562 Alexander Avenue

Property Overview

This one-and-three-quarter storey home on Alexander Avenue in Winnipeg's Centennial neighbourhood presents a distinct opportunity. Built in 1883, it is a historic property with a living area of 1,184 sqft, which is notably spacious for its street. The lot size is a standard 2,605 sqft. Key features include an unrenovated basement and no garage. The home’s most striking characteristic is its exceptionally low municipal assessed value, which is among the very lowest in the city.

Its appeal lies in its potential. This is not a move-in-ready home but a foundational project. It suits a specific buyer: someone looking for an affordable entry into homeownership with a vision for renovation, an investor comfortable with a significant rehab project, or a buyer primarily interested in the land value in an established neighbourhood. Its above-average living space for the immediate area offers a solid canvas. The low property taxes, a direct result of the low assessment, could provide some budgetary relief for the substantial work required.

Frequently Asked Questions

1. Why is the assessed value so low?
The assessed value is typically based on a property's condition, features, and recent sales. A value this far below area averages strongly indicates the municipality views the property as requiring major improvements or redevelopment.

2. What does "unrenovated basement" imply?
This usually means the basement is in its original or rough state. Buyers should anticipate foundational inspections and budget for potential updates to plumbing, electrical, moisture control, and finishing to make it a functional living space.

3. Who would this property be a good fit for?
It is best suited for hands-on buyers, such as contractors, skilled DIY renovators, or patient investors with renovation capital. It is likely less suitable for first-time buyers needing immediate livability or those unable to manage a large-scale project.

4. Are there advantages to a home built in 1883?
Yes, but they come with conditions. You may find charming original character details like thick plaster walls, unique woodwork, or high ceilings. However, this also necessitates thorough inspections for outdated wiring, plumbing, insulation, and structural settlement common to homes of this era.

5. How should I interpret the lot size and living area rankings?
The lot is average for the street but smaller than most in the wider city, indicating a typical urban plot. The living area, however, is larger than many neighbouring homes, suggesting a house that makes good use of its footprint or may have been expanded historically, offering more interior space than you might expect from the street.