Property Overview
This one-storey home at 477 Pacific Avenue in Winnipeg's Centennial neighbourhood presents a unique opportunity defined by its historical roots and land value. Built in 1891, it is notably older than most area homes. The living space is modest at 943 sqft, but the property sits on a generous 3,818 sqft lot, which is larger than many on its street. Key features include a renovated basement and a detached garage. Its appeal lies in its substantial lot size for the immediate area, the potential of a move-in-ready basement, and a very low assessed value, suggesting a lower property tax burden. This property would suit a value-conscious buyer looking for a project home with character, an investor interested in the land potential, or someone seeking an affordable entry into the Centennial area.
Key Questions (FAQs)
1. What does the "assessed value" mean for property taxes?
The assessed value of $16,800 is used to calculate your municipal property taxes. A figure this low compared to the city average typically results in significantly lower annual tax payments.
2. The home is much older than neighbours. Are there concerns?
Built in 1891, it is among the oldest in the area. This necessitates a particularly thorough inspection to assess the condition of foundational elements, wiring, and plumbing. While it requires diligence, it also offers authentic historical character rarely found today.
3. The lot is large, but the house is small. What are the implications?
The 3,818 sqft lot is a standout feature, offering above-average outdoor space or future expansion potential (subject to zoning and permits). It means you're investing more in the land than the existing structure, which can be a strategic advantage.
4. How does the recent sale history affect this listing?
The property last sold in February 2016 for $14,300. This history, combined with the current low assessed value, indicates it has been priced as a value or project property for some time, which may influence financing and perceived market value.
5. Is the renovated basement a legal suite?
The listing notes a "renovated basement" but does not specify it as a legal secondary suite. A buyer must verify its compliance with local codes and zoning regulations to understand its legal use for rental or extended family.