533 Tremblay Street

Property Overview

This one-and-a-half storey home on a 3,300 sqft lot in Archwood presents a classic Winnipeg character home opportunity. Built in 1922, its key appeal lies in its established neighbourhood setting and the value proposition of a solid, unrenovated canvas. The home features 889 sqft of living space, a detached garage, and a basement that awaits finishing. It last sold in August 2023 for $230,000, which is notably higher than its current assessed value of $25,700, indicating a market perception of value beyond the municipal assessment.

Its primary suit would be a handy first-time buyer, an investor, or a downsizer looking for a home with good bones in a mature area, who views the lack of renovations not as a drawback but as a chance to add value according to their own taste and budget. The lot size is a standout feature, ranking in the top third of the neighbourhood, offering ample outdoor space uncommon for the area. A less obvious perspective is the home’s age: while 104 years old places it in the older segment city-wide, on its own street it ranks in the top 5% for newness, suggesting it’s among the younger homes on a street of even more historic properties, which can be a unique point of stability and character.

Frequently Asked Questions

1. Why is there such a large gap between the last sale price ($230k) and the assessed value ($25.7k)?
Municipal assessed value for tax purposes is not a direct reflection of market value. The recent sale price is a clearer indicator of what buyers are currently willing to pay for a property in this location and condition.

2. What does "one-and-a-half storey" typically mean for a home of this era?
This style usually features a main floor with principal rooms and a second floor under sloped roof lines, often creating cozy bedrooms with character. It’s a classic Winnipeg design known for efficient heating and a distinctive profile.

3. The home ranks highly for lot size but lower for living area. What does this mean for a buyer?
It highlights a key trade-off and opportunity. You are purchasing a larger-than-average property lot in the neighbourhood, but the existing house footprint is modest. This could allow for future expansion, like an addition or a larger deck, subject to zoning approvals.

4. The basement is noted as "not renovated." What should I expect?
Expect a functional, unfinished space typical of the era—likely with concrete walls and floor, housing the furnace and utilities. It provides ample storage and potential for future development, but any finishing would be a project for the new owner.

5. How does this property compare to others in Archwood?
The data shows this home sits in a mid-range position for assessed value on its street and in Archwood. Its lot size is a strong asset relative to neighbours, while its living space is around the neighbourhood average. The 2023 sale price suggests it was viewed as a premium offering among similar, unrenovated character homes at that time.