504 St Catherine Street

Property Overview & Key Characteristics

This one-storey home in Winnipeg's Archwood neighbourhood presents a specific and compelling opportunity. Its primary appeal lies in the combination of a very large lot and a notably modest living space. With 5,671 square feet of land, the property ranks in the top 6% for lot size on its street and the top 4% in the wider neighbourhood, offering exceptional outdoor potential. The home itself, built in 1941, is compact at 405 square feet, placing it among the smallest in comparison data. This creates a unique value proposition: a low assessed value driven by the small structure, paired with a land asset that is well above average for the area.

The property would suit a specific type of buyer. It is an ideal candidate for a land-value play, appealing to those looking to build a new primary residence or a future investment property. It could also attract a hands-on buyer seeking an extremely affordable entry into a desirable neighbourhood, willing to live minimally while planning a major renovation or expansion. The unrenovated basement adds to the project-oriented nature. It is less suited for those seeking a move-in ready home or requiring standard-sized living quarters immediately.

Frequently Asked Questions

1. Is the 405 sqft living area accurate, and what does that include?
Yes, the listed living area is exceptionally small, ranking in the bottom percentile for comparisons. This typically includes the main floor living space only and confirms this is a very compact, likely bungalow-style home, emphasizing the land value over the existing structure.

2. What does the lot size allow for?
At over 5,600 sqft, the lot is significantly larger than many in Archwood. This provides ample room for gardening, outdoor living, and, crucially, potential future development like a home addition, a garage, or even a new build, subject to local zoning bylaws.

3. Why is the assessed value relatively low compared to the lot size?
Municipal assessments factor in both land and building value. Here, the value is kept low primarily due to the small size and condition (unrenovated) of the 85-year-old structure. The land itself is a valuable, under-utilized asset on the books.

4. The last sale was in 2019 for $16.5k. What does that indicate?
This very low sale price, well below the current assessed value, suggests the property may have been in different condition or sold under unique circumstances (e.g., a non-arms-length transaction, estate sale, or as a teardown). It highlights the property's history as a land-value purchase rather than a traditional home sale.

5. What should I consider about the neighbourhood?
Archwood is a mature, established neighbourhood. The data shows this street and area have a mix of older and newer homes, indicating an ongoing cycle of renewal. Buying here means investing in a stable location where the value of a large lot is recognized, but you are also buying into a community with character and history.