Property Overview: 294 Wallasey Street
Key Characteristics & Appeal
This is a compact, one-storey home built in 1918 on a generously sized lot of over 6,000 square feet in Winnipeg's Booth neighbourhood. Its primary appeal lies in the combination of a large, potentially versatile property footprint with a recently renovated basement, offering a solid foundation for future expansion or outdoor projects. The home itself is modest in size at 699 sq ft, positioning it as an affordable entry point into the market.
The property suits first-time buyers, downsizers, or investors looking for a land-value opportunity with a liveable structure. Its strong rankings for lot size within the street and neighbourhood suggest more space than typical surrounding properties, which could be a long-term asset. A thoughtful perspective is its recent sale in March 2025 for $21.5k, which was well above its assessed value and ranks highly compared to recent sales in the area, indicating recognized potential or value not fully captured in the official assessment.
Frequently Asked Questions
1. What does the "renovated basement" entail?
The listing confirms the basement has been renovated, but specifics on finish quality, ceiling height, moisture control, or legal compliance should be verified through a viewing and inspection.
2. With no garage, what are the parking options?
The property has no garage. Buyers should check municipal regulations for on-street parking permits or the feasibility and cost of adding a driveway or parking pad to the large lot.
3. The house is small, but the lot is large. What are my options?
The significant lot size (top 26% in the neighbourhood) offers future potential. Depending on zoning, options could include a substantial addition, building a garage or workshop, or creating extensive outdoor living space. All would require proper permits and budgeting.
4. The home is over 100 years old. What should I be concerned about?
While the renovated basement is a plus, a pre-purchase inspection is crucial to assess the condition of the original structure's foundation, plumbing, electrical systems, and insulation to understand any needed updates.
5. Why did it sell for significantly more than its assessed value recently?
A sale price above assessment can reflect market demand for the area, the value of the renovated basement, the premium for the large lot size, or buyer recognition of the property's underlying potential not reflected in the formal valuation.