Property Overview
This 1962 one-storey home at 793 Stewart Street in Winnipeg's Buchanan neighbourhood presents a specific and practical opportunity. Its key appeal lies in the combination of a renovated basement and a notably large, above-average lot for its immediate street, offering space and potential in a mature community.
Key Characteristics & Ideal Buyer
The home itself is compact, with a living area significantly below average for the area. This makes it a straightforward, low-maintenance footprint. The recent renovation of the basement adds valuable finished space and modern utility. The standout feature is the 5,154 sqft lot, which ranks in the top 30% for size on Stewart Street. This generous outdoor space is a rare asset in the context of the property's scale. A detached garage provides additional storage or workshop space.
This property would suit a pragmatic first-time buyer, an investor looking for a land-value play with rental income potential from the basement, or a downsizer seeking a manageable home with ample yard space for gardening or leisure. Its value is grounded more in its land and functional updates than in its interior size or vintage. A thoughtful perspective is that the below-average assessed and recent sale prices, relative to the city, suggest an entry point into the market, with the large lot representing future potential value not fully reflected in the current structure.
Frequently Asked Questions
1. Is the renovated basement a legal suite?
The listing states the basement is renovated but does not specify if it is a legal, rentable suite. This is a crucial point to verify with the seller and the city for compliance and rental income potential.
2. What is the condition of the main floor living space?
Given the focus on the basement renovation and the home's age, buyers should pay close attention to the condition of the main floor systems (roof, windows, HVAC) and layout to understand any needed updates.
3. Why is the sale price so much lower than the city-wide average assessed value for homes?
The "average assessed value" comparison provided includes all home types city-wide. This property's price is aligned with its specific characteristics: a smaller, older home in its neighbourhood context. The data shows its price is consistent with similar assessed values in other areas.
4. What does the lot size ranking actually mean for me?
Ranking in the top 30% for land area on its street means you get more private outdoor space than most direct neighbours. This is a relative advantage for privacy, expansion, or outdoor use, but the exact dimensions and shape should be verified.
5. How does the detached garage access and condition factor in?
With a detached garage, it's important to assess the ease of access from the street or lane, its structural condition, and the potential cost of any upgrades, as this is a separate structure from the house.