520 Alfred Avenue

520 Alfred Avenue – Property Summary

Key Characteristics & Buyer Profile

This is a modest, older home in Winnipeg’s William Whyte neighbourhood. Built around 1929, it sits on a land area of 3,268 square feet—slightly above average for its street and neighbourhood, but well below the citywide norm. The house itself is compact, with living area estimated around 1,084 square feet. Its assessed value is $59,000, which ranks in the bottom 1% on the street, in the neighbourhood, and citywide. That low valuation reflects both its age and the area’s current market position, not necessarily the property’s condition or potential.

Where its appeal lies: The main draw here is affordability and land. For buyers willing to take on an older property in a lower-priced part of the city, the lot size is a relative advantage compared to other homes in the immediate area. This could suit someone looking for a renovation project, a first-time buyer with budget constraints, or an investor seeking a low-cost entry point in a neighbourhood where land values may shift over time. The below-average valuation also means property taxes are likely low.

What type of buyer it would suit: This is not a move-in-ready home for someone seeking a modern, low-maintenance lifestyle. It suits a buyer who sees value in the land and is comfortable with an older structure. A thoughtful angle: because the assessed value is so far below neighbourhood and city medians, the property may offer a rare opportunity to hold a small-footprint asset with limited downside risk, if the structure is sound. It could also appeal to someone who wants to live close to the city core without stretching their budget—but they should be prepared for a fixer-upper or a teardown scenario.

Five Possible FAQs

1. Why is the assessed value so low compared to other homes on the same street?
   Assessed value reflects the municipality’s estimate of market value based on recent sales, property condition, and comparable homes. This property’s low rank (top 99% on the street) suggests it’s likely one of the oldest or smallest homes in its immediate area, or may have deferred maintenance—or simply that Alfred Avenue has a wide range of property values.

2. Is the land considered a good size for the neighbourhood?
   Yes, relative to other homes on Alfred Avenue, the lot is slightly above average (ranked in the top 19%). But compared to typical Winnipeg lots (average 6,570 sqft citywide), it’s modest. In William Whyte, it’s about average. So if you’re comparing locally, it’s a decent-sized lot for the area.

3. How useful is the citywide ranking for the assessed value?
   It’s mainly a reality check. This property ranks in the bottom 1% of all homes in Winnipeg. That tells you it’s far below the city’s typical home value. For a buyer, this highlights the property’s affordability but also its limited resale potential unless major improvements are made or the neighbourhood sees significant appreciation.

4. Does a low assessed value mean the property is in bad condition?
   Not necessarily. Assessed value is based on market data and physical characteristics like age, square footage, and lot size—not an inspection. A low value can reflect the overall market in the area, not just the home’s condition. However, a property built in 1929 with a low value may warrant a thorough inspection before purchase.

5. What does the “land area ranking” tell a buyer about future use?
   Because the lot is above average for the street, you have more flexibility than some neighbours if you want to expand the footprint, add a garage, or redevelop. But check zoning and setback rules—older neighbourhoods often have narrower lots, so the 3,268 sqft might shape the possibilities more than the raw number suggests.