492 Marjorie Street

Property Summary: 492 Marjorie Street, Winnipeg

Key Characteristics & Appeal

This two-storey home in King Edward presents a practical and value-oriented opportunity. Built in 1984, it is a notably newer construction compared to many homes in its immediate area and across Winnipeg. Its key appeal lies in its above-average proportions for the neighbourhood: with 1,149 sqft of living space and a generous 4,785 sqft lot, it offers more room than most comparable local properties. The home features a renovated basement, adding to its functional living space. While it lacks a garage or pool, its assessed value is positioned above the local average but remains well below the citywide benchmark, suggesting a more accessible entry point into a mature neighbourhood.

This property would suit first-time buyers or practical investors seeking a solid, no-frills home with ample indoor and outdoor space for the area. Its above-average rankings for lot size, living area, and modern build year for the street indicate a property that stands out locally without a premium citywide price tag. The recent sale in mid-2024 provides a clear, current market reference point.

Frequently Asked Questions

1. How does the assessed value compare to the recent sale price?
The home was assessed at $29,300k, but sold for between $36.50k and $39.50k in June 2024. This indicates the market value was significantly higher than the municipal assessment at that time.

2. What does the "above average" ranking for the Year Built mean?
Most homes on Marjorie Street and in the King Edward neighbourhood are older, with average build years around 1950. This home, built in 1984, is among the top 17-22% newest homes in the immediate area, potentially implying newer building systems and less immediate need for major updates common in century-old homes.

3. Is the lot size a significant feature?
Yes. The lot is 4,785 sqft, ranking in the top 10% on its street. This is over 1,000 sqft larger than the local average, offering valuable extra outdoor space, which is a notable advantage in an older, established neighbourhood where lots are typically smaller.

4. Why is the citywide ranking for Assessed Value much lower?
While the assessed value is above average for its street and neighbourhood, it ranks in the top 73% citywide (meaning it's below average). This highlights the property's affordability within the broader Winnipeg market and reflects the typically lower property values in this specific area compared to newer or more affluent suburbs.

5. What can nearby property addresses tell me?
The listing shows direct neighbours (e.g., 490, 496 Marjorie) for location context. It also lists properties with similar assessed values across different neighbourhoods (e.g., Varsity View, Westdale), which can be useful for comparing what a similar municipal valuation can buy in other parts of the city.