Property Overview: 714 College Avenue, Winnipeg
Key Characteristics & Appeal
This is a classic one-storey home built in 1912, situated on a notably large lot of over 2,300 square feet in the Inkster-Faraday neighbourhood. With 820 square feet of living space and a detached garage, the property presents a straightforward, functional layout. Its core appeal lies in its land value and positional strength within the city. The lot size ranks in the top 16% on its street and the top 2% across all of Winnipeg, offering significant outdoor space and future potential relative to its footprint.
The home suits practical buyers looking for an entry point into the market with a clear value proposition: the land. It’s ideal for a hands-on buyer comfortable with a property that has an unrenovated basement and is ready to be updated over time. The strong rankings for lot size and assessed value in city-wide comparisons suggest a solid, undervalued asset for those with a long-term view, rather than a move-in-ready showcase. It’s a property where the investment is fundamentally in the location and the parcel of land itself.
Frequently Asked Questions
1. What does the "unrenovated basement" typically mean for a house of this age?
In a 1912 home, this usually indicates a classic cellar basement with foundational stone or concrete walls, low ceilings, and basic mechanicals. It provides essential storage and utility space but would require significant investment to be finished as living area.
2. The assessed value seems low. What does this indicate?
The assessed value of $14,500 is for municipal tax purposes and is not a market price. Its ranking in the top 4% in Winnipeg for assessed value, however, signals that for its tax category, it is considered a higher-value property, which can be a positive indicator of its underlying lot value.
3. Who would this property not be suitable for?
It would likely not suit buyers seeking immediate, modern convenience or those unable to handle gradual renovations. The smaller living area (820 sq ft) and need for updates make it less ideal for growing families needing ready space or for those who want a completely maintenance-free home.
4. How significant is the lot size here?
Very. A lot of this size (2,313 sq ft) in an older, established neighbourhood is a standout feature. It offers more outdoor space than most comparable homes and provides flexibility for gardening, expansion, or adding outdoor structures, which is increasingly rare.
5. The home sold in 2017 for $13,400. What can be inferred from that?
The previous sale price, close to the current assessed value, suggests a history of stable, modest valuation. For a buyer, this indicates the property hasn't been subject to speculative flipping or dramatic price swings, potentially offering a more grounded purchase without recent inflated premiums.