Property Overview: 564 McGee Street, Winnipeg
Key Characteristics & Appeal
This one-and-a-half storey home in Daniel McIntyre presents a unique opportunity centered on value and potential. Built in 1906, its 1,168 sqft living space is squarely average for the immediate area, offering a practical footprint. The property includes a detached garage and a full, unrenovated basement, providing ample storage or future development space. Its most defining characteristic is its assessed value, which is notably low compared to both the neighborhood and the city—placing it in the bottom 10% locally. This suggests a property priced for its land, location, and structure, rather than its current finishes or condition.
The primary appeal lies in its position as an entry point into the Winnipeg market or as a strategic investment. It suits buyers looking for a lower upfront cost with the vision to renovate or hold, investors considering rental potential after improvements, or those comfortable with a home that may require updates. A thoughtful perspective is that its very low assessment, while indicating needed work, could also represent a manageable property tax burden—a significant long-term cost savings. It’s a property for those who see utility over luxury and are prepared to invest sweat equity or capital over time.
Frequently Asked Questions
1. Why is the assessed value so much lower than the sale price?
The recent sale price likely reflects the current market value, while the assessed value is for municipal tax purposes and can lag behind rapid market changes. The large gap indicates the market sees significant potential or value not captured in the official assessment.
2. What does “basement, not renovated” typically imply?
It means the basement is functional but in original or outdated condition. Buyers should budget for potential updates to flooring, lighting, and possibly moisture management, but it also offers a blank canvas for finishing to suit one's needs.
3. Is the older year (1906) a concern?
It comes with both character and considerations. While the structure has proven durable, systems like wiring, plumbing, and insulation may need evaluation and updating to modern standards. An inspection is highly recommended.
4. Who is this property not well-suited for?
It is likely not a match for buyers seeking a move-in-ready home without any projects, or for those who prioritize high-end finishes and modern layouts without a renovation budget.
5. How does the land size affect future plans?
At 2,728 sqft, the lot is slightly below average for the street but standard for the central neighborhood. It allows for typical outdoor space but may have limitations for large additions or secondary suites, so checking specific zoning bylaws would be essential.