Property Overview: 1-854 Alverstone Street, Winnipeg
Key Characteristics & Appeal
This is a compact, 695 sqft condo unit in Winnipeg's Daniel McIntyre neighbourhood. Built in 1912, it is one of the older homes on its street, offering classic character. The primary appeal lies in its exceptionally low financial barrier to entry, evidenced by an assessed value of $11,500 and a previous sale price of $8,700 in 2022. This makes it one of the most affordable owned properties citywide.
The unit suits very specific buyers: first-time investors looking for a minimal-cost entry into the market, or extremely budget-conscious owner-occupants who prioritize low carrying costs above space and modern finishes. Its small size and historic build mean it is not suited for those needing room to grow or expecting contemporary layouts. A thoughtful perspective is that this property represents a pure value play on location—allowing ownership in a central Winnipeg neighbourhood for less than the price of a used car, albeit with trade-offs in space and condition.
Frequently Asked Questions
1. What does the "Top 93%" ranking for Living Area mean?
It means that, compared to similar properties on the same street, this unit's living area is smaller than 93% of them. It's a compact unit even within its immediate context.
2. Why is the Assessed Value so much lower than the city-wide average?
The assessed value of $11,500 is in the bottom 3% citywide. This reflects a combination of the unit's small size, its age, and likely its specific condition and features relative to the broader market.
3. Is this a good investment property?
Given the very low entry cost, it could offer a path to rental property ownership with minimal debt. However, potential investors must carefully investigate condo fees, the building's reserve fund, and the condition of shared systems in a 114-year-old building, as these factors significantly impact true cost and return.
4. What should I know about a building from 1912?
While offering charm, buildings of this age require diligent inspection. Key considerations include the state of original plumbing and electrical systems, energy efficiency (heating costs), and the maintenance plan for shared structural elements. Its age is a defining characteristic that requires proactive management.
5. How does it compare to nearby properties?
On the same block, comparable units have similar assessed values, confirming the area's pricing tier. Nearby listings, however, show significantly larger units (1,069 - 1,369 sqft) with proportionally higher assessed values ($19,800 - $20,400), highlighting that this unit is at the most affordable, smallest end of the local market.