Property Overview
This 1957 one-storey home at 985 Herbert Avenue in East Elmwood presents a practical and value-oriented opportunity. Its key appeal lies in a combination of a generous, above-average lot and a recently renovated basement, offering solid potential within a modest footprint. The living space (963 sq ft) is typical for the immediate area but smaller than the Winnipeg average, indicating a home focused on essentials rather than expansiveness. However, the property stands out with its large 5,253 sq ft lot—significantly larger than most neighbours—providing excellent outdoor space for gardening, play, or future expansion. With an assessed value that ranks well above average for the street and neighbourhood, it suggests the property holds inherent value, possibly due to its lot size and updates.
This home would suit first-time buyers seeking an entry point into homeownership with a manageable-sized house and room to grow outdoors. It’s also a fit for downsizers or pragmatic investors looking for a low-maintenance, single-level layout with a finished basement for additional living space or rental potential. The value proposition is grounded in the land and functional updates rather than luxury finishes.
Frequently Asked Questions
1. How does the home’s size compare to others?
The living area is very close to the average for both Herbert Avenue and the wider East Elmwood neighbourhood. It is, however, notably smaller than the average Winnipeg home, making it a more compact, efficient layout.
2. Why is the assessed value relatively high for the area?
The assessed value ranks well above average for both the street and neighbourhood. This is likely influenced by the property's significantly larger-than-average lot size and the renovated basement, which add tangible value.
3. What is the significance of the large lot?
At over 5,250 sq ft, the lot is a standout feature. It offers ample private outdoor space, which is a rarity in older neighbourhoods, and provides flexibility for gardening, recreation, or potential future additions like a garage or deck.
4. Is the renovation in the basement a full legal suite?
The details provided state the basement is renovated but do not specify if it is a legal secondary suite. Buyers should verify with the municipality regarding permits, proper egress, and kitchen facilities to understand its legal status and potential.
5. The home last sold in 2017. What does that indicate?
A sale seven years ago suggests the current owners have had a stable tenure. It may indicate a well-maintained property, but it also means the recent market value will need to be established through a current appraisal and market comparison, as prices have likely shifted since then.