Good morning, Cleveland Real Estate Investors!

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📬 In today’s edition:

• 💡 Inventory up 16.6% but prices aren’t breaking. Cleveland’s September story.

• 🔑 Skyline views, wet bar and dual rooftop decks. The $500K Tremont buy.

• 🔨 A $30M pediatric care center just broke ground on Center Ridge Rd.

📰 Cleveland Market Minute

Seamus-O Building in Ohio City sold

The “who, what, when and where” questions surrounding the sale of a prominent structure in Cleveland’s Ohio City neighborhood are known. But what isn’t yet known is the answer to the question “why.”

The Seamus-O Building, 4700 Lorain Ave., sold on Sept. 25 but the deal wasn’t announced publicly until today by brokers David Leb and Brad Nosan, both vice presidents at Cushman & Wakefield | CRESCO Real Estate. Terms of the deal were not disclosed.

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Lakefront trail extension underway in Collinwood & more

On the heels of their latest lakefront trail opening, Cuyahoga County and Cleveland Metroparks are already at work on their next trail extension in Cleveland’s Collinwood neighborhood joining a series of lakefront recreation projects that have already sparked comparisons with Edgewater Park’s transformation of the near-West Side.

The half-mile extension, known as the Euclid Beach Connector Trail, would roughly double the length of an existing trail that runs through Euclid Beach and Wildwood parks. The project, estimated to cost $14.5 million, began construction earlier this year.

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Akron Children’s Hospital in Rocky River starts site prep

Site preparation plus interior and exterior demolition got underway this week for Akron Children’s Hospital’s $30 million renovation and repurposing of the 46-year-old Plaza West office building at 20220 Center Ridge Rd. in suburban Rocky River into an outpatient pediatrics care center.

Opening in the fall of 2027, the facility will be Akron Children’s Hospital’s first west-suburban Cleveland location, offering a wide variety of pediatric care from pre-natal to teen, as well as a full-service emergency room.

🔗 Read More

🏠 Just Sold Spotlight

Northern Tremont Townhouse with Dual Rooftop Decks, Wet Bar, EV Charging, 3 Outdoor Spaces & Downtown Skyline Views

📍2282 W 5th St, Cleveland, OH 44113

• 💰 Sold Price: $500,000

• 📏 Size: 3,099 sq. ft.

• 📅 Year Built: 2004

• 🛏 3 Beds | 🛁 2 Full + 1 Half Bath

• 🚗 Attached 2-Car Garage (Level 2 EV Charging)

• 🌳 Lot Size: 2,308 sq. ft.

• 🏫 School District: Cleveland Municipal School District

📝 Investor Takeaway

Closing $119,000 above its $500,000 Zestimate in just 23 days, this Edgehill Rd townhouse sold at one of the largest Zestimate premiums in this edition and the gap is structural, not anomalous.

🏡 Neighborhood Insight

• 📍 Community: Northern Tremont, Cleveland (44113)

• 🏞 Nearby Landmarks: Towpath Trail, Lincoln Park, Tremont restaurant and arts corridor, Ohio City, West Side Market, downtown Cleveland

• 🚶 Accessibility: Highly walkable; short walk to all of Tremont’s dining, nightlife, and cultural anchors while sitting on a quiet residential block

• 🌿 Lifestyle Appeal: Northern Tremont’s W. 5th Street corridor delivers the neighborhood’s full lifestyle premium in a quieter residential setting — the energy of the commercial strip without the noise, and three outdoor spaces to take in the downtown skyline from above

📈 Recent Sales Nearby:

• 2272 W 5th St – $476,000 | 2 Bed | 3 Bath | 3k sq. ft.

• 511 Literary Rd – $585,000 | 3 Bed | 3 Bath | 2.4k sq. ft.

• 2135 W 6th St – $585,000 | 3 Bed | 4 Bath | 2.9k sq. ft.

• 2242 W 5th St – $539,000 | 3 Bed | 3 Bath | 2.6k sq. ft.

• 615 Literary Rd – $535,000 | 4 Bed | 4 Bath | 2.8k sq. ft.

💡 Insider’s Insight

📈 Mortgage Rates Climb to 7.40 Percent, Up 110 Basis Points in a Year

Freddie Mac’s Primary Mortgage Market Survey put the 30 year fixed rate at 7.40 percent on October 8, 2026. That is up from 7.28 percent last week and well above the 6.30 percent average from a year ago. The 15 year rate rose to 6.73 percent from 6.60 percent last week, against 5.53 percent a year ago.

