Property Overview
This one-storey home at 723 Nairn Avenue in Winnipeg's East Elmwood neighborhood presents a practical and value-conscious opportunity. Its key appeal lies in a balanced offering: a renovated basement adds modern living space to the 967 sqft main floor, while the detached garage and an above-average lot size for the street (4,372 sqft) provide valuable utility and outdoor potential. The home sold in January 2025 for $270k, a price point that reflects its below-average assessed value compared to both the immediate area and the wider city, suggesting room for equity growth.
It suits first-time buyers seeking a move-in-ready home with a finished basement, or investors looking for a stable rental property in a well-established neighborhood. A thoughtful perspective is that while the living space is modest city-wide, it is competitively sized for East Elmwood, offering a more manageable and efficient layout without excessive upkeep. The 1954 build date is typical for the area, meaning renovation needs and styles are predictable and often easier to budget for.
Frequently Asked Questions
1. How does the sale price compare to the assessed value?
The home sold for $270,000 in January 2025, which is significantly higher than its municipal assessed value of $21,900. This is common, as assessed value is used for tax purposes and often doesn't reflect current market value.
2. Is the lot size a notable feature?
Yes. At 4,372 sqft, the lot is larger than most on Nairn Avenue itself (ranking in the top 23%), offering more private outdoor space than many neighboring properties.
3. What does the "renovated basement" include?
The listing confirms the basement is renovated, but specifics on the finish, rooms, or permits should be verified by a buyer's inspection and disclosure review to understand the full scope and quality.
4. How does this home fit within the East Elmwood neighborhood?
Its living area and year built are very average for East Elmwood, meaning it's a typical home for the area. Its assessed value, however, is below the neighborhood average, which may have contributed to its market appeal.
5. What are the implications of a detached garage?
A detached garage provides secure parking and storage but requires going outdoors to access the main house. It can also offer more flexibility for a workshop or future projects separate from the living quarters.