507 Tremblay Street

Property Overview & Key Characteristics

This is a well-maintained, century-old one-and-a-half storey home in Winnipeg's Archwood neighbourhood. Its primary appeal lies in its established setting, featuring a larger-than-average lot (3,300 sqft) that ranks in the top third of the area, offering valuable outdoor space and potential. The home itself is compact and efficient at 935 sqft, with a detached garage and an unrenovated basement presenting a blank canvas for future projects. Notably, its assessed value has shown consistent, modest increases over recent years, suggesting stable underlying value in a mature community.

It would suit a first-time buyer or practical downsizer looking for a manageable footprint in a quiet, established neighbourhood without a major renovation project. The large lot is a key asset for gardeners, those seeking privacy, or long-term buyers who see value in land. It's less suited for those requiring modern, open-concept layouts or immediate move-in condition without any updates.

Frequently Asked Questions

1. What does "one-and-a-half storey" typically mean for a 1925 home?
This style usually features a main floor with principal rooms and a second floor under sloped roof lines, creating cozy bedrooms with potentially lower ceilings. It emphasizes character over sprawling square footage.

2. The assessed value is notably lower than many nearby listings. Is this a concern?
Not necessarily. Municipal assessed value for tax purposes often lags behind market value and doesn't account for interior condition or recent comparable sales. The steady annual increase in assessment is a positive indicator of the property's stable footing.

3. How significant is the lot size?
Very. At 3,300 sqft, the lot is a standout feature, offering more space than 83% of properties in Winnipeg. This provides rare potential for expansion, gardening, or outdoor living in the city core, which is a long-term value driver not reflected in the living area.

4. The basement is "not renovated." What should I expect?
Expect a functional, utilitarian space typical of the era—likely with concrete floors, exposed beams, and basic finishes. It offers ample storage and houses mechanical systems but would require investment to become a finished living area.

5. The home has sold several times since 2017. Is that a red flag?
The recent sales history suggests it may have been used as a reliable rental property or that owners have leveraged its stable value for life changes. The consistent year-over-year price increases at each sale point more toward a solid, tradable asset than a problematic one.