforming historic buildings into new sources of activity, the popular Cleveland neighborhood continues to make progress on a series of new construction projects.

At 3318 Franklin Blvd., a 29-unit apartment building is wrapping up as part of the Franklin Yards residential development.

🔗 Read More

Midtown, Fairfax developments emerge

Developed by Hungarian-founded Sabor Group USA in partnership with Renew Partners of Montville Township, OH, the 64-unit new-construction apartment building is rising on the site of a demolished industrial building at 2024 E. 70th St. in the Midtown section of Cleveland’s Fairfax neighborhood.

The 70th will consist of 20 studios, 28 one-bedroom apartments, and 16 two-bedroom apartments above ground-level structured parking.

🔗 Read More

🏠 Just Sold Spotlight – Sophisticated Stonebridge High-Rise Condo with Floor-to-Ceiling Windows, Superior Viaduct Views & Concierge Service

📍 2222 Detroit Ave APT 504, Cleveland, OH 44113

• 💰 Sold Price: $225,000

• 📏 Size: 1,138 sq. ft.

• 📅 Year Built: 2006

• 🛏 2 Beds | 🛁 2 Full Baths

• 🚗 On Street

• 🌳 Lot Size: —

• 🏫 School District: Cleveland Municipal School District

📝 Investor Takeaway

Closing $5,200 above its $219,800 Zestimate after 66 days on market, this Stonebridge unit sold at a premium in a softening 44113 buyer's market (43/100 index) a testament to the building's consistent demand from urban professionals.

🏡 Neighborhood Insight

• 📍 Community: Ohio City / Detroit Ave Corridor, Cleveland (44113)

• 🏞 Nearby Landmarks: Superior Viaduct, West Bank of the Flats, West Side Market, Ohio City restaurant and nightlife corridor, downtown Cleveland

• 🚶 Accessibility: Highly walkable; steps from the energy and nightlife of the West Bank and minutes from Ohio City's dining and entertainment anchors

• 🌿 Lifestyle Appeal: Stonebridge delivers a rare combination of high-rise amenity living, historic architectural views, and Ohio City adjacency, a lifestyle profile that consistently attracts professionals seeking urban convenience without the maintenance of a townhome

📈 Recent Sales Nearby:

• 2222 Detroit Ave APT 708 – $279,900 | 2 Bed | 2 Bath | 1.2k sq. ft. | Ohio City

• 1951 W 26th St APT 511 – $389,900 | 2 Bed | 2 Bath | 1.5k sq. ft. | Ohio City

• 701 W Lakeside Ave #1103 – $435,000 | 2 Bed | 3 Bath | 1.7k sq. ft. | Downtown

• 635 W Lakeside Ave APT 602 – $256,350 | 2 Bed | 1 Bath | 1.7k sq. ft. | Downtown

• 1951 W 26th St APT 502 – $229,900 | 2 Bed | 2 Bath | 1.1k sq. ft. | Ohio City

Listed by: Tera Somogyi | Keller Williams Living

📞 561-901-9331| [email protected]

💡 Insider’s Insight

🛬 Flexjet and MMY Add 1,096 Jobs to Northeast Ohio

The Ohio Department of Development just handed out Ohio Job Creation Tax Credits to five projects statewide that will together create 1,429 jobs, retain another 1,561, and drive more than $239 million in new investment across the state. Two of those five projects are in Northeast Ohio, and between them they account for 1,096 of the 1,429 new jobs. That is more than three quarters of the entire state announcement landing in Cuyahoga County, which is a rare concentration and a real signal about where Ohio's private capital is deploying right now.

The larger of the two is Flexjet, the global private aviation firm headquartered at Cuyahoga County Airport in Richmond Heights. The company already runs a $50 million headquarters and Global Operations Control Center it opened in 2023, and this expansion adds substantial new campus infrastructure alongside a serious workforce buildout.

