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Looking for Appreciation in the Heart of the Old Town Triangle: 343 W. Menomonee

This 5-bedroom property at 343 W. Menomonee in the middle of the Old Town Historic Triangle recently came on the market less than 3 years after its last purchase.

It has an upper floor 2 bedroom, 2 bath and family room owners duplex. The listing says the owners unit has a new “top of the line gourmet kitchen” with Viking stainless steel appliances and granite counter tops.

The first floor 2-bedroom rental apparently has monthly income of $2400.

Built in 1874, the property has central air but no deeded parking. Rental parking is available nearby.

Does this property make sense from an investment point of view? (It appears to be listed as a single family home and not a multi-unit property however.)

Phyllis Hall at Koenig & Strey has the listing. See the pictures and a virtual tour here.

343 W. Menomonee: 5 bedrooms, 5 baths, 3600 square feet

  • Sold in January 1997 for $425,000
  • Sold in July 2007 for $1,055,000
  • Currently listed for $1,293,000
  • Taxes of $13,758
  • Central Air
  • 2-bedroom rental unit income of $2400 a month
  • No parking- rental nearby

This entry was posted on Tuesday, January 5th, 2010 at 5:24 am and is filed under Old Town. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

8 Responses to “Looking for Appreciation in the Heart of the Old Town Triangle: 343 W. Menomonee”

  1. If I could purchase a $1.3 million house to live in, I don’t think I’d really be caring all that much about $2400 in rental income a month. At this price point, it will have to sell as a single family home.

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  2. This half block is probably my favorite little stretch in Old Town, and at this price I would be interested in any of the single family homes surrounding this place. BUT, why pay this much to live in a duplex with a down stairs neighbor? Even if they are paying rent it doesn’t makes sense to me. Also, I hope whoever is renting the downstairs place isn’t really paying $2400 per month.

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  3. FAIL. FAIL FAIL

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  4. “wtf” beat me to it.

    Stupid. Stupid Stupid Stupid Stupid Stupid Stupid Stupid.

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  5. what does that mean — “It appears to be listed as a single family home and not a multi-unit property however.)”

    can you legally rent it? would the buyer have to re-zone it? is this agent gimmickry?

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  6. wait a minute…

    Do you seriously share the family room in this place?

    Wtf does this mean?

    Rooms Description Family Room
    In-Law Arrangement
    Kitchen-Second
    Utility/Laundry-2nd Floor
    Workshop

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  7. Sonies I think the short answers to your questions are

    “yes”

    and

    “it means it’s a single family home (with a floorplan I’d love to peruse. . .)”.

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