Property Overview & Key Characteristics
This 1916 home on Arbuthnot Street in the McMillan neighbourhood presents a unique opportunity. Its key appeal lies in its exceptionally low assessed value of $21,400, which ranks in the top 0% on its street and the top 14% city-wide for affordability. The 1,339 sqft living area offers a practical footprint, larger than many nearby comparables. The home sits on a street ranked in the top 20% locally, within a highly desirable neighbourhood that ranks in the top 0% across all of Winnipeg.
This property would primarily suit a specific type of buyer: those looking for an entry point into one of Winnipeg's most sought-after neighbourhoods, willing to take on a significant renovation or rebuild project. It’s also a potential candidate for land value, given the stark contrast between its assessed value and those of surrounding properties. The appeal is less about the existing structure and more about the location's potential and the financial leverage the low valuation may provide.
Frequently Asked Questions
1. Why is the assessed value so much lower than nearby homes?
The assessed value is based on the property's current state as determined by the assessor. A value this significantly below the neighbourhood norm typically indicates a home that requires major renovation, modernization, or may even be considered a teardown, with the value primarily in the land.
2. What does the ranking data actually tell me?
The percentile rankings compare this property to others on its street, in McMillan, and across Winnipeg. For example, being in the "Top 0%" for neighbourhood rank means McMillan is among the very highest-rated areas in the city. Conversely, a "Top 100%" rank for year built on its street means it is the oldest among its immediate neighbours.
3. Is this a move-in ready home?
Given its age (110 years) and its notably low assessment, it is very unlikely to be move-in ready. Buyers should budget and plan for extensive updates or a complete reconstruction.
4. What are the immediate next-door properties like?
The listing shows multiple units at 757 and 759 McMillan Avenue directly adjacent (0-12 meters away). This suggests the immediate context may include multi-family or subdivided properties, which is an important factor to consider for privacy and the character of the immediate streetscape.
5. Could this be a good investment property?
Potentially, but as a long-term play. The low entry cost in a premium area could yield significant equity growth after redevelopment. However, the initial investment for renovation or rebuilding would be substantial, and the current configuration may not be immediately suitable as a rental without considerable upfront capital.