Property Overview: 298 McLean Street, Varsity View, Winnipeg
This 1948-built, one-storey home on a large 6,726 sqft lot offers a classic and practical living proposition in the established Varsity View neighbourhood. Its key appeal lies in the combination of a generous, mature lot and a fully finished basement, which expands the usable living space beyond the main floor's 848 sqft. The home presents a solid, no-frills foundation with rankings indicating its lot size is a standout feature, placing it in the top 19% city-wide. It suits first-time buyers, downsizers, or investors looking for a manageable single-level layout with significant outdoor space and renovation potential. The property is ideal for those who value location and lot size over modern finishes, seeing the home itself as a canvas for gradual improvement or a comfortable, low-maintenance base.
Frequently Asked Questions
1. What is the true value of the large lot?
Beyond the obvious space for gardening or play, a lot of this size in an inner-city neighbourhood is a long-term asset. It offers rare potential for future expansion, like an addition, or could even be subdivided if local zoning ever allowed, which is a significant value consideration not reflected in the current assessment.
2. How does the "fully finished basement" impact livability and value?
It effectively doubles the functional living area, which is crucial in a smaller main-floor footprint. This is ideal for creating a separate family room, home office, or guest space. Buyers should inquire about the finish quality, ceiling height, and moisture control to understand its true condition and value.
3. The home ranks highly for lot size but lower for age and condition. What does this mean?
This pattern is common for well-located, older homes. It suggests you are primarily investing in the land and location. The structure itself is likely dated and will require ongoing maintenance or updates, positioning this as a property for buyers comfortable with a project or who prioritize space over turn-key perfection.
4. Who would this property not suit?
It may not suit buyers seeking modern, open-concept layouts or those unwilling to handle the maintenance of a 78-year-old home. The lack of a garage and the home's lower rankings for size and condition mean it doesn't cater to those prioritizing immediate convenience or newer construction.
5. The assessment value seems lower than expected. Why?
Municipal assessments for older homes often lag behind market values, especially when the land value (which is high here) is a major component. The assessed value is a formula for taxation, not a sale price. The market value will be determined by recent sales of similar, large-lot properties in the area.