650 Cathedral Avenue

Property Overview: 650 Cathedral Avenue, Winnipeg

Key Characteristics & Appeal

This one-and-a-half storey home, built in 1927, presents a practical opportunity in Winnipeg's Inkster-Faraday neighbourhood. With 1,000 sqft of living space and a 4,159 sqft lot, its size is very typical for the immediate area but offers a more generous land parcel compared to many local peers. The home features a basement, but it is noted as not being renovated, and the property does not include a garage or pool.

The primary appeal lies in its position as a straightforward, no-frills property in a mature neighbourhood. Its assessed value is notably above average for Inkster-Faraday, suggesting it may be in a relatively good state or a desirable pocket of the area. The lot size is a key asset, offering potential for outdoor space or future expansion that can be harder to find in this price segment. This home would suit a first-time buyer comfortable with a property that needs updates, an investor looking for a land-value play, or someone seeking a modest, low-maintenance footprint without the premium of a modern renovation.

Frequently Asked Questions

1. What does "above average assessed value for the area" indicate?
It typically means the municipal assessment is higher than most neighbouring properties. This can reflect recent updates, a superior condition, or simply a favourable lot. It's important to note that assessed value is for tax purposes and does not directly set market value, but it can be a positive signal.

2. Is the lack of a garage a significant drawback?
For this area and property type, it's common. Buyers should consider on-street parking availability and the cost/feasibility of adding a shed or garage later, given the decent lot size.

3. What should I expect with an unrenovated basement?
This usually means the basement is in original or functional condition, but not modernized. It's crucial to investigate for moisture issues, insulation, and the state of mechanical systems (furnace, electrical) during an inspection.

4. How does the sold price history help?
The listed sale range from early 2022 provides a recent benchmark. Comparing it to the current asking price shows market movement, while comparing it to the assessed value highlights how municipal assessment relates to real-world sales.

5. The home is nearly 100 years old. What are the main concerns?
While charm is a factor, key focuses should be the condition of the foundation, roof, wiring, and plumbing. Older homes can be solidly built but may require planned updates to major systems.