Property Overview: 121 Youville Street, Winnipeg
Key Characteristics & Appeal
This property is defined by its compact efficiency and historical roots. Built in 1923, it is a notably smaller home at 513 sqft, sitting on a 3,461 sqft lot in Norwood East. Its assessed value of $216k is significantly below area averages, presenting a clear entry point into the Winnipeg market.
The primary appeal lies in its affordability and potential. It suits a specific buyer: a minimalist, a first-time purchaser comfortable with a renovation project, or an investor looking for a lower-cost rental opportunity. The lot, while below the street average, still offers outdoor space uncommon for such an affordable price point in the city. A thoughtful perspective is that its age and size place it outside direct comparison with most modern homes; its value is in the land, location, and the opportunity to customize a small footprint without a massive initial investment. It’s not for those needing space, but ideal for those prioritizing financial accessibility and a manageable scale.
Frequently Asked Questions
1. Why is the living area so much smaller than nearby homes?
At 513 sqft, this is a historically small, likely one-bedroom or bachelor-style home. Its ranking (100% on its street) confirms it is the smallest compared to peers, reflecting a housing style less common today.
2. How does the assessed value compare, and what does it mean for taxes?
The assessed value of $216k is in the bottom 10-11% on its street and in Norwood East, meaning it is valued lower than most comparable properties. This typically results in proportionately lower municipal property taxes.
3. What can the 2023 sale price range tell me?
The home sold for an estimated $200k-$250k in March 2023. This range aligns closely with the current assessed value, suggesting a stable market valuation for this unique, small property over the past two years.
4. Is the older year (1923) a concern?
A 103-year-old home requires careful inspection. While it offers charm, potential buyers should budget for updates to systems like wiring, plumbing, and insulation. Its age is above average for the area, so a thorough pre-purchase inspection is essential.
5. How should I interpret the lot size?
At 3,461 sqft, the lot is smaller than others on the street but is still a decent size for a home of this scale. It offers yard space but may have less room for expansion or additions compared to neighboring properties.