Property Overview
This is a compact, 374 sqft condo unit at 2-775 Mulvey Avenue in Winnipeg's Earl Grey neighbourhood. Built in 1913, it is one of the older units on its street. Its primary appeal lies in its ultra-affordable price point, as reflected in its very low assessed value ($7,900), which places it among the most budget-friendly properties citywide. The unit is notably smaller than both area and city averages, indicating a minimalist living space.
This property would suit a specific buyer: a first-time purchaser or an investor seeking the absolute lowest entry point into the Winnipeg market. It could also appeal to someone seeking a minimal footprint or a strategic address in a central neighbourhood without the cost of a larger home. A key, less obvious perspective is that owning one of the oldest units on the block can sometimes mean fewer hidden surprises about the building's foundational integrity, as its age and condition are long-established.
Frequently Asked Questions
1. What does the assessed value tell me about the property taxes?
The assessed value of $7,900 is exceptionally low. Property taxes are calculated based on this value, so this unit would carry one of the lowest possible tax bills in the city, which is a significant ongoing cost savings.
2. How should I interpret the living area size (374 sqft)?
At 374 square feet, this is a very compact living space. It is significantly smaller than the average Winnipeg home (1,042 sqft) and even below the average for Earl Grey (787 sqft). Buyers should be prepared for efficient, minimalist living and may want to verify the specific layout.
3. The unit sold for $50,000 in 2019. Why is that price so different from the assessed value?
Assessed value is for municipal tax purposes and often lags behind market value. The sale price from 2019 is a better indicator of its market value at that time, showing it trades at a deep discount compared to typical area homes.
4. What are the implications of it being one of the oldest buildings on the street?
Built in 1913, this unit's systems (like plumbing and electrical) may have been updated over time, but potential buyers should pay close attention to the condo corporation's reserve fund study and health to understand future repair obligations for the historic building envelope and shared infrastructure.
5. There are several units at the same address (e.g., 1-775, 3-775). What does this indicate?
This suggests a multi-unit condo conversion, likely in a historic house or a small apartment building. It's important to review the condo rules, understand sound transmission between units, and explore the shared common areas and exterior maintenance responsibilities.