Property Overview: 222 Munroe Avenue, Winnipeg
Key Characteristics & Appeal
This is a compact, one-storey home built in 1929 on a standard city lot in the Chalmers neighbourhood. Its primary appeal lies in its renovated basement and its position as an accessible entry point into the Winnipeg market. The home is notably modest in size, with a living area significantly below averages for its street, neighbourhood, and the city. This translates to a lower assessed value, making it one of the more affordable standalone properties available.
The property would best suit a first-time buyer, an investor, or someone looking to downsize who prioritizes a tight budget and a manageable footprint over space. Its renovated basement adds valuable flexible living or income potential, which is a key asset for a home of this size. A thoughtful perspective for the right buyer is that a smaller, older home on a decent lot can represent a "blank canvas" opportunity—it's a structure to be improved or potentially expanded over time, with the land itself contributing to its long-term value. Its very average standings within the Chalmers area for year built and assessed value suggest it fits the neighbourhood's profile, offering community consistency rather than standing out.
Frequently Asked Questions
1. Is the home move-in ready?
While the basement is noted as renovated, the listing does not specify the condition of the main floor. Given the home's age and size, buyers should budget for potential updates to mechanical systems, windows, or the main living space.
2. What is the potential for this property?
The combination of a renovated basement and a near-3,000 sqft lot presents options. It could be suited for creating a secondary suite (subject to zoning), or the lot size allows for future expansion or exterior additions like a large garage or garden suite.
3. How does the sale price compare to the assessed value?
The home sold for $24,500 in April 2022, which is dramatically lower than its current $190,000 assessed value. This indicates a major change occurred after that sale, such as the basement renovation, a significant appraisal adjustment, or a change in how the property is classified.
4. What are the downsides of the smaller living area?
With 686 sqft above grade, storage and living space will be limited. This layout typically suits one or two people comfortably and may feel cramped for a family or those who work from home without utilizing the basement.
5. Is the detached garage included?
Yes, the property includes a detached garage. This provides valuable storage or workshop space, which is a significant benefit given the home's smaller interior square footage.