Property Summary: 812 Lyon Street, Crescent Park, Winnipeg
Key Characteristics & Appeal
This is a classic 1951 one-storey home on a notably spacious 7,295 sqft lot in Winnipeg's Crescent Park neighbourhood. Its primary appeal lies in the land itself—the lot size is well above average for both the neighbourhood and the city, offering significant outdoor space and potential. The home is modest in size at 1,024 sqft with a detached garage and no basement. Recent sale and assessed value figures are notably below typical Winnipeg averages, positioning it as an accessible entry point.
This property would best suit a value-conscious buyer, investor, or builder whose priority is land over the existing structure. It's an opportunity for someone willing to renovate or expand the current bungalow to match the lot's potential, or for a long-term holder who values the upside of a large lot in an established area. A less obvious perspective is that, while the home's metrics rank below average on its street, the lot is a standout asset that is increasingly rare, offering privacy and flexibility that newer subdivisions often lack.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
The assessed value reflects the current state and size of the 1,024 sqft dwelling. The valuation is primarily land-based, with the older, smaller home contributing less to the total assessment compared to larger, updated properties.
2. What does the lot size ranking actually mean for me?
Ranking in the top 15% citywide for land area means you're getting a property with more land than 85% of Winnipeg homes. In Crescent Park specifically, it's in the top 30%, indicating it's a larger-than-typical lot for this desirable neighbourhood.
3. Is this a teardown or renovation candidate?
While the existing home is smaller and older, it is functional. The choice depends on your goals and budget. The large lot easily accommodates a significant expansion or a new build, but a thoughtful renovation could also modernize the living space while preserving its character.
4. How does the 1951 build year affect things?
Built in 1951, the home is older than most in Crescent Park but is actually one of the newer homes on Lyon Street itself. This vintage typically means classic construction but will likely require updates to major systems like wiring, plumbing, and insulation to meet modern standards.
5. What is the realistic potential here?
The potential is anchored in the land. The large lot allows for possibilities like adding a garage suite (subject to zoning), creating extensive gardens, or building a substantial addition. The low entry price relative to the neighbourhood allows you to invest in improvements while potentially building equity based on the underlying land value.