Property Overview
This is a compact, one-storey home built in 1947 on a generously sized lot of approximately 4,724 square feet. Its key features include a renovated basement and a detached garage. The home’s primary appeal lies in its land value and potential, rather than its current living space, which is modest at 762 square feet. It presents a clear value proposition for specific buyers: investors or handy purchasers looking for a lower-cost entry point into the Winnipeg market with a focus on land size. The property is well-suited for someone comfortable with a smaller footprint or someone viewing it as a strategic hold, with the renovated basement offering immediate functional space or rental potential. It’s less suited for those seeking a move-in-ready, spacious family home without future renovation plans.
Frequently Asked Questions
1. Is this a good investment property?
Given its below-average sale price for the city and the significant lot size relative to the home, it has the classic markers of a land-value investment. The renovated basement also adds potential for rental income to help offset costs.
2. How does the lot size compare?
The lot is a standout feature. At 4,724 sq ft, it is larger than most lots on Manitoba Avenue and in the Burrows-Keewatin neighbourhood, offering above-average outdoor space or future expansion potential for the area.
3. What does the "renovated basement" entail?
The listing confirms the basement is renovated but does not specify the scope. A professional inspection is crucial to determine the quality of the renovation, its legal status, and whether it includes a separate entrance or kitchenette, which would impact value and utility.
4. Why is the assessed value so much lower than the city-wide average?
The assessed value reflects the property’s current state—a smaller, older home in its specific neighbourhood. The dramatic difference from the Winnipeg average highlights that this is a value-driven purchase in a more affordable segment of the market.
5. Who would this property not suit?
It may not suit buyers needing ample living space immediately, as the main floor is compact. Those unwilling to potentially invest in future expansions or updates, or who prefer a modern home on a standard-sized lot, might find it limiting.