Property Overview
505 Melrose Avenue W is a well-established, single-family home built in 1957. With 867 square feet of living space on a notably generous 4,898 square foot lot, it presents a specific value proposition. Its assessed value is significantly below the city-wide average, positioning it as an accessible entry point into the Winnipeg market. The home’s appeal lies in its balance of a larger-than-average lot for the immediate area, a manageable footprint for maintenance, and a price point that reflects its modest size and vintage.
This property would suit first-time buyers or practical investors looking for a lower-cost holding with land potential. Its value is more in the land than the structure, making it a candidate for those with a long-term view, whether that means future expansion, redevelopment, or simply securing an affordable home in a settled neighbourhood. It’s less suited for those seeking modern finishes, ample indoor space, or a premium city-wide location.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value is based on the property's specific attributes—its smaller living area, age, and location—compared to the broader Winnipeg market, which includes many newer and larger homes. It is more in line with averages for the immediate Melrose area.
2. What does the lot size ranking mean for potential?
The lot is ranked in the top 30% for size on its street and in the Melrose area. This above-average land parcel is a key feature, offering more outdoor space or future redevelopment flexibility than many neighbouring properties.
3. How should I interpret the sold price history?
The listed sold price range from 2019 is a public estimate. For the exact historical sale price, you must request the information directly via the provided email service, as this data is verified manually.
4. Is the living area sufficient for a small family?
At 867 sq ft, the living space is below the city average and comparable to many one-bedroom condos. It would require efficient use of space and may feel cramped for a family, but could work for a couple, a single occupant, or as a rental property.
5. What are the main considerations given the home's age?
Built in 1957, the home is older than most on its street. Prospective buyers should budget for potential updates to major aging systems like plumbing, electrical, or the roof, and consider an inspection to evaluate its current condition.