399 Albany Street

Property Overview: 399 Albany Street, Winnipeg

Section 1: Key Characteristics & Appeal

This one-storey home in Deer Lodge is defined by its compact efficiency and generous lot size. With 619 sqft of living space, it is notably smaller than most area homes, but it features a renovated basement, adding functional space. Built in 1928, the house sits on a large, approximately 5,000 sqft lot, which is a standout feature for the street and neighbourhood.

The primary appeal lies in its affordability and land value. With a historically low assessed value, it presents a low-barrier entry point into the Winnipeg market. The large lot offers significant potential for gardening, expansion, or future redevelopment, which is a compelling asset not immediately reflected in the current structure. This property would best suit first-time buyers, downsizers, or investors seeking a land-value opportunity. It’s a practical choice for those comfortable with a smaller interior footprint who prioritize outdoor space and future potential over immediate size and modern finishes.

Section 2: Frequently Asked Questions

1. Is the house livable in its current state, or is it a tear-down?
While the home is livable with a renovated basement, its significant value is tied to the land. Buyers should be prepared for updates but can occupy it as-is.

2. Why is the assessed value so much lower than the last sale price?
The 2020 sale price of $200k reflects the market value at that time, while the municipal assessment is typically lower and used for tax purposes. This discrepancy highlights the property's perceived market value versus its official valuation.

3. What does the large lot size mean for me?
Beyond extra yard space, the lot is larger than most on the street, offering rare potential for additions like a garage, a garden suite (subject to zoning), or a future new build.

4. How does the small living area compare to nearby homes?
At 619 sqft, the living space is significantly smaller than the Deer Lodge average (~1,200 sqft). Efficient use of space and the renovated basement will be crucial for comfort.

5. What is the neighbourhood like?
Deer Lodge is an established, quiet residential area. The property's metrics suggest it's among the more modestly sized and valued homes in the area, offering a affordable foothold in a mature community.