273 Wallasey Street

Property Overview & Appeal

This one and three-quarter storey home, built in 1913, presents a classic character property with significant potential. Its key appeal lies in its generous 2,609 sqft lot, which ranks in the top 7% for size across Winnipeg, offering rare outdoor space for the area. The home itself is modest at 896 sqft of living space, suggesting a cozy footprint or potential for expansion. With an unrenovated basement and no garage, it is squarely a fixer-upper or blank canvas project. The assessed value is notably low, indicating a property where the land value may significantly outweigh the current structure's value.

This home would suit a hands-on buyer looking for a character home to restore, an investor seeking a lot with redevelopment potential, or a first-time purchaser comfortable with a project who values a large yard over move-in-ready finishes. Its strong lot size ranking in a mature neighbourhood offers a less obvious appeal: the opportunity to create a personalized home with outdoor amenities in a long-established community, where newer builds often come with smaller plots.

Frequently Asked Questions

1. What does "one and three-quarter storey" mean?
This is a traditional architectural style where the second floor has sloped ceilings following the roofline, creating cozy, character-filled bedrooms, often with dormer windows. Full headroom is typically in the center of the rooms.

2. The assessed value seems very low. What does this indicate?
A low assessment relative to similar lots often reflects the current condition of the home. It primarily signals that the value is heavily weighted toward the land itself, with the existing structure adding minimal value in its present state.

3. Is the unrenovated basement finished, and is it prone to flooding?
The listing specifies it is "not renovated," which typically means it is unfinished (concrete floors, exposed beams). There is no information provided on water issues; this would be a critical point for a home inspection and discussion with the seller.

4. How significant is the lot size ranking?
Ranking in the top 7% in Winnipeg for lot size is a major asset. It means this property offers more outdoor space than 93% of homes in the city, which is rare and valuable, especially for gardening, adding a deck, or future additions.

5. The home last sold in 2016. Should I be concerned?
Not necessarily. A nine-year ownership period is reasonable. The more relevant detail is the sale price of $13,600k in 2016 versus the current assessed value, which suggests a significant increase in the property's market or assessed value over that period.