Property Overview
513 Gateway Road is an 800 sqft bungalow built in 2003, situated on a 3,746 sqft lot in Winnipeg's Munroe East neighbourhood. Its assessed value is $27,900. The home presents a specific value proposition, standing out primarily for its modern build year compared to its surroundings.
Key Characteristics & Appeal
The primary appeal of this property lies in its relative newness. Built in 2003, it is significantly newer than most homes in its immediate area and across Winnipeg, ranking in the top 2% of its local neighbourhood and top 7% on its street for year built. This suggests potentially lower immediate maintenance costs and more modern building standards than older, average-area homes.
Its appeal is one of practicality and efficiency rather than size or luxury. The living space is compact, below the city-wide average, which translates to lower utility costs and easier upkeep. The lot size is also manageable, reducing landscaping demands. The assessed value is notably below city-wide averages, indicating a potentially accessible entry point into the market.
This home would best suit first-time buyers or downsizers seeking a low-maintenance, modern-built home without a large footprint. It’s for a buyer who prioritizes a newer structure in a stable neighbourhood over expansive square footage, and who sees value in a home that stands out from the much older housing stock typical of the area.
Frequently Asked Questions
1. Why is the assessed value so much lower than the average sold price from 2017?
The assessed value ($27,900) is for municipal tax purposes and is not a market valuation. The sold price from 2017 ($250k-$300k) reflects the actual market value at that time. This large discrepancy is normal; tax assessments in the area are typically a fraction of a home's market price.
2. What does the "Elite" ranking for Year Built actually mean?
It means this home is newer than approximately 98% of the properties in the Munroe East area. Where many neighbouring homes were built in the 1960s or earlier, this 2003 build is a notable exception, offering more contemporary construction.
3. Is the smaller living area a concern?
It depends on your needs. At 800 sqft, it's efficient and cost-effective to heat and maintain. However, it is below the average for the city, street, and area, so buyers needing ample space for a growing family or home offices should carefully consider the floor plan.
4. How does this property compare to its direct neighbours?
The data shows it is very comparable in assessed value and land size to the homes directly surrounding it on Gateway Road. Its key differentiator is its age—it is likely one of the newest homes on the block.
5. What are the main trade-offs with this property?
You are trading square footage and lot size for a much newer build. You get a modern home structure with potentially fewer age-related issues, but with less indoor and outdoor space than many other homes in the wider city market.