Property Overview & Key Characteristics
383 Pacific Avenue is a compact, one-storey home built in 1882, situated on a modest lot in Winnipeg's Centennial neighbourhood. Its key appeal lies in its position as an entry-point property with very low municipal taxes, due to an assessed value significantly below city averages. The home is notably smaller in both living space (648 sqft) and land area than most comparable properties on its street, in the neighbourhood, and across Winnipeg.
This property would primarily suit a specific type of buyer: investors or handy owner-occupants looking for a minimal holding cost with plans to rebuild or extensively renovate. Its low price point is balanced by its age and size, suggesting it is a land-value play or a project home. A less obvious perspective is its potential for someone seeking ultimate simplicity and minimal upkeep in a central location, willing to live compactly. It is not suited for buyers seeking move-in-ready space, modern amenities, or a standard family-sized home.
Frequently Asked Questions
1. Why is the assessed value so much lower than the last sale price?
The 2019 sale price of $100k reflects the market value at that time, while the current assessed value of $10.10k is for municipal tax purposes. This large gap typically indicates the city's assessment is based primarily on the land value, with little value assigned to the aged structure itself, resulting in very low property taxes.
2. What does the "rank" data for land area and living area mean?
The rankings show this property is consistently below average in size compared to its peers. For example, for living area, it ranks 368th out of 375 homes in Centennial, meaning it is among the very smallest homes in the neighbourhood.
3. Is this a teardown property?
Given its age (144 years), very small size, and extremely low assessed value relative to its last sale price, the existing structure likely contributes little to the property's worth. Purchasers should budget and plan for a potential full rebuild or a major, foundational renovation.
4. Who would this property not be suitable for?
It is not suitable for first-time buyers needing a move-in-ready home, families requiring multiple bedrooms or space, or anyone averse to taking on a significant renovation or construction project. The living arrangement would be extremely compact.
5. What is the main financial advantage here?
The primary advantage is the exceptionally low annual property tax burden due to the low assessment. This makes holding the property while planning for the future—whether for renovation, rebuilding, or eventual resale of the land—very cost-effective from a tax perspective.