Property Overview: 350 Madison Street, Winnipeg
Section 1: Key Characteristics & Appeal
This one-storey home on a detached lot in Kensington presents a distinct value proposition centered on land and location rather than square footage. Its key characteristic is a generous 4,769 sqft lot, which is notably larger than most in the immediate area and on par with the city average. This is contrasted by a compact 700 sqft living area, which is below average for the neighbourhood and city. The home itself, built in 1945, is older than many on its street but carries a relatively modest assessed value.
The primary appeal lies in its potential. It suits a buyer looking for an entry point into a established neighbourhood, with the lot size offering clear future opportunities—whether for expansion, gardening, or simply enjoying more outdoor space than is typical. It would also suit an investor or handy homeowner comfortable with a property where the value is anchored in the land, viewing the existing structure as a functional starting point. This isn't a move-in-ready showcase home; its charm is its straightforward, grounded offering of space and possibility in a central location.
Section 2: Frequently Asked Questions
1. Why is the living area so much smaller than the neighbourhood average?
As a one-storey home built in the 1940s, its floor plan reflects the norms of that era. Many homes in the area have been expanded or are multi-level, which skews the average living area higher.
2. The assessed value seems low compared to city-wide averages. What does this mean?
The assessed value is for municipal tax purposes and is specific to this property's attributes. Its value is in line with similar homes on Madison Street and in Kensington, but it is significantly below the Winnipeg average because it is a compact, older home. This can often mean relatively lower property taxes.
3. What can I do with a larger lot on a home with a smaller living area?
The lot is the key asset. It provides ample room for additions, a large garage or workshop, or extensive landscaping. For the right buyer, this flexibility is a major advantage over newer infill properties with minimal yard space.
4. How reliable are the sold price ranges shown?
The ranges are estimates based on publicly available data. For the exact historical sold price, you must request it directly via email. The service is manual, with a same-day response aim, and your email is not used for marketing.
5. The home is older than most on the street. Should I be concerned?
An older build date on a street can sometimes indicate a well-established, desirable location. While it necessitates a thorough inspection for maintenance and systems, it also means the home is part of the original fabric of the neighbourhood, often on a better-proportioned lot than newer constructions nearby.