Property Overview
This property at 1159 College Avenue is defined by its exceptionally large lot and its value as a land opportunity. The home itself is a compact, century-old one-and-a-half storey with an unrenovated basement and a detached garage. Its primary appeal lies not in its current living space, but in the potential offered by its generous 7,181 sqft parcel of land, which is significantly larger than most lots in both the immediate area and across Winnipeg. The last known sale was in 2019 for $24,500, and its current assessed value is $20,900.
Key Characteristics & Ideal Buyer
The standout feature is the lot size, which ranks in the top 2% on its street and the top 1% in the Burrows Central neighbourhood. This presents a rare blank canvas for the area. The existing 832 sqft home, built in 1925, is modest and would likely require updating for comfortable modern living, framing this as a fixer-upper or a redevelopment project.
The appeal here is squarely for the value-driven buyer looking for land potential. It suits an investor, a builder, or a handy homeowner willing to put in sweat equity. It’s a strategic purchase for someone who sees the underlying asset—the land—as the true value, with the existing structure providing optionality. This isn't a move-in-ready home; it's a foundation for a future vision, offering a chance to create significant equity through renovation or new construction on a premium-sized lot.
Frequently Asked Questions
1. Is this a teardown property?
While the home is livable, its smaller size, age, and the premium lot size make it a prime candidate for a major renovation or complete redevelopment. The value is heavily weighted toward the land.
2. Why is the assessed value so much lower than the city-wide average?
Assessed values are based on recent sales of comparable properties. In this neighbourhood, home values are generally lower than the Winnipeg average. The assessment reflects the market value of the property as-is, not the potential value after improvement.
3. What can be built on a lot of this size?
A lot over 7,000 sqft provides flexibility that is uncommon in older neighbourhoods. It could accommodate a substantial new home with ample yard space, or potentially a multi-unit development, subject to City of Winnipeg zoning bylaws and approvals.
4. The sale price in 2019 was $24,500. Is the current asking price similar?
The provided data shows the 2019 sale price. The current asking price would be set by the seller based on today's market conditions, which may differ. Interested buyers should check the listing for the current price.
5. How does the "top X%" ranking work?
These rankings compare this specific property against similar homes in three groups: on the same street, in the wider Burrows Central neighbourhood, and across all of Winnipeg. For example, a "Top 1%" rank for land area in the neighbourhood means this lot is larger than 99% of comparable lots in Burrows Central.