Property Overview
This property at 963 Mission Street in Winnipeg's Mission Industrial area is defined by its substantial scale and relative value. Built in 1940, the 1,730 sqft structure sits on an exceptionally large lot of nearly 40,000 sqft. Its appeal lies in this rare combination of above-average living space and vast land area, which is in the top 1% citywide. The assessed value of $56.4k is notably higher than immediate area averages but remains low compared to the citywide residential average of $390k, suggesting it may be assessed under a different classification. This profile suits a buyer looking for a project with significant space, potential for redevelopment, or commercial/industrial use, rather than a standard residential move-in home. Its value is in the land and possibilities, not in modern finishes or a typical neighborhood setting.
Frequently Asked Questions
1. Why is the assessed value so much lower than the citywide average?
This is likely due to the property's zoning and classification. As it's located in the "Mission Industrial" area, it may be assessed for tax purposes as industrial or commercial land, or the existing structure may be valued very low, which results in a dramatically different assessment compared to standard residential properties.
2. What can the large land area be used for?
The nearly one-acre lot is its most significant feature. Uses could include expansion of the existing building, secure storage, parking, or potential redevelopment, subject to municipal zoning and bylaws. It offers a level of space extremely uncommon within the city.
3. How does the 2017 sale price relate to the current assessed value?
The property sold for an estimated $450k-$500k in 2017, which is far higher than its current $56.4k assessment. This reinforces that the assessed value is not a market price but a tax valuation, and the market has historically paid a premium for the land potential.
4. Is the living space modern or updated?
Given the 1940 build date and the industrial area context, buyers should anticipate an older structure that likely requires updates or is suited to utilitarian use. The data highlights size and land, not condition or modern amenities.
5. Who would this property not suit?
It is not suited for buyers seeking a turn-key family home in a residential neighborhood. The industrial setting, older building, and project-oriented nature make it a specialized purchase for investors, business owners, or developers.