Property Overview: 520 Alexander Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This one-storey home on Alexander Avenue in Centennial is a property defined by its potential and its position within a historic neighbourhood. Built in 1899, it is one of the older homes on the street, offering a tangible connection to Winnipeg's past. With 610 square feet of living space and an unrenovated basement, the house itself is compact and requires modernization. There is no garage, and the lot is a manageable 2,642 sqft—smaller than many in the city but fairly typical for the immediate area.
The primary appeal lies in its value as a land play or a foundational project. The assessed value is notably low, which can translate to lower property taxes, making it a low-cost entry point into the market. It suits a specific type of buyer: an investor looking for a hold property, a hands-on renovator seeking a blank canvas, or someone primarily interested in securing a lot in a central neighbourhood without the premium of a turn-key home. A less obvious perspective is its potential as a multi-generational or helper suite component, given its size and separate entrance potential, should a larger principal property be established on the lot in the future.
Section 2: Frequently Asked Questions
1. What is the true focus of this listing?
The data suggests the value is overwhelmingly in the land. The living area is among the smallest in the city, and the home has not been renovated. This presents itself as a redevelopment opportunity or a long-term investment in the neighbourhood.
2. How does the lot size compare?
The land area is around average for Alexander Avenue and the Centennial neighbourhood, but it is below average for Winnipeg as a whole. This indicates you are purchasing a typically-sized lot for this specific, established area.
3. What does the sale history indicate?
The home sold for $100,000 in March 2022, a significant increase from its $8,300 sale price in 2016. This sharp appreciation likely reflects rising land values in the area over that period, not substantial improvements to the dwelling itself.
4. Is the low assessed value a positive?
It can be. A lower assessed value generally results in lower annual property taxes, which improves holding costs for an investor or renovator during a project phase. It is not typically indicative of a recent municipal assessment of the property's market value.
5. What should I consider about the neighbourhood context?
The provided comparable properties show a mix of very old, small homes and significantly larger, renovated ones on the same street. This indicates a neighbourhood in transition, where property values may be influenced more by redevelopment potential and less by the existing structures.