Property Overview: 518 Marsden Street, Winnipeg
Key Characteristics & Appeal
This 1959-built home in Munroe East presents a practical and straightforward opportunity. With 1,087 sqft of living space, it offers above-average roominess for both its immediate street and the broader neighbourhood, making it a comfortable size for a small family or couple. The lot size of 4,952 sqft is typical for the area, providing adequate outdoor space.
The primary appeal lies in its value proposition. The home’s assessed value is notably below average for its street, neighbourhood, and city, which often translates to a lower property tax burden and can indicate a more accessible entry point into the market. This creates a distinct scenario: you get a home with more interior space than many local comparables, but at a lower assessed value. A thoughtful perspective is that this could appeal to a buyer looking for a "blank canvas" home where future renovations or updates might not be as heavily taxed in the short term, allowing investment to go directly into the property.
This property would best suit first-time buyers or practical investors seeking a cost-effective footprint in a mature neighbourhood. Its size and lot are manageable without being overwhelming, ideal for those who prioritize living space and tax efficiency over a premium lot size or a newer build.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
Assessed value is for municipal tax purposes and is not market value. This low assessment is likely due to the home’s age, condition, and specific characteristics compared to the city's broader and more varied housing stock. It typically results in lower annual property taxes.
2. How does the living area compare to nearby homes?
The living area is a strong point. It ranks in the top 23% on its own street and top 22% in Munroe East, meaning it offers more interior space than most direct comparables in the vicinity.
3. What does the sold price history indicate?
Public data shows it last sold between $200k-$250k in 2016. For the exact sale price, you can request it via email from the site. This history provides a benchmark, but current market value will depend on present condition, market trends, and updates made since then.
4. Is the lot size a disadvantage?
At just under 5,000 sqft, the lot is below average for Marsden Street but very typical for the wider Munroe East area. It provides a standard-sized yard for the neighbourhood—sufficient for gardening and recreation but not oversized.
5. What should I consider about the home’s age?
Built in 1959, it is older than most on its street but average for the area. This suggests potential for older-home character but also means a thorough inspection for aging components like plumbing, electrical, and the roof is essential to understand future maintenance needs.