I’d never heard of the Riverwest area of Milwaukee. Situated north of downtown, this up and coming area of the city rests on the west side of the Milwaukee River (hence the clever name). On the opposite side of the river is University of Wisconsin-Milwaukee. And this area of town is called Rivereast. Go figure.
Riverwest (click here to see a map of the area) is made up of 1-4 single-family homes and some slightly larger buildings. There’s also a unique collection of coffee shops, bars and restaurants throughout the neighborhood.
When in the area you’ll often find me at the Colectivo Coffee on Humboldt Boulevard. At this location they roast the beans for all their citywide locations. And it’s not just their outdoor patio and coffee that packs in the people. Their breakfast menu is delicious. I highly recommend the baked oatmeal or chorizo burrito. Heavenly.
But this post isn’t supposed to be about the coffee or food in Riverwest. It’s about how I discovered the neighborhood (and why it’s a great place to own investment property).
About a year ago I got a call from one of our wholesale sellers. He had a duplex for sale in Riverwest. I wasn’t familiar with this part of the city, nor had a purchased any duplexes in Wisconsin. However, after doing some due diligence and speaking with a few local property management companies I learned that Riverwest is an up and coming area.
Several reasons. First of all, Riverwest is just a few miles north of downtown Milwaukee. The best part about commuting back and forth is there are no freeways to navigate. It’s just a straight shot up and down Humboldt Boulevard. Secondly, rent is much more affordable compared to the expensive new developments downtown and in the Third Ward. Finally, and most importantly, Riverwest offers everything a millennial tenant could want in a neighborhood. There are parks, walking trails along the river, shopping, bars, and did I mention the great coffee?
Needless to say, we purchased the duplex. When we advertised it for lease last June nine tenants show up to see the units at the open house we hosted. Both were rented that day.
And of course both renters received a Colectivo Coffee gift card as a housewarming gift.
To see a video tour of this Riverwest duplex click here.