Property Overview: 487 Neil Avenue, Winnipeg
Key Characteristics & Appeal
This 1,075 sqft bungalow, built in 1955, sits on a notably large 7,745 sqft lot in the Munroe West neighborhood. Its primary appeal lies in the generous land size, which ranks in the top 3% for the local area, offering significant outdoor space and potential in a city where lots are typically smaller. The home itself presents a practical footprint, offering more living space than the area average while carrying an assessed value that is above average for Munroe West but below the citywide average.
The property suits two main types of buyers. First, it’s ideal for those seeking a long-term family home with ample yard space for gardens, play, or future additions. Second, it appeals to value-conscious buyers or investors looking for a property where the land itself represents a substantial portion of the asset’s value, with the existing home providing a functional starting point. A thoughtful perspective is that while the house is newer than most on its street, its 1955 construction still means important systems (like plumbing, electrical, or the roof) may be due for updates, which is a key factor in evaluating the total investment.
Frequently Asked Questions
1. How does the lot size compare to typical Winnipeg properties?
The lot is significantly larger than average. It ranks in the top 12% citywide and is in the elite top 3% within the Munroe West area, where the average lot is about 4,815 sqft.
2. Is the assessed value high for the neighborhood?
The assessed value of $302,000 is above the Munroe West average but sits around the average mark for its specific street and below the citywide average. This suggests you are paying a premium for the location within Munroe West, likely driven by the desirable lot size.
3. When was it last sold, and for how much?
Public records indicate it was sold in March 2018. To protect privacy, exact sale prices are not displayed publicly, but the sold price range was between CA$200,000 and $250,000. Verified exact figures can be requested directly from the site.
4. What does the "Elite" ranking for Year Built mean?
On Neil Avenue, this 1955 home is one of the newer houses, ranking in the top 4%. This can be an advantage, potentially indicating newer construction materials or layouts compared to much older neighbors, though it is still a 70-year-old structure.
5. What are the possible trade-offs with such a large lot?
While offering great potential, a lot of this size also means higher maintenance (like lawn care or snow clearing), potentially higher property taxes based on land value, and the responsibility to ensure the space is utilized effectively to justify the investment.