128 Lacy Street

Property Overview: 128 Lacy Street, Winnipeg

Section 1: Key Characteristics & Appeal

This one-storey home on a 4,351 sqft lot in Chalmers presents a straightforward opportunity, primarily for value-focused buyers or investors. Built in 1956, it is notably newer than many homes in its immediate neighbourhood and on its street. Its key features include a detached garage and a full, unrenovated basement.

The primary appeal lies in its land value and positional metrics. The lot size is above average for Chalmers, offering more outdoor space than many local properties. With a very low assessed value compared to the Winnipeg city-wide average, this property stands out as an affordable entry point into the market. It suits a buyer looking for a land play, a renovation project, or an investor seeking a rental property with a low initial tax assessment. The recent sale price closely aligns with its assessed value, suggesting a market-ready valuation.

A less obvious perspective is its potential as a "blank slate." The unrenovated basement and the home's average living area for the area provide a chance to add value through updates without over-improving for the neighbourhood. Its newer build date (relative to the area) might also mean fewer immediate concerns with foundational or structural issues common in much older Winnipeg homes.

Section 2: Frequently Asked Questions

1. Is this a move-in ready home?
No. The listing notes the basement is "not renovated," which typically indicates the home requires updates and likely some modernization throughout. It is best suited for a buyer comfortable with a project.

2. Why is the assessed value so much lower than the Winnipeg average?
The assessed value is based on the property's characteristics and the local market. In this case, the value is consistent with other homes on Lacy Street and in the Chalmers neighbourhood, but it falls well below the city-wide average, reflecting the area's affordability.

3. What does the "above average" year built ranking mean for me?
Built in 1956, this home is newer than about 80% of homes on its street and in Chalmers. This can be an advantage, potentially indicating newer building materials, electrical systems, or plumbing compared to many century-old homes in the vicinity.

4. Who would this property not suit?
It would not suit buyers seeking a modern, turn-key home without renovation work. It may also not be ideal for those who prioritize a large interior living space, as the 1,040 sqft footprint is modest.

5. What is the significance of the lot size being "above average" for the neighbourhood?
With a lot size ranking in the top 20% for Chalmers, you are getting more land than most properties in the area. This provides more yard space, better potential for additions, landscaping, or outdoor amenities, and could contribute to future value.