Property Overview
383 Madison Street is a compact, one-storey home in Winnipeg's Kensington neighbourhood. Built in 1945, its key characteristic is its modest 700 sqft living area, which is notably smaller than most homes on its street, in Kensington, and across the city. This is balanced by a lot size of just under 4,500 sqft, which is typical for the local area. The home's assessed value is very low compared to the city-wide average, but aligns closely with the averages for Madison Street and Kensington.
The appeal lies in its potential as an affordable entry point into the market or a low-maintenance property. It suits a specific buyer: someone seeking a minimal footprint, possibly a first-time buyer comfortable with a renovation project, or an investor looking for a rental property with a character foundation and a standard city lot. A less obvious perspective is that its older vintage (ranking in the top 7% for age on its street) may appeal to those valuing the charm and construction quality of a pre-war home, while its smaller size presents an opportunity for a thoughtful, efficient expansion or a sustainable, lower-energy lifestyle.
Frequently Asked Questions
1. Why is the living area so much smaller than average?
This is a compact, one-storey character home typical of its era. Its size is below average for the immediate area, which is part of what positions it as an affordable option, but it sits on a standard city lot.
2. How can the assessed value be so low compared to the city average?
The assessed value reflects the property's specific characteristics—its smaller size, age, and the local market in Kensington. It is important to note that this value is in line with neighbouring properties on Madison Street and is used for tax purposes, not necessarily market value.
3. What does the "Top 7%" ranking for Year Built mean?
On Madison Street, this home is among the oldest 7% of comparable properties, meaning it was built earlier than 93% of its direct neighbours. This indicates a well-established street with classic homes.
4. Is the lot size a pro or a con?
It is typical for Kensington. At 4,447 sqft, it provides a standard outdoor space for the neighbourhood, which is a positive for gardening or expansion potential, but it is not an exceptionally large lot.
5. Where can I find the exact historical sale price?
The exact sold price is not publicly displayed in detail. The listing service offers to provide this information directly via email upon request, as noted in the sold price history section.