Property Overview: 1560 Magnus Avenue
Key Characteristics & Appeal
This is a modest, one-storey home built in 1948 on a notably spacious lot in the Burrows-Keewatin neighbourhood. Its primary appeal lies in the land itself—at over 5,100 square feet, the property lot size ranks in the top 6% on its street and top 14% in the local area, offering significant outdoor space and potential that is uncommon for the price point. The home is compact, with 700 sqft of living space, and features a detached garage and an unrenovated basement.
The property suits practical buyers looking for an entry point into the market, where the value is in the land rather than the existing structure. It’s ideal for an investor, a hands-on homeowner planning a future rebuild or expansion, or someone seeking a low-maintenance footprint with generous yard space for gardening, pets, or storage. Its assessed value is well below city averages, suggesting a lower property tax burden, which adds to its practicality. A thoughtful perspective is that this property represents a clear opportunity to own a substantial piece of land in a mature neighbourhood, where the home itself can be tailored over time or simply maintained as an affordable holding.
Frequently Asked Questions
1. Is the home in livable condition?
The listing notes the basement is unrenovated. A professional inspection is essential to determine the overall condition of the foundation, roof, wiring, and plumbing in this 78-year-old home.
2. Why is the assessed value so much lower than the city average?
The assessed value reflects the home’s age, modest size, and condition relative to the broader Winnipeg market. It indicates this is a land-value proposition rather than a premium home.
3. What are the possibilities for the large lot?
The lot size presents options for expansion (subject to zoning and permits), adding a garden or workshop, or simply enjoying more private outdoor space than is typical in this area.
4. How does the sale history affect value?
The home last sold in 2016 for $16,500. This history, combined with the current assessed value, suggests a stable, lower-value market segment, not prone to rapid appreciation without significant improvement.
5. What should I consider about the neighbourhood?
Burrows-Keewatin is an established area. It’s wise to research local amenities, transportation, and recent sales of both renovated and unrenovated homes to fully understand the community’s dynamics and future potential.