Property Overview: 652 Atlantic Avenue, Winnipeg
Key Characteristics & Appeal
This is a compact, one-storey home built in 1912, situated on a modest lot in the Inkster-Faraday neighbourhood. Its primary appeal lies in being an affordable, no-frills entry point into the Winnipeg housing market. With 824 square feet of living space and a renovated basement, it offers functional basics for a simple lifestyle.
The home’s assessed value of $23.5k is notably above average for its immediate area, suggesting it may be in better condition or have more updates than many neighbouring properties. Recent sale prices indicate steady, modest appreciation. A detached garage adds practical storage or workshop space.
This property would best suit a first-time buyer, an investor looking for a straightforward rental, or someone seeking a minimalist footprint with very low property taxes. Its smaller size and lot mean less maintenance and lower utility costs, which is a significant but less obvious advantage. However, buyers should be realistic about space constraints and the inherent upkeep of a 114-year-old structure, even with some updates.
Frequently Asked Questions
1. Is this a good investment property?
Given its low assessed value and recent sale history, it presents a low barrier to entry for a rental investment. However, its age and size will attract a specific tenant market, and investors should budget for maintenance typical of a century-old home.
2. How does the assessed value compare to likely selling price?
In Winnipeg, assessed value for tax purposes is often significantly lower than market value. This home’s assessed value of $23.5k is not an indicator of its sale price, as shown by its recent sales in the $25.5k-$28.5k range.
3. What does "renovated basement" imply?
While specifics aren’t listed, this typically means the basement has been finished into livable space, adding functional square footage. It’s important to verify the quality of the renovation, permits, and whether it includes a proper bedroom or secondary living area.
4. The lot seems small. Is that a problem?
At 2,554 sqft, the lot is below average for the city. This limits expansive outdoor space but simplifies yard maintenance. It’s a trade-off that contributes to the home's affordability and lower upkeep.
5. Why is the living area so much smaller than area averages?
At 824 sqft, the home is notably compact. This reflects its age and original design. It’s a characteristic that keeps the price accessible but requires prospective buyers to carefully consider their space needs and storage solutions.