Property Overview & Key Characteristics
This home at 562 Walker Avenue in Lord Roberts presents a classic Winnipeg character property with a distinct value proposition. Built in 1909, its key appeal lies in the balance between its historic charm and its practical lot size. While the 1,043 sqft living space is modest and typical for the street, the 3,309 sqft land area is notably larger than many of its immediate neighbors, ranking in the top 13% on Walker Avenue. This offers valuable outdoor space and potential in a mature, established neighborhood.
The home’s assessed value is positioned below average at every comparison level—street, neighborhood, and city-wide. This suggests it may be an accessible entry point into the area, likely appealing to value-conscious buyers, those seeking a character home with room to personalize over time, or investors looking at the long-term land value in a central location. Its appeal is for a buyer who prioritizes lot size and location over modern finishes or square footage, viewing the older home not as a drawback but as a canvas.
Frequently Asked Questions
1. What does the below-average assessed value indicate?
A lower assessment compared to peers often reflects the home’s age and condition relative to updated properties. It can signal a more affordable purchase price and property taxes, but buyers should budget for potential updates or maintenance common with homes of this era.
2. How significant is the larger lot size?
In an older neighborhood where lots are often subdivided, a lot size ranking in the top 13% on the street is a meaningful advantage. It provides more private outdoor space, better potential for landscaping or gardening, and possible future flexibility that smaller lots do not offer.
3. Who would this home suit best?
It’s well-suited for a first-time buyer or practical downsizer seeking character in a central location without a premium price. It also fits a buyer with a vision for gradual renovation who values the inherent equity in the land itself.
4. What should I consider about the year built (1909)?
While offering charm, a 117-year-old home requires a careful inspection for foundational integrity, wiring, plumbing, and insulation. Its historic nature is part of its appeal but also defines the scope of needed upkeep or modernization.
5. How does the sold price history help?
The listed sale in 2024 within the $250k-$300k range provides a recent market benchmark. Comparing this to the current assessed value of $200k can help gauge the market’s premium for actual sales versus municipal assessment, informing your offer strategy.