Property Overview: 555 Gareau Street, Archwood, Winnipeg
Key Characteristics & Buyer Appeal
This well-situated one-storey home in Archwood presents a solid opportunity on a large, mature lot. Its key appeal lies in the combination of a generous 4,355 sqft property—ranking in the top tier for size on its street—and a recently renovated basement, offering immediate livable space and potential. Built in 1948, the house itself is of a modest 735 sqft, suggesting a cozy, efficient footprint or a prime candidate for a future main-floor expansion, given the ample land.
The property’s strength is its established location. It sits on a street where homes generally rank highly for lot size and newer construction, indicating a desirable and stable block. While the living area is compact, the renovated basement adds functional space, making it suitable for a first-time buyer, a downsizer, or an investor seeking a property with "good bones" and land value. The assessed value aligns with the neighbourhood median, suggesting a fairly priced entry into an area with above-average lot characteristics. It’s a home that offers more outside than inside, appealing to those who value outdoor space and future potential over immediate square footage.
Frequently Asked Questions
1. Is the house suitable for a growing family?
The current living space is compact at 735 sqft, which may be tight for a growing family. However, the large lot and renovated basement provide crucial extra space for play and living, and the property has clear potential for an addition if needed.
2. How does the lot size compare to others?
The lot is a significant feature, at 4,355 sqft. It ranks in the top 5% for size on Gareau Street and the top 20% in the wider Archwood neighbourhood, offering much more outdoor space than many typical city lots.
3. What does the "renovated basement" include?
The listing confirms the basement is renovated but does not specify the finishes or layout. This would be a key point to clarify with the seller or agent to understand if it’s a finished living space, a rental suite, or updated utility and storage areas.
4. The home sold in 2021 for $26.80k. Why is the assessed value now $270k?
The 2021 sale price appears to be an anomaly, potentially reflecting a non-arms-length transaction or a sale of a partial interest. The current assessed value of $270k is in line with similar area properties and is the relevant figure for market valuation and municipal taxes.
5. What is the neighbourhood like for amenities and convenience?
Archwood is a mature neighbourhood in Winnipeg. The high ranking of the street for lot size and newer homes suggests a well-kept area. Proximity to schools, parks, and shopping would require further local research, but the data indicates a solid, established community.