Property Summary: 543 Centennial Street, Winnipeg
Key Characteristics & Appeal
This is a compact, one-storey home built in 1953, situated on a notably generous lot in the J.B. Mitchell neighbourhood. Its primary appeal lies in a combination of land value and a lower entry point. With a living area of 784 sq ft, the house itself is smaller than most in the immediate area and across Winnipeg, positioning it as a cozy or starter home. However, its 5,101 sq ft lot is larger than many on its street, offering valuable outdoor space and future potential in a city where land is a premium asset.
The home suits practical, value-oriented buyers. It would be a fit for a first-time buyer seeking an affordable foothold in the market, an investor looking for a property with a strong land-to-building ratio, or someone willing to live modestly now with an eye toward future expansion or redevelopment. The renovated basement adds functional living space. Its assessed value is modest compared to city averages, suggesting a relatively lower property tax burden, which is a key, less obvious advantage for long-term budgeting.
Frequently Asked Questions
1. Is the house too small for a small family?
While the above-ground living space is compact, the renovated basement provides additional room. Its suitability would depend on the family's needs and willingness to utilize the full footprint creatively.
2. Why is the assessed value significantly lower than the city-wide average for comparable homes?
The assessed value reflects the property's specific characteristics—namely its smaller living area and older age—within its market context. It indicates a lower municipal tax assessment, not necessarily the market sale price.
3. What does "below average" for living area in the rankings mean?
It means this home's interior square footage is less than that of most homes used for comparison on its street, in the neighbourhood, and across Winnipeg. It is a straightforward metric of size, not quality.
4. Can the large lot be subdivided or developed?
This depends on current City of Winnipeg zoning bylaws. The lot size is a positive factor for potential future uses, but any subdivision or significant development would require specific research and city approval.
5. How recent is the basement renovation, and what does it include?
The provided data confirms a renovated basement but does not specify the date or scope. This is a key detail to request from the listing agent or seller to understand the quality and legality of the work.