Property Summary: 512 Melrose Avenue W, Winnipeg
Section 1: Key Characteristics & Appeal
This 864 sqft bungalow, built in 1955, presents a compelling opportunity defined by its generous lot and strong local value. Its primary appeal lies in the substantial 5,278 sqft land area, which ranks well above average for both its immediate street and the broader Melrose area. This offers significant potential for expansion, gardening, or outdoor living relative to nearby properties. The home's assessed value is notably above average for the neighbourhood, suggesting it may be in better condition or have features that are well-regarded locally, even while being more modest in size compared to the city-wide average.
The property would suit practical buyers looking for a solid entry point into a stable neighbourhood. It's ideal for a first-time homeowner comfortable with a home that may require updates, or an investor attracted by the lot size and the fact that it last sold in the 2021 market. Its smaller living space, while functional, indicates it may best fit individuals, couples, or those who prioritize land over square footage. A thoughtful perspective is that this property represents a "land play" in an established area—the value is anchored more in its parcel than its current structure, offering a clear path for adding future value.
Section 2: Frequently Asked Questions
1. How does the living area compare to nearby homes?
At 864 sqft, the home's living space is slightly below the average for Melrose Avenue West (~980 sqft) and the wider Melrose area (~973 sqft). It is notably more compact than the Winnipeg city-wide average.
2. Why is the assessed value higher than the neighbourhood average?
The assessed value of $32.7k ranks in the top 15% for the local area. This suggests that, compared to neighbouring properties, this home is assessed more highly due to factors like its above-average lot size, condition, improvements, or specific features.
3. What is the significance of the large lot size?
The 5,278 sqft lot is a key feature, ranking in the top 17% for the area. It provides more outdoor space than most comparable properties, which could be used for additions, a larger garage, landscaping, or simply more private yard space.
4. When was it last sold, and for roughly how much?
The property was last sold in 2021. Public data indicates a sold price range of CA$250,000 to $300,000, which placed it in the top 25% of sales for the street at that time.
5. How can I find out the exact historical sale price?
The exact sold price is not published in the public data. You can request it by email through the listing service; they provide the accurate figure manually and state they will not use your contact information for unsolicited marketing.