Property Overview: 609 Madeline Street, Victoria West, Winnipeg
Key Characteristics & Buyer Appeal
This 1914-built home in Victoria West presents a clear value-oriented opportunity. Its key characteristic is its compact size, with a 672 sqft living area that is notably smaller than averages for the street, neighborhood, and city. This is reflected in its assessed value of $224k, which sits below local averages. The lot size of 3,659 sqft is also more modest than surrounding properties.
The appeal lies in its position as an accessible entry point into the Victoria West neighborhood. It suits first-time buyers, investors, or downsizers seeking a lower barrier to entry in a established area. The below-average metrics suggest potential for value growth through updates, while the lot still offers usable outdoor space. A thoughtful perspective is that this home outperforms a significant majority of citywide properties in value (top 88%), indicating it is priced efficiently within the broader market. It represents a "blank canvas" property in a mature neighborhood, ideal for someone looking to add value through renovation rather than paying a premium for already modernized finishes.
Frequently Asked Questions
1. Is this a small house?
Yes. At 672 sqft, the living area is compact and below the average for the area. It would best suit individuals, couples, or those comfortable with efficient living spaces.
2. Why is the assessed value lower than the neighborhood average?
The assessed value of $224k is lower primarily due to the home's smaller size and older construction date (1914) compared to area averages. It is priced as a more affordable option within Victoria West.
3. What does the "Top 88%" city ranking for value mean?
This means this home's assessed value is higher than 88% of comparable properties across Winnipeg. While below Victoria West averages, it is not an outlier citywide and represents a competitively priced entry point.
4. Is there potential to expand the living space?
The lot, while smaller than some on the street, may offer potential for an addition or renovation, subject to local zoning and building regulations. Its current size is a key factor in its affordability.
5. How does the 1914 build date affect the property?
As a century-old home, it likely possesses classic character but will require diligent maintenance and potentially updates to mechanical systems. Its age is typical for the core of the neighborhood but is older than the local average.