1504 Logan Avenue – Property Summary
Key Characteristics & Ideal Buyer Profile
This is a compact 1,060 sqft home built in 1945, sitting on a notably large 4,301 sqft lot. The living area is above average for the street and neighbourhood but slightly smaller than the citywide average for comparable homes. The land, however, is a standout feature: it ranks in the top 14% on Logan Avenue and top 16% in Weston. The assessed value is low for all three scopes—well below the street, neighbourhood, and city medians—which suggests the building itself may need significant updating or that the market has not yet fully priced in the lot’s potential.
The property’s appeal lies in the land-to-building ratio. Buyers looking for a fixer-upper or a tear-down with redevelopment potential would find this attractive, especially given the large lot relative to neighbours. It may also suit someone who wants a modest home in a central Winnipeg location and is comfortable deferring cosmetic or structural upgrades in exchange for paying below-market assessed value. The low assessed value could offer a tax advantage compared to newer or renovated homes nearby.
This property is not a turnkey purchase. It suits value-oriented buyers—investors, renovators, or owner-occupants with a tolerance for older construction—rather than someone seeking a move-in ready home. The combination of a mid-century build and low valuation against a large lot points to land being the primary asset, not the house itself.
Five Possible FAQs
1. Why is the assessed value so low compared to the street and neighbourhood averages?
The assessed value reflects the condition and age of the building relative to other homes. At 113k, it's well below the street average of 187.8k and neighbourhood average of 184.7k. This typically indicates the house has not been updated in recent years, or that its interior finishes, systems, or layout are outdated. The value is driven more by the land than the structure.
2. Is the land large enough for a garage, suite, or subdivision?
At 4,301 sqft, the lot is above average for both the street and neighbourhood. Whether you can build an additional dwelling or split the lot depends on Winnipeg zoning bylaws and the property’s specific R1 or R2 classification. A conversation with the city’s planning department would clarify possibilities.
3. How does the home compare to newer builds in Winnipeg?
The home was built in 1945, which is older than the citywide average of 1966. In terms of living area, 1,060 sqft is below the citywide average of 1,342 sqft. Older homes of this era often have smaller rooms and less insulation. The trade-off is a larger lot and lower purchase price.
4. Would this be a good property for a first-time buyer on a budget?
It could be, if you're handy and willing to take on renovation work. The low assessed value means lower property taxes, and a large lot gives room to grow. However, you should budget for potential upgrades to plumbing, electrical, heating, and possibly the roof. A home inspection is strongly recommended before making an offer.
5. How does this home compare to other properties on Logan Avenue specifically?
On Logan Avenue, this home ranks in the top 20% for living area and top 14% for land area, meaning it offers more space than most. But it also ranks in the bottom 5% for assessed value, suggesting it's one of the least valuable structures on the street. It's an outlier: more land, less house value, relative to neighbours.