Property Overview
438 Melrose Avenue W is a compact, century-old home that presents a clear value proposition. Its key characteristic is its modest scale, with 748 sqft of living space on a roughly 3,600 sqft lot, making it significantly smaller than average homes in Winnipeg. Built in 1915, the property is older than most in the city. Its assessed value of $230k is notably below the citywide average, a fact reflected in its recent sale price range of $200k-$250k in 2022.
The appeal lies in its accessibility. It offers an entry point into homeownership with a below-average price tag in a mature neighbourhood. The lot size is fairly typical for its immediate area, providing adequate outdoor space. It would suit first-time buyers, investors looking for a rental property, or downsizers seeking a low-maintenance footprint without a condo fee. A thoughtful perspective is that a home of this age and size inherently has lower utility costs and property taxes than larger, newer builds, which can significantly impact long-term affordability beyond the purchase price.
Frequently Asked Questions
1. Is this a "fixer-upper"?
The data doesn't specify condition, but the year built (1915) and below-average assessed value suggest buyers should budget for potential updates or maintenance typical of a century home. A thorough inspection is essential.
2. Why is the assessed value so much lower than the city average?
The assessed value reflects the property's relatively small size and older age compared to the Winnipeg average. It is more in line with values in its local Melrose area.
3. What does the "Top 94%" ranking for living area mean?
This means the home's living area is smaller than 94% of properties citywide. It highlights the compact nature of the home, which is a key factor in its pricing.
4. How reliable is the sold price history shown?
The listed sale range is based on public data. The exact sale price can be requested directly from the site, as they manually verify and provide that detail via email.
5. Are the neighbouring properties similar?
The listing shows adjacent addresses are very close (10-30 meters away), indicating a typical dense, established street. The similar assessed values of nearby homes suggest consistency in the local market valuation for properties of this type.