Property Overview: 245 Jefferson Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, one-storey home built in 1920, offering 857 square feet of living space on a 3,876 sqft lot. Its most defining characteristic is its exceptionally low municipal assessed value, which ranks in the bottom 1-2% of the local area, street, and wider city. This indicates a property with significant room for modernization and value appreciation. The appeal lies squarely in its potential as a foundational investment—it’s a canvas for a renovator, builder, or investor. The lot size, while below area averages, is still substantial for its location.
It would best suit a buyer with a clear vision and budget for improvements, seeking an entry point into the Jefferson neighbourhood at a very low base cost. It’s a practical choice for an investor looking to add to a portfolio with a value-add project, or for an owner-occupant who prioritizes location and land value over move-in-ready condition. A less obvious perspective is that its low assessment could also appeal to someone interested in minimizing property tax liability in the near term, while controlling the pace and scale of their own upgrades.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than nearby properties?
The assessed value is based on the property's current state as determined by the municipal assessor. A value this far below area averages strongly suggests the home requires significant updates, repairs, or modernization compared to its neighbours.
2. What does the sold price history indicate?
The home sold in September 2021 for an estimated range of $13.5k to $16.5k, which is consistent with its low assessed value. This recent sale price confirms it is positioned as a value-play property rather than a premium home.
3. Is this a teardown or a renovation project?
Given the age (106 years), size, and low value, it could be either. The decision would depend on a buyer's goals, budget, and the results of a thorough inspection. The existing structure may be suitable for a gut renovation, or the lot may hold value for a new build.
4. How does the living space compare to the area?
At 857 sqft, the living area is below the average for both Jefferson Avenue and the broader Jefferson area (where averages are around 1,029 sqft). This reinforces its status as a smaller, more modest home in its immediate context.
5. What are the immediate next steps for a serious buyer?
Securing the exact sale price from the listing service is a first step. Crucially, any offer should be conditional on a detailed home inspection and a clear understanding of renovation costs, zoning bylaws, and potential building plans to fully realize the property's potential.