516 Melrose Avenue W

Property Overview & Key Characteristics

This 736 sqft bungalow, built in 1955, presents a straightforward opportunity in Winnipeg's Melrose neighbourhood. Its primary appeal lies in its proportionally large, above-average lot of 4,839 sqft, offering more outdoor space than most homes on the same street and in the immediate area. This creates potential for gardening, expansion, or simply more private yard space than is typical for the location.

The home itself is compact, with a living area significantly below the local and city averages, suggesting a efficient, no-frills layout. Its assessed value is very modest and aligns with the average for Melrose, indicating a lower property tax burden. This is a property where the land is a more substantial asset than the current structure.

It would best suit a first-time buyer, an investor, or a downsizer seeking an affordable entry into the market with a focus on lot size over interior square footage. It’s a practical choice for those comfortable with a smaller home footprint who see value in the potential of the land itself, whether for immediate use or future possibilities.

Frequently Asked Questions

1. Is this a good value for a first-time buyer?
Based on the data, its assessed value is very much in line with the local area average, while the lot size is notably larger than neighbours'. For a buyer prioritizing land and location over a large interior, it represents a cost-effective entry point.

2. How does the lot size compare to nearby properties?
The lot is a key feature. At 4,839 sqft, it ranks in the top 30% on its own street, meaning it's larger than over 70% of comparable lots nearby. This is a significant advantage over other homes in the immediate vicinity.

3. The living area seems small. How does it compare?
At 736 sqft, the living space is below average for the street, neighbourhood, and city. This confirms the home is compact. Buyers should be prepared for efficient living and consider whether the larger lot compensates for the smaller interior.

4. What can the sold price history tell me?
Public records show it last sold between 2016 and 2025 for an estimated CA$200k–250k. For the precise sale price and date, you can request the information via email from the listing service.

5. What might be a less obvious consideration with this property?
The home was built in 1955, which is newer than many on its street. This could suggest potentially fewer issues with very aged infrastructure compared to some neighbours, though a thorough inspection is always essential. The significant gap between its modest assessed value and the much higher city-wide average also highlights its position in an affordable segment of the market.