Property Overview
This 832 sqft condo at 4-854 Alverstone Street is a study in contrasts. Built in 1912, it offers a compact, efficient living space that stands out as above-average for size within its immediate neighborhood and the Daniel McIntyre area, yet is modest compared to the city-wide average. Its assessed value is notably low, placing it in a more affordable tier, especially when viewed against city benchmarks. The unit is part of a multi-unit building on a street with several similar properties, suggesting a well-established, communal character.
Key Characteristics & Appeal
The primary appeal of this property is its affordability and efficient use of space within a central, historic neighborhood. With a low assessed value, it presents a clear entry point into the Winnipeg market. Its living area is generous for the local context, meaning you get more space for your dollar here than in many nearby comparable units. The building’s age (1912) implies classic construction and possibly architectural charm, but also warrants a close look at maintenance and updates.
It would suit a pragmatic first-time buyer, an investor looking for a rental property with a lower entry cost, or someone seeking a minimalist, low-overhead lifestyle in a central location. A thoughtful perspective is that this unit outperforms its direct peers in size, offering a relative sense of value and space in a neighborhood context, while its city-wide rankings highlight its role as an affordable housing option. Its appeal lies in what it provides for the immediate community, not in competing with newer, larger suburban homes.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
Assessed value is based on many factors including property type, size, location, and market trends. As a smaller, older condo in a multi-unit building, its value is naturally lower than the average Winnipeg home, which includes many newer, larger single-family houses.
2. What does the "Top 7%" ranking for Year Built on its street mean?
It means this specific unit is one of the newest buildings on Alverstone Street, ranking 1st out of 14 comparable properties. On a street of older homes, its 1912 construction date is actually toward the more recent end of the spectrum locally.
3. Are there any concerns with a building from 1912?
While offering character, a building of this age requires careful attention. Prospective buyers should prioritize a thorough inspection to understand the condition of major systems (plumbing, electrical, roof, foundation) and inquire about the building's maintenance history and any recent upgrades.
4. Who is responsible for exterior and structural maintenance?
As a condo, this is typically covered by the condominium corporation, funded through monthly fees. It is crucial to review the corporation's financial health (reserve fund study) and bylaws to understand what is covered and the fee structure.
5. The last sale was in 2017 for $16.5k. What does that indicate?
This very low sale price likely indicates it was not an arms-length transaction on the open market, such as a transfer between family members. It should not be used as a benchmark for current market value, which will be influenced by recent comparable sales, condition, and today's market.