Property Summary: 425 Melbourne Avenue, Winnipeg
Key Characteristics & Appeal
This home presents a distinct value proposition centered on its generous lot. Built in 1946, the 738 sqft house is modest in size, ranking below average for living space both locally and city-wide. However, it sits on a 5,966 sqft lot, which is notably larger than most on its street and in the Munroe West area, ranking in the top 5% and 14% respectively. This creates a clear opportunity: the value here is primarily in the land, offering potential for expansion, gardening, or outdoor living that is uncommon for the neighbourhood.
Its assessed value of $266,000 is around the average for nearby homes but sits below the Winnipeg city average, suggesting a more accessible entry point into the market. The home last sold between $250,000-$300,000 in mid-2024.
This property would best suit a practical buyer who sees potential beyond the current footprint. It’s ideal for someone willing to live in a smaller, character home while enjoying ample outdoor space, or for a long-term planner considering a future renovation or addition. It’s less suited for those seeking immediate move-in condition with modern, spacious interiors.
Frequently Asked Questions
1. Is the house too small?
At 738 sqft, the living area is below average for the city and neighbourhood. It would suit individuals, couples, or small families comfortable with a cozy layout, or those with plans to expand.
2. What makes this property valuable given the smaller house?
The primary asset is the land. The lot size is significantly larger than most comparable properties on the street and in the area, offering rare potential for expansion, a large garden, or outdoor amenities.
3. How does the assessed value compare?
The $266,000 assessment is typical for Munroe West but is below the Winnipeg city average. This indicates the price reflects a local, land-value-based assessment rather than the square footage of the home itself.
4. What does the recent sale price tell us?
The home sold for an estimated $250,000-$300,000 in June 2024. This recent transaction in a similar price range to the current assessment suggests a stable, grounded market value for the property as-is.
5. Are there similar properties nearby?
Yes, the immediate vicinity has homes of similar vintage and assessed value. However, the key differentiator for 425 Melbourne is its larger lot size compared to these neighbours, which is not immediately apparent from price or house size alone.