Property Overview
122 Hespeler Avenue is a compact, century-old home in Winnipeg's Glenelm neighbourhood. Its primary appeal lies in its significant lot size for the area, offering a substantial canvas for future outdoor use or expansion, paired with a very low property tax base due to its modest assessed value. This is a property defined by potential rather than immediate turn-key readiness, as the home itself is smaller and older than most in its immediate vicinity.
Key Characteristics & Suitability
This one-storey, 680 sqft house, built in 1910, sits on a notably large 4,185 sqft lot—ranking in the top 9% for lot size on its own street. While the living space is well below the neighbourhood average, and the unfinished basement is not renovated, the property’s value proposition is anchored in its land. The assessed value is among the lowest in the city, indicating low annual property taxes.
Its appeal is strongest for specific buyers: the hands-on renovator looking for a footprint to expand upon, an investor seeking a low-entry-cost property with land value, or a minimalist buyer prioritizing low carrying costs and outdoor space over interior square footage. It’s less suited for those seeking move-in-ready space or comparing purely on a price-per-square-foot basis for the house alone.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value is based primarily on the property's current state, size, and recent market activity for similar homes. The very low assessment reflects the home's small size, age, and condition, resulting in significantly lower annual property taxes compared to most Winnipeg homes.
2. What does "Top 97%" for Living Area mean?
This statistic means that for living area size, this home ranks in the bottom 3% compared to peers. Specifically, 97% of comparable homes in Winnipeg are larger. It clearly indicates this is a notably compact home.
3. Is the large lot a benefit even if the house is small?
Yes. The lot size is a key asset. It provides ample yard space, potential for gardening, parking, or storage, and most importantly, future potential for additions, a garage, or redevelopment, subject to zoning and permits. This is the property's main competitive advantage.
4. What can the sold price history tell me?
The last recorded sale was between $6.5k and $9.5k in late 2016. This historical price, while not indicative of current value, underscores the property's long-standing status as a very low-cost entry into the market. It’s essential to obtain an exact price and combine it with a current market evaluation.
5. Who would this property not suit?
It would likely not suit buyers who need ample indoor living space immediately, are unable to undertake renovation projects, or prefer a modern home without foundational or maintenance concerns typical of a 116-year-old structure. The trade-off is space and condition for land and affordability.