Property Summary: 479 Albany Street, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, century-old (1918) one-storey home in Winnipeg's Airport area, sitting on a notably large lot of nearly 5,000 sq ft. Its key appeal lies in the significant value being placed on the land itself, rather than the existing 480 sq ft structure. The home ranks in the top 87% for lot size on its street, indicating the parcel is substantially larger than most in the immediate area. Recent sale history shows a rapid increase in value, selling for $14,000 in late 2024 after being purchased for $8,800 in early 2021.
This property would primarily suit a specific type of buyer: an investor, developer, or hands-on individual looking for a land play with a teardown or major renovation project. It could also appeal to someone seeking an extremely affordable entry into the market with the patience and resources to rebuild. The very low assessed value and sold price point to a property where the potential is rooted in its future use, not its current condition. A thoughtful perspective is that this large lot in an established neighbourhood offers a rare opportunity to create something new in a mature area, bypassing the premium typically attached to vacant land.
Section 2: Frequently Asked Questions
1. Why is the sold price so much higher than the assessed value?
The assessed value is typically for tax purposes and lags behind the market. The recent sale price reflects what a buyer was willing to pay based on current market conditions and the property's potential, particularly the valuable lot size.
2. Is the house livable in its current state?
Given the age (108 years), very small living area (480 sq ft), and the significant price difference indicating land value, it is very likely that the existing structure requires extensive repairs or is not suited for modern living without a major investment.
3. What can be built on a lot this size?
A 5,000 sq ft lot offers considerable flexibility. Subject to local zoning bylaws, possibilities could include a new single-family home with a generous footprint, a duplex, or potentially other multi-unit developments. Verification with the city's planning department is essential.
4. How does the neighbourhood compare?
The provided data shows the home ranks in the top 0% of its immediate neighbourhood (2/2) for lot size, year built, and value, but this is because there are only two comparable properties listed. Broader street rankings are more informative, showing it has a larger-than-average lot but an older-than-average home for Albany Street.
5. What are the immediate costs or considerations?
A buyer should budget for demolition costs if that's the plan, or significant renovation expenses. Utilities may need to be updated or reconnected, and property taxes will likely be reassessed based on the recent sale price. Always factor in a thorough inspection to understand the full scope of the existing structure's condition.