📌 Flexjet at a glance

• 976 new full-time-equivalent positions by end of 2031

• $62.5 million in new annual payroll

• 1.920 percent, 15-year Ohio Job Creation Tax Credit

• New administrative facility, pilot training center, auditorium, and cafeteria added to the campus

• Owned by Directional Aviation, 300+ aircraft and 4,000+ employees worldwide

Adding nearly 1,000 more high-wage aviation jobs to a single suburban Cleveland airport site is the kind of announcement that quietly re-rates surrounding commercial real estate for years.

The second is MMY U.S. Inc., a modular housing manufacturer establishing its American headquarters and manufacturing plant at the Wellman-Seaver-Morgan facility, 7000 Central Ave., inside Cleveland's new Midline Priority Investment Area on the near East Side. CEO Robin Bartram-Brown said the site provides the scale and infrastructure to significantly expand steel-framed modular housing capacity, and confirmed the company will use the Port of Cleveland to service Canadian customers.

📌 MMY U.S. at a glance

• 120 new full-time-equivalent positions by end of 2029

• $7.1 million in new annual payroll

• 1.392 percent, 8-year Ohio Job Creation Tax Credit

• $25.7 million renovation of the historic Wellman-Seaver-Morgan plant

• Ohio Historic Preservation Tax Credits already secured

🔑 Investor Takeaway

Flexjet is the headline number, but MMY is arguably the more consequential story for Cleveland real estate. A named modular manufacturer producing both apartments and houses inside city limits, positioned as Cleveland's preferred modular home maker, is exactly the supply-side answer to the residential affordability problem this newsletter has been tracking for months.

📉 Mortgage Rates Hit 6.58% This Week

Freddie Mac's Primary Mortgage Market Survey posted the 30-year fixed-rate mortgage at 6.58% as of July 23, 2026, up from 6.55% the prior week but still down from 6.74% a year ago. The 15-year FRM sits at 5.96%, up from 5.93% last week and above the 5.87% level from a year ago. The direction of both rates is a slow drift upward across the summer, with the 30-year climbing from a February low near 6.00% back into the mid-6% band where it has spent most of the last three months.

📌 This week's numbers in context

• 30-year FRM: 6.58% (monthly avg 6.51%, 52-week avg 6.32%, 52-week range 5.98% to 6.72%)

• 15-year FRM: 5.96% (monthly avg 5.88%, 52-week avg 5.61%, 52-week range 5.35% to 5.96%)

Two details worth flagging. First, today's 30-year is closer to the top of its 52-week range than the bottom. Second, today's 15-year is literally sitting at the top of its 52-week range, which means the 15-year has quietly given up the affordability advantage it held all winter and spring. The 30-year has been slowly rebuilding a spread over the 10-year Treasury as investors reprice mortgage-backed securities against sticky inflation, while the 15-year has moved even faster off its March low near 5.35%, telling you shorter-duration rate risk is being priced more aggressively than long-duration risk right now.

🔑 Investor Takeaway

For Cleveland specifically, 6.58% is the fifth different rate print investors have had to underwrite around in the last twelve weeks, and the practical answer stays the same. On sub-$200,000 Cleveland assets in yield zips like 44105, 44104, 44120, and 44109, the math still pencils because rents held while purchase prices stayed flat and the 30-year has not broken above 6.75%.

🏡House of the Week – West Coast-Styled Tremont Gem with 3-Car Garage, Private Sun Deck & Abatement Through 2030

📍 2509 Thurman Ave, Cleveland, OH 44113

• 💰 Price: $649,000

  📏 Size: 2,183 sq ft

  📅 Year Built: 2015 | Tax Abatement Through 2030

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

  🚗 Attached 3-Car Garage

  🏡 Single Family Residence | Tremont

  🏫 School District: Cleveland Metropolitan School District

🧘 Vibes: A west coast-inspired single family home on one of Tremont's most coveted streets with a three-car garage, 25-foot soaring ceilings, a fenced backyard oasis, private sun deck, and a tax abatement running through 2030. No HOA.

👉 Listed by: Scott A. Marvin | Team Results Realty

📞 614-382-2124 ✉️ [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