Zillow’s September report noted that rates ended the month at 7.28 percent, which it called the highest reading since November 2023. This week’s print is higher still. Freddie Mac Chief Economist Sam Khater urged borrowers to get multiple quotes, since shopping around can save thousands over the life of a loan.

📌 This week’s rates

• 30 year: 7.40 percent (last week 7.28, year ago 6.30), up 110 basis points over twelve months

• 15 year: 6.73 percent (last week 6.60, year ago 5.53), up 120 basis points over twelve months

• Weekly move: up 12 basis points on the 30 year and 13 on the 15 year

On the Zillow typical Cleveland home value of $251,602 with 20 percent down, principal and interest at 7.40 percent comes to roughly $1,394 a month. At last year’s 6.30 percent it was roughly $1,246, a gap of about $148 a month before taxes and insurance. Freddie Mac’s survey reflects conventional loans with 20 percent down and excellent credit, so other borrowers may see higher quotes.

🔑 Investor Takeaway

A 110 basis point jump in one year changes financed deal math more than any single local headline. Cleveland’s lower prices soften the blow, since the same rate move costs about $148 a month on a typical home, but cash flow and debt coverage still tighten on every leveraged purchase.

🏠 Zillow: Cleveland Values Up 3.8 Percent, Rents Up 4.5 Percent, Inventory Up 16.6 Percent

Zillow’s September report says winter has arrived early in the housing market. Existing home sales fell 2.5 percent from a year ago, and newly pending sales, a forward looking indicator, fell 8.5 percent. That is down 11.2 percent from August. Zillow blames mortgage rates and the usual fall slowdown, and it forecasts further sales declines through the end of the year.

Nationally, home values rose just 1 percent to a typical $366,913, yet the monthly payment on that home is 6.7 percent higher at $1,922. A median income household would need 34.3 percent of income to cover that payment, versus 26.3 percent for typical rent.

📌 National September snapshot

• Inventory: 1.39 million homes, up 2.5 percent, the 34th straight month of annual gains, still 16.1 percent below pre pandemic norms

• Listings with a price cut: 27.4 percent, up from 26.2 percent a year ago

• Typical rent: $1,932, up 2.7 percent, the biggest annual gain since April 2025

• Rental listings offering a concession: 39.6 percent, up from 37.4 percent

📌 National September snapshot

• Typical home value: $251,602, down 0.4 percent from August, up 3.8 percent year over year (up 1.0)

• Inventory: up 16.6 percent year over year (up 2.5)

• Sales count nowcast: down 1.2 percent year over year (down 2.5)

• Typical rent: $1,440, up 0.4 percent from August, up 4.5 percent year over year (up 2.7)

Cleveland’s value growth ranks fifth among the 50 metros in the table, behind Chicago, Hartford, Milwaukee, and New York. Its rent growth ranks sixth. Cleveland’s 4.5 percent rent gain beats Detroit at 4.2, Pittsburgh at 3.5, Columbus at 2.9, and Cincinnati at 2.8.

🔑 Investor Takeaway

Cleveland is running against the national slowdown, with values up 3.8 percent, rents up 4.5 percent, and inventory growing more than six times faster than the US. Expect more choice and more price cuts for buyers, while sellers still hold price and Zillow forecasts sales to keep falling.

🏡House of the Week

End-Unit Luxury Townhome with Rooftop Trex Deck, Calacatta Quartz & Abatement Through 2036 in Detroit Shoreway

📍 5509 Herman Ave, Cleveland, OH 44102

• 💰 Price: $699,000

• 📏 Size: 2,982 sq ft (2,058 above grade | 924 unfinished basement)

• 📅 Year Built: 2021 | Tax Abatement Through 2036

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

• 🚗 Attached 2-Car Garage with Mudroom Entry

• 🏡 End-Unit Townhouse | Detroit Shoreway

• 🏫 School District: Cleveland Metropolitan School District

🧘 Vibes: A meticulously maintained 2021-built end-unit in Detroit Shoreway with Calacatta quartz throughout, a 19x19 living room flooded by floor-to-ceiling windows, a 42x11 rooftop patio with Trex decking and neighborhood views.

👉 Listed by: Kim Crane | Howard Hanna

📞 440-652-3002 ✉️ [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