Property Overview: 1060 McMillan Avenue, Crescentwood, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, one-storey character home built in 1924, situated on a standard-sized lot in the desirable Crescentwood neighborhood. Its key characteristic is its modest scale, with a living area of 884 sq ft that is notably smaller than most homes in Crescentwood and on McMillan Avenue itself. The home has a basement (not renovated) and no garage.
The primary appeal lies in the opportunity to own a property in a prime, established neighborhood at a relatively accessible price point, as reflected in its assessed value. It suits specific buyer types: first-time buyers seeking an entry into a prestigious area, downsizers looking to right-size without leaving the community, or investors/renovators who see potential in the land and location. The value is fundamentally in the address and the lot, not the current structure. A thoughtful perspective is that this property represents a "blank canvas" within a historic area—it offers the chance to build new or renovate extensively in a location where most homes are already fully realized, which is a rare find. It’s a strategic purchase for someone focused on long-term location value over immediate move-in condition.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than neighboring properties?
The assessed value is primarily based on the existing home's modest size, age, and condition. In a neighborhood of larger, more updated homes, this property’s value is weighted heavily on its land and location rather than its current structure.
2. Is this a good investment?
As an investment in location within a consistently desirable neighborhood, it has strong fundamentals. However, the return is highly dependent on future plans—whether it’s held as a rental, renovated, or redeveloped—given the current home's condition and size.
3. What are the main considerations for living here now?
Be prepared for a smaller living space that likely requires updates. The lack of a garage and an unfinished basement are practical considerations. The appeal is living in Crescentwood with its mature trees and character, but in a home that may not match the typical size or finish of others on the street.
4. How does the lot size compare, and what does that allow?
At 4,242 sq ft, the lot is around average for McMillan Avenue but below average for Crescentwood. It is a standard urban lot, providing adequate outdoor space but may have limitations for very large additions or detached structures, depending on zoning bylaws.
5. The home last sold in 2019 for $270k. What does that tell us?
The 2019 sale price, significantly higher than the current assessed value, suggests a market premium was paid for the location at that time. It indicates the property trades more on its locational demand than on its government assessment, and future sale prices will be influenced by market conditions and any changes made to the property since.