Property Overview
This 720 sqft bi-level home at 502 King Edward Street is a compact, historically grounded property built in 1918. Its key characteristic is its efficiency: the living space is modest and below area averages, but it sits on a 2,700 sqft lot and features a renovated basement. The home’s assessed value is notably consistent and affordable relative to its immediate street and neighborhood, though well below the Winnipeg citywide average.
Its appeal lies in its role as a practical entry point into the market. It suits first-time buyers, downsizers, or investors seeking a lower-cost holding with renovation potential. A thoughtful perspective is that its older age (108 years) and smaller footprint offer a lower environmental impact and simpler upkeep compared to larger, newer builds. Its consistent, middle-of-the-pack assessed value on the street suggests it's a stable, non-speculative asset in its immediate context, appealing to those seeking predictability.
Frequently Asked Questions
1. How does the home’s size compare to others?
At 720 sqft of living area, this home is smaller than most comparable properties on its street, in the King Edward area, and across Winnipeg. It ranks in the bottom 15-20% for size in these groupings.
2. What is the significance of the assessed value being "around average" for the street but "below average" citywide?
This indicates the property is priced typically for its specific, established neighborhood, making it affordable in that local context. The dramatic difference from the citywide average highlights the variation in Winnipeg’s market, positioning this home in a more accessible value tier.
3. The home was built in 1918. What should I consider?
While the structure is over a century old, the basement has been renovated. Buyers should prioritize a thorough inspection focusing on foundational integrity, updates to electrical/plumbing systems, and energy efficiency, balancing historic charm with modern functionality.
4. The lot size is below average. Is that a major drawback?
The 2,700 sqft lot is smaller than many in the area, which limits expansive outdoor space but can mean less maintenance. For the right buyer, this translates to a more manageable yard without significantly compromising on private outdoor area.
5. Where can I find exact historical sold prices?
The listing provides estimated sold price ranges from 2016 and 2022. To obtain the exact sale figures, you can use the provided email request form on the property page. The service is manual but committed to providing the data without marketing spam.