Property Overview: 302 Madison Street, Winnipeg
Key Characteristics & Appeal
This is a compact, one-storey home built in 1945, situated on a notably large lot for its Kensington neighborhood. With 700 sqft of living space, it is significantly smaller than average homes in Winnipeg, but its 4,773 sqft land parcel ranks in the top 2% on its own street. The property has a very low municipal assessed value compared to city-wide averages, reflecting its modest improvements. Recent sold price history indicates a consistent, entry-level price point.
Its primary appeal lies in the land itself—offering a rare opportunity for a large yard, garden space, or future expansion in an established area. The home suits a specific buyer: those seeking an affordable foothold in the city, willing to live minimally or undertake renovations. It could also appeal to an investor looking for a land-value play or a very budget-conscious rental property. A less obvious perspective is that its small size and low operating costs align with a minimalist or downsizing lifestyle, while its age suggests potential character, but also likely requires updates.
Frequently Asked Questions
1. Is this a "tear-down" property?
While the home is small and older, the data doesn't dictate its fate. The large lot certainly makes redevelopment or a significant addition feasible, but the existing structure may also be suitable for renovation, depending on a buyer's goals and budget.
2. Why is the assessed value so much lower than the city-wide average?
Municipal assessments primarily reflect the value of the property as it currently exists. The low assessment here is directly tied to the home's small size, age, and modest condition compared to the broader Winnipeg market, which includes many larger, newer homes.
3. The home is smaller than most. How does the lot size compare?
This is the property's standout feature. The lot is exceptionally large for both Madison Street and the Kensington area, ranking in the top 2% and 16% locally, respectively. You are purchasing primarily for the land.
4. What can recent sold prices tell me?
The sold price ranges from 2021 and 2022 show the property transacting at a stable, entry-level price point that aligns closely with its low assessed value. This consistency suggests a market valuing it for its land and as-is condition.
5. Who would this property not suit?
It would likely not suit buyers seeking a move-in ready home, modern finishes, or substantial living space without major investment. Families needing multiple bedrooms or those unwilling to consider renovation or rebuilding should look elsewhere.