Peabody's DownUnder, formerly located at 1059 Old River Rd. in the Flats entertainment district, now occupies the well know Rascal House Bar located at 2083 East 21st Street. The former location was converted from warehouse space, it originally opened as the Pirates Cove in the late 60's. The business changed hand and Peabody's was unveiled in May 1982. Since then, Peabody's has grown in popularity and prestige as evidenced by several Cleveland publications.

Peabody's now occupies two floors and over 13,000 square feet. The location is ideal for the concept of the club, being that it is directly located on the campus of Cleveland State University. It is also directly behind the Cleveland State Convocation Center, which holds concerts of up to 14,000. One City block away is also the Playhouse Square District, which is not only under major resurgence, but also the most thriving district in the city.

Over the years, Peabody's has presented a wide variety of national artists as diverse as Pearl Jam, R.E.M., Red Hot Chili Peppers, Stevie Ray Vaughan, George Clinton & P-Funk All-Stars, Bo Diddley and The Count Basie Orchestra. Most major artists have performed on Peabody's stage at one point in their careers. In addition to its national offerings, Peabody's is also considered a leader and the primary venue in Cleveland's local music scene.

Peabody's resume has paralleled Cleveland's Rock & Roll history on both a national and local level. Many alumni have gone on to sell millions of albums, while many others have moved on to new careers. Recent alumni include Ani DiFranco, Creed and Kid Rock. Peabody's is legendary for its long history of outstanding concerts and its intimate warehouse feel.