Property Overview: 297 Patrick Street, Winnipeg
Section 1: Key Characteristics & Appeal
This is a modest, historic home built in 1903, situated on a notably generous lot for its area. Its key characteristic is its significant land size (3,599 sqft), which ranks well above average for both Patrick Street and the wider Logan-C.P.R. neighbourhood. This presents a clear opportunity for expansion, gardening, or outdoor space in a central location.
The appeal lies in its potential as an entry point into the market or as a strategic investment property. The home itself is compact at 592 sq ft, and its assessed value is very low relative to the Winnipeg city average, suggesting it may require modernization or is valued primarily for its land. It last sold for an estimated $50k–$100k in 2016.
This property would best suit a hands-on buyer looking for a project, an investor interested in the long-term value of a large lot in a central neighbourhood, or someone seeking the absolute minimum footprint and tax burden while owning land. It’s less suited for those seeking a move-in-ready home or above-average interior space.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
Assessed value is based on a municipal evaluation for tax purposes and reflects factors like the home's age, size, condition, and recent sales in the area. The very low assessment here is consistent with similar small, older homes in the immediate vicinity and indicates a lower property tax obligation.
2. What does the "below average" ranking for living area mean in practical terms?
At 592 sq ft, the home's interior is significantly smaller than most Winnipeg houses. The layout would likely consist of a few basic rooms. Buyers should be prepared for a cozy living space and consider if the floorplan can meet their needs or be viably expanded.
3. Is the large lot size a major advantage?
Potentially, yes. In an established neighbourhood, a lot this size is a valuable asset. It provides rare outdoor space for the area and offers flexibility for future additions, a garage, or landscaping—options that smaller lots nearby do not have.
4. What should I consider about the home's age (built 1903)?
While full of character, a 123-year-old home will likely have older systems (plumbing, electrical, structure) that require careful inspection. Updates may be needed to meet modern standards, but this also represents a chance to restore a piece of local history.
5. How does this property compare to the nearby listings shown?
The comparable listings, like 253 Patrick Street, often have larger living areas and higher assessments, reflecting more updated or spacious homes. 297 Patrick Street stands out for its low price point and larger lot, positioning it as a different type of opportunity focused on land value and future potential rather than current condition or size.