Property Overview & Key Characteristics
This one-storey home on Alexander Avenue in Brooklands presents a unique opportunity centered on its land and value. Built in 1905, it is a historic property with a modest 576 sqft living area, significantly smaller than typical homes in Winnipeg. Its primary asset is the 2,373 sqft lot, which is notably larger than many others on the same street. The home features a renovated basement and a detached garage.
The appeal lies in its position as a land-value proposition in a mature neighbourhood. It suits a specific type of buyer: an investor, a hands-on renovator, or someone seeking an affordable entry into the Winnipeg market with the long-term potential to redevelop or significantly expand the existing structure. The recently renovated basement adds immediate functional living space. It’s a property for those who see potential beyond the current footprint, where the value is more in what could be than in what currently is.
Frequently Asked Questions
1. Is this a teardown property?
While the home is livable with a renovated basement, its age (1905), smaller size, and the value of the lot suggest it is primarily attractive for its redevelopment potential. Buyers should budget for significant updates or a full rebuild.
2. How does the assessed value compare to the sale price?
The home last sold in September 2022 for $21,500. Its current assessed value is $18,100. This difference and the sale price being well below the citywide average highlight its status as a land-value purchase rather than a standard home sale.
3. What does the "ranking" data mean for the lot size?
The data shows the lot is "around average" for Alexander Avenue but "below average" for Brooklands and Winnipeg. This indicates the lot is a good size for its immediate street, which may consist of older, closer-built homes, but is smaller than newer subdivisions.
4. Who would this property not suit?
It is not ideal for buyers seeking a move-in-ready home without renovation plans, those needing substantial living space immediately, or anyone uncomfortable with the responsibilities and costs of maintaining or redeveloping a 121-year-old structure.
5. What is the significance of the detached garage?
In a neighbourhood of older homes, a detached garage is a valuable asset for parking, storage, or as a potential workshop. It also remains a usable structure regardless of future plans for the main house.