Property Overview
1198 Mcmillan Avenue is a classic two-storey home built in 1942, situated on a generously sized lot in Winnipeg's established Crescentwood neighbourhood. Its primary appeal lies in the combination of a prime location and significant land value, offering a foundation for future living or investment. The home itself features a renovated basement and a detached garage. It presents a compelling opportunity for a specific type of buyer: those who value location and land over immediate square footage, and who are potentially looking for a character home to update or a lot with long-term redevelopment potential. It suits buyers comfortable with a project, whether that's modernizing the existing footprint or seeing the value in one of the larger parcels in the area.
Key Details & Suitability
- Key Characteristics: The standout feature is the 6,082 sqft lot, which ranks in the top 2% for size on Mcmillan Avenue. The living space (1,272 sqft) is modest compared to area averages, placing emphasis on the land. The home includes a renovated basement and a detached garage.
- Primary Appeal: The appeal is anchored in location and land. It offers entry into a desirable neighbourhood on a lot that is substantially larger than most on its street. The renovated basement adds functional living space. The assessed value is strong for the street, suggesting solid underlying property value.
- Ideal Buyer: This property best suits a buyer with a vision. It could be a perfect fit for a young family or investor looking to secure a lot in Crescentwood with a liveable home, planning gradual updates. Alternatively, the lot size may attract those considering future expansion or redevelopment, making it a strategic long-term hold.
Frequently Asked Questions
1. Is the house move-in ready?
While the basement is renovated, the overall living area is noted as below average for the neighbourhood. Buyers should be prepared for potential updates to the main and upper floors to modernize the 1942 character home.
2. Why is the living space smaller than the neighbourhood average?
This is common for older homes where the value and potential have historically been in the land itself. The property offers the location and lot size of Crescentwood, with the home itself representing an opportunity to customize or expand over time.
3. What does the lot size ranking actually mean for me?
Ranking in the top 2% for land area on Mcmillan Avenue means you are getting one of the largest parcels on the street. This provides more outdoor space, greater privacy, and potential flexibility for gardens, additions, or other landscaping projects that aren't possible on standard lots.
4. How does the assessed value compare to the past sale price?
The current assessed value is $48.60k, which is higher than its last recorded sale price of $39.30k in 2017. This indicates a significant increase in its municipal valuation over that period, reflecting broader market trends and the inherent value of the land.
5. Who might this property not be suitable for?
It may not suit buyers seeking a large, turn-key home with no immediate projects. Those prioritizing maximum interior square footage or modern, open-concept layouts from the outset might find the existing home too compact or in need of more work than they prefer.