122 Essar Avenue

Property Overview: 122 Essar Avenue, Winnipeg

Key Characteristics & Appeal

This property presents a distinct profile defined by its significant land size and notably low municipal assessment. The lot is a standout feature, at 7,507 sqft, placing it in the top 9% for size on its own street and the top 13% citywide. This offers substantial outdoor space and potential in a city context. In stark contrast, its assessed value is among the lowest in its immediate area and across Winnipeg, ranking in the bottom 2-3% of comparable local properties.

Its primary appeal lies in this unique combination: a very large lot with an extremely low property tax base. This creates a clear opportunity for value-conscious buyers, investors, or builders looking for land with a low carrying cost. It would suit a buyer with a vision for the land itself, such as someone planning a new build, adding a secondary suite (subject to zoning), or simply wanting ample garden space without a high tax burden. It is less suited for buyers seeking a move-in ready home or who prioritize immediate neighborhood comparables for resale value. A thoughtful perspective is recognizing this as a "land play" with an existing structure; the value is fundamentally in the dirt, not the current improvements.

Frequently Asked Questions

1. Why is the assessed value so much lower than nearby properties?
Municipal assessments are based on a mass appraisal system considering factors like lot size, building size, age, condition, and recent sales. A very low assessment relative to the area typically suggests the assessor views the current structure as having minimal contributory value compared to the land.

2. What is the exact recent sale price?
The provided data shows a sold price range of $21.50k - $24.50k in September 2022. The listing service notes that obtaining the precise sale price requires a manual request via email, which they provide.

3. Is this a teardown property?
While not stated explicitly, the metrics strongly suggest it. The extremely low assessment and value, paired with a highly desirable lot size, indicate the existing building's value is negligible. Purchasers should budget for potential demolition and new construction or major renovation.

4. What can I build on a lot this size?
This depends entirely on City of Winnipeg zoning bylaws (which are not provided here). The large lot size is advantageous, but any development plans—for a new single home, a duplex, or additions—require verification of permitted uses, setbacks, and floor area ratios with the city.

5. Are there risks with such a low-valued property?
Potential risks could include the condition of the existing structure (which may have safety or environmental issues affecting demolition cost), the specific reasons for the low valuation, and the challenge of securing traditional mortgage financing for a property in this price range, which may require alternative funding.