Property Overview: 333 Jefferson Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, one-storey home built in 1912, presenting a classic opportunity for a specific type of buyer. Its key appeal lies in its substantial, above-average lot size of over 5,800 sqft, which is a notable feature for the Jefferson area. The house itself is modest at 763 sqft with an unrenovated basement and a detached garage. The assessed value is significantly below average for the city, reflecting the home's age, smaller living space, and likely the need for updates.
This property is best suited for a hands-on buyer looking for a footprint in the city. It’s a prime candidate for a long-term value-creation project, whether that’s through gradual renovation, an eventual expansion to utilize the generous lot, or as a more affordable entry point into homeownership. It would also appeal to an investor seeking a rental property with land value potential, given the low entry point. The data suggests you are purchasing primarily for the land and location, with the existing structure offering basic shelter.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value reflects the property’s specific characteristics: a very small, older home that hasn’t been renovated, in an area where average home values are lower. It’s assessed based on its current state, not its potential.
2. What does "below average" for living area and year built mean practically?
Practically, it means the house is smaller and older than most in Winnipeg. You should budget for the maintenance and systems updates typical of a 114-year-old home and plan your living needs around a compact floor plan.
3. Is the large lot a major advantage?
Yes, especially in this context. The lot is larger than most on the street and in the neighborhood. This provides valuable outdoor space, better privacy, and future potential that similar-sized homes on standard lots don’t offer.
4. What can the recent sold price history tell me?
The last known sale was in late 2020 for an estimated $17.5k-$20.5k, close to the current assessed value. This indicates a stable, low-value market for the property as-is. Any significant renovation would likely change its value trajectory.
5. Who are the most logical buyers for this home?
The most logical buyers are those focused on land value and future potential over immediate move-in condition. This includes renovators, builders considering a future teardown/replacement, or investors comfortable with managing an older rental property while holding the asset.