Property Overview & Key Characteristics
This home at 318 Melrose Avenue E is a compact, post-war bungalow built in 1941, sitting on a standard-sized lot for its established Melrose neighbourhood. Its primary defining characteristic is its modest 616 square feet of living area, which is notably smaller than most homes on its street, in the area, and across Winnipeg. This results in a relatively low municipal assessed value of $280,000, which is quite typical for Melrose but sits below the city-wide average.
The appeal here is grounded in affordability and lot potential. For the price point, you secure a home in a mature neighbourhood with a decent 4,016 sqft lot. This presents a clear value proposition: it’s an entry point into homeownership where the land holds significant value. The property last sold between $200k-$250k in 2017, suggesting a history of being a practical, budget-conscious option.
This home would best suit first-time buyers or investors looking for a straightforward, lower-cost property with renovation or expansion potential (subject to permits and budget). It’s less suited for those needing immediate move-in ready space or for families requiring multiple bedrooms.
Frequently Asked Questions
1. Why is the living area so much smaller than the averages shown?
This is a key feature of this property. At 616 sqft, it's a compact bungalow, significantly smaller than the typical Winnipeg home. This is the main factor behind its below-average city-wide assessed value.
2. The assessed value is average for the street but below average for the city. What does that mean?
It indicates that Melrose Avenue E and the broader Melrose area consist of generally more affordable, modestly-sized homes compared to the Winnipeg average. This property is priced in line with its immediate neighbours.
3. What can the lot size tell me about this property?
The lot is just over 4,000 sqft, which is very standard for the area. It's not oversized, but it provides the typical yard space expected in the neighbourhood and offers potential for outdoor living or future expansion, which is where much of the property's long-term value may lie.
4. The home was built in 1941. What should I consider?
As an 85-year-old home, prospective buyers should budget for potential updates to major aging components like the roof, plumbing, electrical, and insulation. A thorough pre-purchase inspection is essential.
5. How can I find out the exact past sale price?
The displayed sale history from 2017 is an estimated range. As noted on the detail page, you can request the exact sale price by emailing the listing service directly; they provide this information manually at no cost.