391 Madison Street

Property Overview

391 Madison Street is a compact, one-storey home in Winnipeg's Kensington neighbourhood. Built in 1945, it sits on a roughly 4,447 sqft lot with a detached garage. The 700 sqft living area is notably smaller than typical homes in the city, but is more in line with the scale of its immediate street and area. Its assessed value is modest and average for Kensington, suggesting a lower property tax burden relative to much of Winnipeg. The home last sold in late 2021.

Key Characteristics & Appeal

This property’s primary appeal lies in its efficiency and location. It represents a straightforward, lower-maintenance entry point into the Kensington area. The home is best suited for a first-time buyer, a downsizer, or an investor seeking a manageable rental property. Its smaller size means lower utility costs and less upkeep, while the lot size is fairly standard for the area, offering adequate outdoor space.

A less obvious perspective is its relative vintage. While an 81-year-old home will require careful inspection for aging components, its build year is actually above average for Madison Street and Kensington, potentially indicating a well-established, stable streetscape. The data suggests you are paying primarily for the land and location rather than the structure itself, which could appeal to someone viewing it as a long-term hold with future redevelopment potential.

Frequently Asked Questions

1. Is the living space too small?
At 700 sqft, the home is significantly smaller than the Winnipeg average. It would suit a single person, a couple, or someone comfortable with a very efficient layout. It’s below average even for its own street, so buyers should prioritize viewing it in person to gauge if the space meets their needs.

2. Why is the assessed value so much lower than the city-wide average?
The assessed value (~$21,300) is based on the property's market value for tax purposes. It is average for Kensington but far below the city average because it reflects a smaller, older home in a mature neighbourhood, compared to newer, larger homes in developing areas.

3. What should I know about a house built in 1945?
Prospective buyers must budget for potential updates to older systems like wiring, plumbing, and insulation. A thorough home inspection is essential. On the positive side, homes of this era in established neighbourhoods often feature solid construction and mature landscaping.

4. How does the last sold price (2021) help determine current value?
The late-2021 sale price provides a historical benchmark, but market conditions have likely changed. It’s a useful data point for understanding trends, but a current market evaluation or comparative market analysis (CMA) from a realtor is necessary to determine today’s value.

5. What are the advantages of a detached garage on this property?
The detached garage offers valuable storage or workshop space separate from the house. For a smaller home, this provides crucial flexibility. It also presents potential for creative use (e.g., a hobby space) without encroaching on the primary living area.