12 St Mark'S Place

Property Overview & Appeal

This one-storey home in Elm Park is defined by its contrasts. Its key characteristic is a generous 5,310 sqft lot that ranks well above average for its immediate street, offering significant outdoor space and potential in a mature neighbourhood. The house itself is compact at 672 sqft, with a renovated basement adding functional living space. Built in 1914, it is one of the older homes in the area, appealing to those who appreciate character and history. The detached garage and below-average assessed value relative to the city suggest a practical, lower-maintenance entry point into the market.

Its primary appeal lies in the land-to-building ratio. For the right buyer, the large lot presents a long-term opportunity—whether for gardening, expansion, or future redevelopment—that is uncommon for the price point. It suits first-time buyers, downsizers seeking a manageable footprint without sacrificing yard space, or value-focused investors attracted by the low tax assessment and the renovated basement's income potential. It’s a property for those who see the land as the primary asset and the existing home as a functional starting point.

Frequently Asked Questions

1. Is the house too small?
At 672 sqft above grade, the living space is significantly smaller than the neighbourhood average. However, the renovated basement effectively doubles the functional area, making it more livable than the main floor square footage alone suggests.

2. How does the low assessed value affect property taxes?
With an assessed value notably below the Winnipeg average, the municipal property tax burden should be proportionally lower, which is a key ongoing cost advantage for the owner.

3. What does the 1914 build year mean for maintenance?
While the home has historic character, its age places it in the top 10% oldest on the street. Buyers should prioritize a thorough inspection for foundational integrity, wiring, and plumbing, balanced against the potential for older-home charm and the fact that it has clearly been maintained for over a century.

4. Is the large lot a good investment?
The lot size is a standout feature, ranking 3rd largest out of 11 on the street. In a mature neighbourhood like Elm Park, land is a scarce commodity. This offers future flexibility and is often where the underlying value lies, especially if surrounding properties are redeveloped.

5. How does the recent sale history inform the price?
The home sold for $31,500 in September 2021. This recent transaction provides a concrete benchmark, suggesting the current assessed value is closely aligned with its very recent market price, which is relatively uncommon.