Property Overview & Appeal
This one-storey home at 482 Collegiate Street in Winnipeg's King Edward neighbourhood presents a classic character home opportunity with a standout feature: its land. Built in 1913, the 946 sqft house sits on a notably large 5,424 sqft lot, which ranks within the top 10% of properties in the local area. While the living space is modest and typical for the street, the home includes a renovated basement and a detached garage. Its assessed value is consistent with the neighbourhood average.
The primary appeal lies in its generous lot size, offering rare potential for expansion, gardening, or outdoor space in a central location. The renovated basement adds functional living space. This property would best suit a buyer looking for a character home with room to grow, whether that's through future renovations, building a garage suite (subject to zoning), or simply enjoying a larger yard. It’s a practical choice for those who value land size over a large existing footprint and are comfortable with the maintenance considerations of an older home.
Frequently Asked Questions
1. What does the "renovated basement" include?
The listing notes the basement is renovated, but specifics on finish quality, ceiling height, moisture management, and legal egress should be verified with the seller or during a viewing, as these are key for livability and value.
2. How does the large lot impact future plans?
The oversized lot is a major asset. Prospective buyers should investigate City of Winnipeg zoning bylaws to understand the potential for additions, detached structures like a workshop or garage, or even future subdivision possibilities, as this significantly affects the property's long-term value.
3. Are there any concerns with a home built in 1913?
While charming, a home of this age requires diligent inspection. Key focuses should include the foundation, original wiring and plumbing updates, insulation, and the roof. The recent basement renovation is a positive, but understanding what lies behind the walls is essential.
4. Why is the assessed value so much lower than the city-wide average sold price?
Manitoba uses a property assessment system for tax purposes that is not a direct reflection of current market value. The assessed value here is typical for the King Edward area. The actual market price will be influenced by recent sales of similar character homes, the unique lot size, and overall condition.
5. What is the neighbourhood like?
King Edward is a mature, established neighbourhood close to the University of Winnipeg and downtown. The value here is in location and lot size. Buyers should visit at different times to gauge traffic, noise, and the general upkeep of nearby properties to ensure it matches their lifestyle expectations.