Property Overview: 478 Mcadam Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, one-storey home built in 1907, situated on a standard city lot in the Jefferson neighbourhood. Its key characteristics are defined by its modest scale and value. With 807 square feet of living space, it is notably smaller than most comparable homes in its immediate area, on its street, and across Winnipeg. The property includes a basement that is present but not renovated, and it does not feature a garage or pool.
The primary appeal lies in its accessibility and potential. With a relatively low assessed value, it presents a clear entry point into the Winnipeg housing market. It suits first-time buyers, investors, or downsizers seeking a straightforward, no-frills property where value is derived from the land and location rather than the existing structure. A thoughtful perspective for the right buyer is viewing this not as a "small" home, but as a manageable canvas. Its classic 1907 build date suggests solid, simple construction, and its size offers lower utility costs and minimal upkeep, allowing an owner to invest selectively in updates over time. It’s a practical choice for someone comfortable with a home that prioritizes function and affordability over modern amenities and square footage.
Section 2: Frequently Asked Questions
1. What does the assessed value ranking mean?
The assessed value of $200k ranks in the bottom 5-8% compared to similar properties on its street, in Jefferson, and citywide. This indicates it is valued significantly lower than the average home, which is a key factor in its affordability.
2. Is the basement usable?
The listing confirms a basement exists but specifies it is "not renovated." Buyers should budget for potential moisture-proofing, finishing, or repairs to make it a functional living or storage space.
3. How does the lot size compare?
The land area of 3,969 sqft is about average for the Jefferson neighbourhood but smaller than the Winnipeg city-wide average. It provides typical outdoor space for the area without being overly large to maintain.
4. What can recent sale history tell me?
The home sold in July 2019 for an estimated range of $15.5k to $18.5k. This very low sale price, far below the current assessed value, suggests the property may have been in significantly different condition or sold under unique circumstances at that time.
5. Are there any obvious major costs to anticipate?
Given the age of the home (119 years) and the unrenovated basement, prospective buyers should prioritize inspections for foundational integrity, roof condition, and updating of major systems like plumbing and electrical, which are common considerations for homes of this era.