Property Overview
This home at 537 Melrose Avenue W is a compact, efficiently sized property built in 1960. With 793 square feet of living space on a 3,099 sqft lot, it is notably smaller than most homes in its immediate area, on the wider Melrose street, and across Winnipeg. Its assessed value is modest and very typical for its specific neighbourhood, though it sits well below the city-wide average. The home's age is a relative standout—it is newer than many of its nearby comparables. This combination presents a specific value proposition.
Key Characteristics & Appeal
The primary appeal of this property lies in its affordability and manageability. It suits first-time buyers, downsizers, or investors seeking a lower-cost entry point into the Winnipeg market with a home that requires less upkeep than a larger property. Its smaller scale means lower utility costs and less maintenance, both for the interior and the modestly sized yard.
A less obvious perspective is its statistical positioning. While the home is smaller than average in every geographic comparison, its assessed value is perfectly aligned with the local area's norm. This suggests you are paying primarily for location and land value here, with the structure itself contributing less to the price. For the right buyer, this represents a land-value opportunity with a liveable existing home. Additionally, being built in 1960, it likely benefits from more modern construction materials and systems than many of its older neighbours, potentially meaning fewer immediate concerns related to very aged infrastructure.
Frequently Asked Questions
1. Is the assessed value the same as the market value?
No. The assessed value (currently $27,100) is for municipal tax purposes. Market value is what a buyer is willing to pay, which can be higher or lower. The last known sale was between $200k-$250k in 2017.
2. The home seems small. Is it a good investment?
Its size places it in the bottom 25-30% for living area locally, which limits its appeal to a specific segment of the market. However, its very typical assessment for the street indicates it holds the intrinsic value of its location. Investment potential would depend on renovation possibilities, neighbourhood trends, and your target renter or buyer profile.
3. How can I find out the exact price it last sold for?
The site provides sold price ranges based on public data. To receive the exact historical sold price, you must request it via the email button provided on the listing page. This is done manually to ensure accuracy.
4. The lot is smaller than average. Can I still add an extension or garage?
The 3,099 sqft lot is below average for the area. Any expansion would need to comply with strict municipal zoning bylaws regarding setbacks, lot coverage, and building size. Feasibility should be verified with the city planning department.
5. What does it mean that the "Year Built" rank is "above average"?
This is a relative comparison. A rank in the top 23% on its street for year built means it is newer than about 77% of comparable homes on Melrose Avenue W. Built in 1960, it is significantly newer than the street's average home built in 1948.