Property Overview & Key Characteristics
This one and three-quarter storey home, built in 1905, is a character property with a renovated basement, situated on a notably large lot for its St. John's neighbourhood. Its primary appeal lies in its combination of historical roots, generous land size, and a very low municipal assessed value, which may present a unique value proposition. The home ranks in the top 2% of Winnipeg for lot size and sits on a street where it is in the top 14% for property area, offering rare urban space.
The property would suit a value-conscious buyer looking for a project or an investor seeking a land-hold opportunity in a historic area. It’s ideal for someone who prioritizes lot potential over modern finishes, and who is comfortable with a home that requires updates, as the living area is modest and the assessed value is significantly lower than many nearby comparables. The renovated basement adds functional space, a key asset for a home of this era.
Frequently Asked Questions
1. Why is the assessed value so much lower than some nearby homes?
Municipal assessments are based on a mass appraisal system and may not reflect current market conditions or specific renovations. A low assessment can sometimes indicate a property in need of updates, but it also results in lower annual property taxes, which is a tangible financial benefit.
2. What does "one and three-quarter storey" mean?
This is a common architectural style for Winnipeg homes of this period. It typically means the second floor has full-height ceilings in the center of the house, with sloped ceilings or knee walls in the rooms under the eaves, creating cozy, character-filled bedrooms.
3. The home is over 120 years old. What should I be most concerned about?
While the renovated basement is a positive, primary concerns for a home of this age typically include the condition of the foundation, the roof, original wiring or plumbing, and energy efficiency. A thorough inspection is essential to understand the scope of any needed updates.
4. The lot is large, but what can I do with it?
The generous lot size (over 2,200 sq. ft.) is a standout feature. It offers excellent potential for expanded outdoor living space, gardening, or future additions like a garage or workshop, subject to local zoning bylaws.
5. How does the living area compare to the neighbourhood?
At 1,492 sq. ft., the living space is comfortable but ranks in the top 89% on its street (meaning 89% of street homes are larger). This suggests the value here is weighted more toward the land itself and the home's character rather than its square footage.