Property Overview
This 1951 one-storey home on Magnus Avenue presents a straightforward opportunity in Winnipeg's Burrows Central neighbourhood. Its key appeal lies in the balance of a renovated basement and a larger-than-average lot for the area, set against a modestly sized living space.
Key Characteristics & Ideal Buyer
The home sits on a 3,732 sqft lot, which is notably larger than many in Burrows Central and on Magnus Avenue itself. This provides valuable outdoor space and potential. The basement has been renovated, adding functional living area to the 720 sqft main floor. A detached garage offers practical storage or workshop space.
Its assessed value ranks above average for its immediate area, suggesting it is viewed as a solid property within its local market context. However, the living space is compact, and the home is older, which will factor into renovation plans and energy efficiency considerations.
This property would suit a first-time buyer, an investor, or a downsizer looking for a manageable footprint without sacrificing yard space. Its appeal is practical: it’s a home that offers the benefits of a renovated space and a good lot size, without the premium price of a larger or newer house. It’s for someone who sees potential in the land and the finished basement, and is prepared to live comfortably in a cozier main living area.
Frequently Asked Questions
1. Is the renovated basement a legal suite?
The details provided state the basement is renovated, but do not specify if it is a legal, rentable suite. This is a crucial point to verify with the listing agent and the city, as it impacts value, insurance, and income potential.
2. How does the low assessed value affect property taxes?
While the assessed value is low compared to the citywide average, it is actually above average for this specific neighbourhood. This typically results in proportionally lower property taxes, which is a practical financial advantage for the buyer.
3. What is the condition of the main floor (720 sqft)?
The listing highlights the renovated basement, but not the condition of the main floor. Given the home's age and compact size, understanding the state of the kitchen, bathroom, and systems on the primary level is essential for budgeting.
4. Why is the lot size a significant feature here?
The lot is in the top 25% for size in Burrows Central. In an older neighbourhood, a larger lot is a valuable asset for privacy, gardening, expansion, or future redevelopment, offering options that smaller lots do not.
5. What does the sale history tell us?
The home sold previously in 2016 for $18,100. The current assessed value is $23,100. This history indicates a market that has seen appreciation, but also underscores the importance of a current appraisal and understanding the factors behind the previous sale price.