592 Lanark Street

Property Overview: 592 Lanark Street, Winnipeg

Key Features & Buyer Appeal

This one-storey home in J.B. Mitchell is defined by two standout characteristics: an exceptionally large lot and a strong assessed value. The nearly 7,917 sqft property lot is notably larger than most, ranking in the top 6% on its street and the top 1% in the neighbourhood, offering rare potential for expansion, gardening, or outdoor space. Complementing this is an assessed value that places it above average for the area, suggesting a solid investment foundation. The living space (1,048 sqft) is modest and typical for the locale, but the basement has been renovated, adding functional space. Built in 1955, the home is of a vintage common to the area.

The primary appeal lies in this land-to-building ratio. It suits a buyer looking for a manageable home with significant outdoor potential or future development options, without the upkeep of a larger house. It would also attract value-conscious purchasers who prioritize a lot size that is increasingly hard to find in the city. The renovated basement adds immediate livability, making it practical for small families, downsizers, or first-time buyers who value space to grow over a brand-new build.

Frequently Asked Questions

1. How does the assessed value compare to recent sale prices?
The home last sold in June 2022 for an estimated $49.5k–$52.5k, which is consistent with its current assessed value of $45.80k. This stability can indicate a well-maintained property in a steady market.

2. What does the "Elite" ranking for land area actually mean?
It means this property's lot size is in the top 1% of all comparable homes in the J.B. Mitchell neighbourhood. You are getting a yard that is significantly larger than what is typically available on the market here.

3. Is the living area too small?
At 1,048 sqft, it is slightly below the neighbourhood average. However, this is balanced by the renovated basement, which adds functional space, and the vast outdoor area. It's a trade-off: more land and a lower-maintenance footprint versus a larger interior.

4. What are the implications of a 1955 build date?
It places the home in the middle range of age for the area. While it may require attention to aging components like wiring or plumbing, it also means the home is situated in an established, mature neighbourhood with character.

5. Can I get the exact historical sale price?
The listing service provides sold price ranges based on public data. To obtain the precise sale figure, you must request it directly from them via email, which they provide as a manual, no-spam service.