Property Overview
This one-and-a-half storey home on Pritchard Avenue presents a specific and practical opportunity in Winnipeg's Burrows-Keewatin neighbourhood. Built in 1948, it sits on a 4,099 sqft lot, which is notably larger than many on its street. The living space is a modest 880 sqft, and the home features a basement (not renovated) and a detached garage. Its most recent sale was in 2016 for $17,500, with a current assessed value of $19,800.
Key Characteristics & Appeal
The primary appeal of this property lies in its land value and potential, rather than its current structure. The lot size is well above average for Pritchard Avenue, offering more outdoor space or future development possibilities than many neighbouring properties. The home itself is compact and would benefit from modernization, making it a clear candidate for renovation or redevelopment. Its very low assessed value and sale history indicate it is one of the most accessible price points in the city.
This home would suit a specific type of buyer: handy investors or builders looking for a land-value play, or very budget-conscious buyers willing to undertake a significant project to create equity. It is not a move-in-ready home. A less obvious perspective is that, while its stats rank below city averages, it represents the kind of entry-level property that has become scarce, offering a foothold in the market where the work required is reflected in the price.
Frequently Asked Questions
1. Is this a tear-down property?
While not explicitly stated, the combination of a small, older home in need of renovation on a desirable lot size makes it a prime candidate for significant renovation or complete redevelopment, subject to local zoning.
2. Why is the assessed value so much lower than the city average?
The assessed value reflects the property's current state, size, and market position. With a living area significantly below the Winnipeg average and likely needing updates, the valuation is based on its existing condition rather than potential.
3. What does "one & 1/2 storey" mean for living space?
Typically, this style features a main floor and a second floor with sloped ceilings, where the full square footage may not be considered full-height living area. This explains the modest 880 sqft figure.
4. How does the lot size compare meaningfully?
At 4,099 sqft, the lot is in the top 22% on Pritchard Avenue. This is a key advantage, offering more yard space than most direct neighbours and greater flexibility for additions, landscaping, or parking.
5. What is the context of the 2016 sale price?
The $17,500 sale price from 2016 is a critical data point, establishing a very low baseline. It underscores the property's status as a value-driven project and highlights the potential equity gain from improvements, while also setting expectations for its starting price range.