Property Overview: 409 Moorgate Street, Winnipeg
Key Characteristics & Appeal
This one-storey home in Deer Lodge presents a compelling mix of modest living space and valuable land. At 960 sq ft, the house itself is smaller than most in the immediate area, city, and neighborhood. However, its true standout feature is the generous 5,614 sq ft lot, which ranks among the top 3% on its street. This creates a clear opportunity: the home is situated on a premium parcel of land for its location.
The property’s assessed value of $350k is notably above average for both Moorgate Street and Deer Lodge, suggesting the lot size and potential are key drivers of its worth. A renovated basement adds functional living space. The home is also historically one of the newer builds on its street, constructed in 1951.
Its appeal lies in this land-to-building ratio. It perfectly suits a buyer who values outdoor space for gardening, family play, or future expansion more than a large existing footprint. It could be an ideal fit for a first-time buyer or downsizer looking for a manageable home in a well-established neighborhood without sacrificing yard space, or for an investor who sees long-term value in the land itself.
Frequently Asked Questions
1. Is the house too small for the price?
The price reflects the land value as much as the house. You are purchasing a larger-than-average lot in the neighborhood, which is a significant part of the property's assessed value and future potential.
2. What does "renovated basement" include?
Specific details on the renovation's scope, permits, and finish quality should be verified with the listing agent, as this can vary widely from cosmetic updates to full legal suite conversions.
3. How does the last sale price in 2017 relate to the current assessment?
The 2017 sale at $253k and the current $350k assessment indicate market growth, but the assessment is for taxation purposes. A professional appraisal or comparative market analysis is needed to determine today's fair market value.
4. What is the condition of the detached garage?
The listing confirms a detached garage exists, but its size, condition, and electrical service are important details to inspect, as it can be a major asset for storage or projects.
5. Are there any development restrictions on the large lot?
While the lot size offers potential, local zoning bylaws in Deer Lodge will dictate what can be built (e.g., additions, garage suites, or new construction). Checking with the City of Winnipeg’s planning department is a crucial step for anyone considering major changes.