Property Overview
620 College Avenue is a one-and-a-half storey home in Winnipeg’s Inkster-Faraday neighbourhood. Built in 1928, it offers 906 square feet of living space and sits on a 2,276 sqft lot, with a detached garage and an unfinished basement. Its most recent assessed value is $15,300.
Key Characteristics & Appeal
This home presents a straightforward, no-frills opportunity. Its primary appeal lies in its affordability and function within a central Winnipeg neighbourhood. The living space is compact and efficient, suitable for a single person, a couple, or an investor. The detached garage is a practical asset not always found with homes in this price range.
It would suit a first-time buyer seeking an entry point into the market with minimal financial overhead, or an investor looking for a manageable rental property. The home’s assessed value is significantly below the citywide average, indicating a lower property tax burden—a key, often overlooked, financial advantage. While the lot size is smaller than most, it translates to less maintenance. The unrenovated basement offers potential for future expansion or storage, but requires a buyer comfortable with a home that is functional as-is, not a turn-key property.
Frequently Asked Questions
1. Why is the assessed value so much lower than the citywide average?
This is typical for older, smaller homes in established neighbourhoods. The assessed value reflects the property's characteristics and is used for calculating municipal taxes, not necessarily its market sale price.
2. What does "one-and-a-half storey" mean for this home?
This style typically features a main floor with living areas and a second floor under sloped rooflines, often containing bedrooms. It can mean cozy, character-filled spaces but may have less full-height square footage than a true two-storey.
3. The lot size is noted as being below average. Is this a major drawback?
It depends on your priorities. A smaller lot means less yard work and lower landscaping costs, which can be a benefit for those seeking low-maintenance living. It does limit potential for large additions or extensive outdoor recreation space.
4. The home sold recently in March 2024. What does that price indicate?
The reported sale price range is consistent with its profile as a modest, older home. A recent sale provides a clear, current benchmark for value, which can be helpful for understanding the local market for similar properties.
5. What should I know about the unfinished basement?
An unfinished basement provides flexible storage or utility space and allows a future owner to customize it to their needs. However, it is not conditioned living space and may require attention to fundamentals like moisture control, insulation, and access.