Good morning, Cleveland Real Estate Investors!

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📬 In today’s edition:

• 🚆 New county loan fund targets transit-friendly projects

• 🚇 W. 117th Red Line station reopens this Friday

• ⚖️ Detroit Free Press sues over Gilbert subsidies

By Tyler Finkler - Local Realtor & Appraiser

📰 Cleveland Market Minute

County offers loans to build near transit

Yesterday, the Cuyahoga County Department of Development announced a new TOD Loan Program utilizing existing loan funds, but designed to catalyze mixed-use, high-density development projects located near high-frequency public transit.

The goal of the program is to enable real estate projects that strengthen transit accessible communities, promote reinvestment in neighborhoods, and enhance the county’s long-term economic vitality.

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W. 117th GCRTA station reopens Friday

After more than one year of reconstruction work and an unexpected cost increase, the Greater Cleveland Regional Transit Authority’s (GCRTA) West 117th-Madison Red Line station is due to reopen to rail passengers at the start of transit service on Friday. GCRTA announced the reopening today.

The $8.8 million reconstruction of the station platform and tracks which cross West 117th Street on three bridge decks linking Cleveland and Lakewood began in July 2024. The station was “closed indefinitely” on July 17 of last year.

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Greater Cleveland recovers from Great Recession

Greater Cleveland’s workforce and number of employed people have grown to the highest levels since the start of the Great Recession (2009-11), according to preliminary employment data for the region that was released this week.

The employment numbers are for July 2025 and come from the federal Bureau of Labor Statistics (BLS). And since they are preliminary they could be revised slightly next month either up or down.

 🔗 Read More

🏡 Just Sold Spotlight – 10409 Ostend Ave, Cleveland, OH 44108

2402 Tampa Ave, Cleveland, OH 44109

• 💰 Sale Price: $198,000 (Sold August 26, 2025)

• 📏 Size: 7 beds | 🛁 3.5 baths | 15 total rooms

• 🏘️ Property Type: Triplex (Multi-Family)

• 🌳 Lot Size: 4,400 sq ft (0.10 acres)

• 🛠️ Year Built: 1911

• 🚗 Garage: 1-car garage

• 📝 Investor Takeaway

This 1911 triplex in Cleveland’s Superior Park neighborhood sold for $198K, offering a rare 7-bedroom, 3.5-bath layout across three stories. With 15 total rooms and a partially finished basement, this property provides strong multi-unit rental potential for investors targeting cash flow.

Key features include forced air heating, durable vinyl siding, and a 1-car garage for tenant convenience. The triplex structure makes it especially appealing for house hackers or investors looking to maximize rental income in a growing rental market.

🏡 Neighborhood Insight

• 📍 Nearby Cross Streets: East 105th St & Ostend Ave

• 🏫 School District: East Cleveland CSD - 1812

• 🧾 Assessed Taxes: ~$1,686 annually

• 💸 No HOA fees

📈 Recent Sales Nearby:

• 10315 Yale Ave – $210,000 | Duplex | 6 beds | 2 baths

• 10507 Drexel Ave – $192,500 | Triplex | 7 beds | 3 baths

• 10618 Orville Ave – $205,000 | Multi-family | 6 beds | 2.5 baths

📌 Notable Features

• Large triplex layout with 7 total bedrooms

• 3 full baths + 1 half bath

• Partially finished basement for storage or flex use

• 1-car garage + street parking

• Classic 3-story design with vinyl siding & asphalt roof

• Prime rental potential in a centrally located East Cleveland neighborhood

💡 Insider’s Insight

Detroit Free Press Sues for Records on Dan Gilbert Subsidies

The Detroit Free Press has filed a Freedom of Information Act lawsuit to obtain records from the Michigan Treasury on subsidies tied to Dan Gilbert’s Rock family of companies (Bedrock).

Why it Matters

• Gilbert owns the Cleveland Cavaliers, but his business empire is HQ’d in Detroit.

• His real estate projects often rely on public subsidies (tax abatements, TIFs, etc.).

• Lawsuit seeks to reveal if these taxpayer-funded subsidies truly deliver promised benefits.

Cleveland Connection

• Gilbert received subsidies for the Rocket Mortgage FieldHouse (arena) renovation.

• His Cleveland riverfront master plan is partially funded by Mayor Bibb’s Shore-to-Core-to-Shore TIF district.

• Critics warn: When developers get tax breaks, regular taxpayers may pay the difference through higher taxes or reduced city services.

Bottom Line

Transparency on Gilbert’s projects could impact how Cleveland evaluates future subsidies and development promises.

🏡 House of the Week – Palatial Colonial Estate in Thornbury Estates

📍 6610 Cummings Court, Solon, OH

• 💰 Price: $2,800,000

• 📏 Size: 8,104 sq. ft. + 3,993 sq. ft. finished below grade

• 🏡 Built: 2007

• 🛏 4 Beds | 🛁 5 Full + 2 Half Baths

• 🚗 Garage: 4-car attached garage

• 🌳 Lot Size: 0.94 acre

• 🏫 School District: Lakewood City School District

🧘 Vibes: A grand blend of scale and sophistication — soaring ceilings, sweeping double staircase, spa-inspired primary suite, home theater, and expansive decks for entertaining — all set on a private cul-de-sac in one of Solon’s most prestigious neighborhoods.

👉 Listed by: Adam Kaufman, Howard Hanna Real Estate Services

📞 216-831-7370 | ✉️ [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 market is showing strength across the board, with Cuyahoga County launching a new Transit-Oriented Development Loan Program to fuel mixed-use projects near transit and BLS data confirming the city’s labor force is at its strongest since before the Great Recession, bolstering housing demand.

Infrastructure improvements like the $8.8M reopening of the West 117th–Madison Red Line station add long-term value, while neighborhood deals such as 10409 Ostend Ave ($198K triplex in Superior Park) highlight rental potential alongside luxury sales like 6610 Cummings Court in Solon ($2.8M Thornbury Estates estate) that showcase regional prestige.

At the same time, a Detroit Free Press lawsuit over Dan Gilbert’s subsidies underscores the need for investor vigilance, since Cleveland projects from Rocket Mortgage FieldHouse to the riverfront also rely on public financing. Taken together, the balance for 2025 is clear: leverage Cleveland’s transit growth, labor strength, and steady neighborhood sales, but keep a critical eye on subsidy-driven development.

Until next week,

Cleveland Real Estate Investors

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