Property Overview: 1011 Magnus Avenue
Key Characteristics & Appeal
This is a compact, one-storey home built in 1909 on a standard city lot in Burrows Central. Its key characteristic is its value-focused proposition. The home presents a very modest living space of 472 sq ft and features a detached garage and an unrenovated basement. Its appeal lies almost entirely in its land and its price point, which is significantly below average for Winnipeg. The assessed value and recent sale history are a fraction of the city-wide norm, indicating an entry-level opportunity.
This property would suit a specific type of buyer: primarily investors, developers, or extremely hands-on owner-occupants. It is a clear candidate for a complete renovation or rebuild (subject to local regulations), making it a project for someone with vision, budget, and tolerance for significant work. It is not suited for someone seeking a move-in-ready or spacious home.
A less obvious perspective is its context within the immediate street. While its living area is among the smallest on Magnus Avenue, its lot size is closer to the local average. This highlights that the potential here is the land itself, not the existing structure. For the right buyer, the existing home may be seen not as a dwelling but as a temporary placeholder on a usable lot.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
The assessed value reflects the property's current state—a very small, 117-year-old home that has not been renovated. It is assessed based on its existing condition and utility, not its potential future value after redevelopment.
2. What could a buyer do with this property?
The most likely paths are a substantial, down-to-the-studs renovation or a complete teardown and rebuild, depending on the buyer's goals, budget, and local zoning bylaws. It is a blank canvas for a new home or a rental investment.
3. How does the lot size compare to the neighbourhood?
At 2,800 sq ft, the lot is fairly typical for Burrows Central and on Magnus Avenue itself. It provides a standard urban footprint for a future home, which is a key asset of this listing.
4. Is the basement usable?
The listing specifies the basement exists but is "not renovated." Buyers should assume it is in original condition, likely lacking modern finishes and possibly having moisture or ceiling height issues common in century-old foundations. It should be inspected.
5. Who would this property not be suitable for?
It is not suitable for first-time buyers needing a move-in-ready home, families requiring immediate space, or anyone unable to manage a major construction project. It is a project property in the truest sense.