Property Overview
1501 Manitoba Avenue is a one-storey home built in 1950, situated on a notably spacious lot in Winnipeg's Burrows-Keewatin neighbourhood. Its primary appeal lies in the combination of a large, nearly 4,900 sqft property and a recently renovated basement, offering a foundation for future potential. The home itself is modest in size at 750 sqft of living area, which is below average for the area. This property suits a specific buyer: someone looking for an entry point into homeownership with a valuable land asset, a hands-on individual interested in eventually expanding or redeveloping the existing structure, or an investor seeking a property with a separate, updated basement suite (subject to zoning verification). Its assessed and recent sale values are significantly below the Winnipeg city average, indicating a more accessible price point for the lot size.
Key Considerations & FAQs
1. What is the main advantage of this property?
The standout feature is the land. At 4,893 sqft, the lot size is well above average for both the immediate street and the broader neighbourhood, offering more outdoor space and future possibilities than most similarly priced homes in the city.
2. The living space seems small. Is the house in good condition?
The provided details highlight a renovated basement, suggesting updates have been made. However, the main floor living area of 750 sqft is compact. Buyers should plan for a thorough inspection to understand the condition of the main structure, roof, and systems, typical of a home built in 1950.
3. Who would this property not be suitable for?
It would likely not suit buyers seeking a move-in-ready home with ample modern living space on the main floor, or those unwilling to take on a project. The value here is in the land and the basement renovation, not in generous main-floor square footage.
4. The assessed value seems very low. Why is that?
The assessed value reflects the property's current state and market position as a smaller, older home on a valuable lot. It is in line with averages for its street and neighbourhood but is far below the Winnipeg average because it represents a different type of property—often a land play rather than a finished home.
5. What should I research before considering an offer?
Critical next steps include verifying the permits and quality of the basement renovation, investigating zoning bylaws (R1) to understand what expansions or additions are permissible, and exploring the potential for a legal secondary suite, as the detached garage may also present opportunities.