Property Overview
506 Jefferson Avenue is a compact, one-storey home with an unrenovated basement and a detached garage. Built in 1920, its 770 sqft living area is notably smaller than most homes in its immediate area, neighborhood, and city-wide. The property sits on a 4,003 sqft lot, which is closer to the average for the street. Its assessed value is significantly below local and city averages. The home last sold in late 2016 for a modest price.
Key Characteristics & Appeal
This property’s primary appeal lies in its position as an accessible entry point into the Winnipeg market. It suits buyers with a limited budget, such as first-time homeowners or investors looking for a straightforward rental property. The lot size is a relative strength, offering standard outdoor space for the street. The home’s century-old character and the potential of the basement and lot present a clear value-add opportunity for buyers willing to take on a project. However, its appeal is specific: it is not suited for those needing move-in-ready condition or more interior space. The very low assessed value and past sale price indicate a property that may require significant updating, but one where the land and location contribute core value. It represents a pragmatic choice for building equity through renovation rather than offering immediate comfort or modern amenities.
Frequently Asked Questions
1. What does "below average" for assessed value really mean for me?
It indicates the city's formal valuation is low, which can be positive for property taxes. However, it often reflects the home's age, smaller size, and lack of renovation compared to others. It doesn't necessarily predict the final sale price, but it sets a baseline.
2. How much of a project is the unrenovated basement?
The description suggests it is unfinished or in original condition. Buyers should budget for potential moisture proofing, insulation, electrical, and finishing work to make it a livable space, and an inspection is highly recommended.
3. The home is much smaller than averages listed. Is it livable for a small family?
At 770 sqft, it is compact. It would likely suit a single person, a couple, or a very small family comfortable with minimal space. The layout and number of bedrooms (not specified here) would be the determining factors.
4. The lot size is noted as "around average" for the street. Is that an advantage?
Yes. While the house is small, the lot is not. This provides standard outdoor space for the area and is a key asset, offering room for gardening, expansion, or adding a larger garage in the future, subject to zoning.
5. Why is there a range for the last sold price, and how do I get the exact figure?
The range is estimated from public data. The listing service offers to provide the exact sale price from their records via email upon request, which is a common practice to verify viewer interest while providing accurate historical data.