Property Overview
500 Melrose Avenue W is a home defined by its generous space, both inside and out. Built in 1956, its primary appeal lies in its substantial lot size—over 7,600 square feet—which ranks it in the top 1% of properties on its street. The 1,450 sqft living area is also notably larger than most comparable homes in the immediate neighbourhood. This combination suggests significant potential for outdoor enjoyment, expansion, or renovation. The property’s assessed value is modest relative to the wider city, presenting an opportunity for value-conscious buyers.
This home would suit a buyer looking for a project or who prioritizes land and interior space over a modern, turn-key condition. It’s ideal for someone with vision—perhaps a growing family wanting room for a playset and garden, or a handy homeowner planning gradual updates. The data suggests you’re paying for space and potential here, not premium finishes or a high city-wide assessment.
Frequently Asked Questions
1. Why is the assessed value ranked so much lower city-wide than it is locally?
The assessed value is around average for Melrose Avenue and the broader Melrose area, but falls below the Winnipeg average. This typically indicates that property values in this specific neighbourhood are generally more affordable than in many other parts of the city.
2. What does the "Elite" ranking for Land Area actually mean?
It means this property's lot size of 7,667 sqft is larger than 99% of the 342 comparable properties on Melrose Avenue W. It's a standout feature, offering significantly more yard space than the neighbourhood average of about 4,100 sqft.
3. The home sold between 2020 and 2025. Can I find out the exact price?
According to the listing, the exact sold price is not publicly displayed. You can request it by email from the site, which states they will provide the accurate figure manually without using your email for unsolicited marketing.
4. Given the large lot and living area, what might be the trade-offs?
The trade-off is often the property’s age and condition. A 70-year-old home with a below-average city-wide assessed value may require more maintenance, updates to systems (like plumbing or electrical), or modernization of interiors compared to a newer, higher-assessed home.
5. How useful are these rankings for understanding the property's value?
They provide excellent context. They show that within its own desirable streetscape and area, this home offers superior space. The rankings help you understand what you're getting relative to the immediate location, which is often more relevant for daily living than city-wide comparisons.