Property Overview: 340 Madison Street, Winnipeg
Section 1: Key Characteristics & Appeal
This one-storey home on Madison Street in Kensington presents a distinct, no-frills opportunity. Its key characteristic is its modest 600 sqft living area, which is notably smaller than most homes on its street, in the neighbourhood, and across Winnipeg. Built in 1945, the house is older than many of its immediate neighbours. However, this is balanced by a land area of 4,770 sqft that is above average for both the street and Kensington, offering significant outdoor space relative to the home's footprint.
The primary appeal lies in its exceptionally low financial barrier to entry, as reflected in its assessed value, which is well below area and city averages. This is a property for a specific buyer: an investor looking for a land-value play with existing rental income, a hands-on owner seeking an affordable entry into the market with plans to expand or rebuild in the future, or someone content with a minimalist lifestyle who values larger outdoor space over interior square footage. Its charm is not in its current size or condition, but in its potential and its positioning as one of the most accessible properties in the area.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than the citywide average?
The assessed value is based heavily on the property's very small living area and older building, making it an outlier compared to the typical Winnipeg home. Value here is driven more by the land size and location than by the current structure.
2. Is the land large enough for future expansion or redevelopment?
The 4,770 sqft lot is a key asset and is larger than many in Kensington. It could potentially accommodate an addition or a new build, subject to local zoning bylaws and feasibility studies. This is a major factor for buyers considering long-term value.
3. What does the sold price history indicate?
The last recorded sale was between $8.5k and $11.5k in early 2017. This historical price, along with the current low assessment, underscores the property's consistent positioning as a deeply affordable option, likely reflecting the cost of the land at that time with minimal value assigned to the structure.
4. Who would this property not suit?
It would not suit buyers looking for a move-in ready family home, those who need ample indoor space, or anyone unwilling to take on a project. The low living area and older build suggest significant compromises on modern comforts and space.
5. How meaningful are the "top percentile" rankings provided?
They are useful for comparison. For example, ranking in the "Top 7%" for year built on its street simply means it's one of the newer homes on Madison Street, but that street itself is comprised of older homes. It's crucial to read these rankings in context—the home is small compared to almost all benchmarks, but its lot size is a relative strength within its immediate locale.