Property Overview
This 1922 one-storey home on a generous 5,451 sqft lot in Crescentwood presents a distinct opportunity. Its primary appeal lies in its location within a desirable, established neighbourhood paired with a below-average price point for the area. The home itself is modest in size at 936 sqft, ranking it among the smaller homes locally, but it features a renovated basement and a detached garage. The assessed value is notably lower than many Crescentwood properties, suggesting room for equity growth, especially for someone willing to invest in updates over time.
It would suit a first-time buyer seeking an entry point into a prestigious neighbourhood, or an investor looking for a character home with strong redevelopment potential given the lot size. It’s less suited for those requiring significant immediate living space or a turnkey property, and more ideal for a buyer with a vision for gradual improvement or future expansion.
Frequently Asked Questions
1. Why is the assessed value relatively low for Crescentwood?
The assessed value of approximately $400k is below the neighbourhood average, reflecting the home's smaller size and age. This creates a more accessible price point for the area, often indicating a property where value can be added through updates or expansion.
2. How does the lot size compare?
At over 5,400 sqft, the lot is larger than average for McMillan Avenue and is a key asset. This provides ample outdoor space and potential for additions, landscaping, or even future redevelopment, subject to zoning.
3. What does the "renovated basement" entail?
The listing notes a renovated basement, but specific details on finish quality, ceiling height, permits, and moisture control should be verified through a viewing and inspection, as these factors significantly impact livability and value.
4. The home sold in 2019 for $340k. What does that indicate?
The 2019 sale price provides a historical benchmark. The current assessed value being higher suggests market appreciation, but the final list or sale price will be determined by current market conditions, the home's present state, and buyer demand.
5. Is this a good candidate for a full renovation or rebuild?
Given the desirable lot in a mature neighbourhood, the property holds strong potential. A buyer should investigate City of Winnipeg zoning bylaws, heritage designations (if any), and associated costs to understand the full scope of possibilities, from renovation to eventual replacement.