Property Overview: 414 Melrose Avenue W
Key Characteristics & Appeal
This 834 sqft bungalow, built in 1955, presents a compelling opportunity defined by its generous lot and strong value proposition within its immediate area. The home’s primary standout feature is its 5,609 sqft land area, which ranks in the top 11% for the Melrose neighbourhood, offering above-average outdoor space for gardening, expansion, or simply enjoying a larger yard than most nearby properties. While the living space is modest and below the city-wide average, it is typical for homes on its street and in the local area, suggesting a comfortable, manageable layout.
The appeal lies in its clear value within the local context. Its assessed value is notably above average for both Melrose Avenue and the broader Melrose area, indicating it is viewed as a premium property in its specific locale. This, combined with its last known sale in the $300k-$350k range in 2022, positions it as a potentially solid entry into a mature neighbourhood. It would suit a first-time buyer or downsizer looking for a manageable home with a premium lot size, or an investor attracted to a property that holds a strong relative value within its community. A thoughtful perspective is that this home represents a "neighbourhood anchor"—its value metrics suggest it's a standout on its block, which can be a stabilizing factor for future equity.
Frequently Asked Questions
1. How does the home’s size compare to others?
At 834 sqft, the living area is slightly below the average for the street (980 sqft) and significantly below the Winnipeg city average. However, it is very typical for the Melrose area, ranking in the middle of the pack locally.
2. Why is the assessed value higher than area averages?
The assessed value of $32,900 ranks in the top 14% for the Melrose area. This is likely influenced by the home’s substantially larger-than-average lot size and its more recent sale history, which the assessor uses as a key benchmark.
3. What is the significance of the large lot?
The 5,609 sqft lot is a key feature, placing it in the top 8% of lots on Melrose Avenue W. This offers rare potential for outdoor living, storage, or future additions where many neighbouring properties have less space.
4. What can the 2022 sale price tell us?
The home sold for an estimated $300k-$350k in 2022. This sale price was in the top 10% for the street at that time, reinforcing the trend of it commanding a premium relative to its immediate neighbours.
5. Who might the nearby comparable properties be?
The listing references nearby homes on Regent Avenue W and Victoria Avenue W in Victoria West. These are provided as reference points for style and era, but key differences like lot size and assessed value mean direct comparison should be made with homes on Melrose Avenue itself for the most accurate context.