Property Overview: 525 Washington Avenue, Winnipeg
Key Characteristics & Appeal
This is a compact, century-old home (built 1921) on a standard-sized lot in the Chalmers neighbourhood. Its primary appeal lies in its position as an affordable entry point into the Winnipeg market, reflected in its below-average assessed value. The house itself is modest, with 745 sq ft of living space, which is smaller than most comparable homes on its street and in the city. It features a one-and-a-half storey layout and includes a basement, noted as unrenovated. There is no garage or pool.
The property would best suit a first-time buyer, an investor, or a hands-on individual looking for a low-cost footprint. Its value is anchored more in the land and location than in the current structure. A thoughtful perspective for a buyer is the potential trade-off: while the home requires updating, its smaller size makes renovation projects more manageable and less costly in scope than a larger house. Additionally, its "around average" rankings for lot size and age within its immediate area suggest it fits the local streetscape, rather than being an outlier.
Frequently Asked Questions
1. Why is the assessed value so much lower than the last sale price?
The assessed value is for municipal tax purposes and often lags behind market sale prices, which are determined by current buyer demand. The 2019 sale price of $120k is a more recent indicator of its market value.
2. What does "one & 1/2 storey" mean for this home?
This typically describes a home where the second level has less total floor area than the main floor, often featuring sloped ceilings or dormers. It confirms the home has a second level, but the living space is compact.
3. The living area is noted as "below average." How small is it?
At 745 square feet, it is significantly smaller than the average home in Winnipeg (~1,342 sq ft). This indicates a cozy, efficient layout, likely with two or three small bedrooms.
4. Is the unrenovated basement finished or usable?
The listing specifies it is "not renovated," which generally means it is in a rough, unfinished state (concrete floors, exposed beams). It provides storage and mechanical space but is not a livable family room or suite.
5. How does the lot size compare?
At just over 3,000 sq ft, the lot is around average for the Chalmers neighbourhood. This provides a standard backyard space for the area but is below the much larger average lot size citywide.