Property Overview
509 Tremblay Street is a well-situated, century-old one-storey home in Winnipeg's Archwood neighbourhood. Its primary appeal lies in the combination of a generous, mature lot and a recently renovated basement, offering a solid foundation in a stable area. The home suits first-time buyers looking for an entry point into the market, practical downsizers seeking a manageable footprint, or investors interested in a character property with land value.
Key Characteristics & Appeal
The standout feature of this property is its 3,650 sqft lot, which is larger than most in the city and on its street. This provides valuable outdoor space and future potential. The home itself is compact at 874 sqft, emphasizing a low-maintenance lifestyle. A key update is the renovated basement, which adds functional living space. While the house is older (built 1925), its recent sale history shows significant market appreciation, jumping from $25,500 in 2020 to $320,000 in 2024. This indicates strong demand for the location and lot. The property lacks a garage, which is a trade-off for the lot size.
Its appeal is grounded in value and potential rather than luxury. It suits buyers who prioritize land over square footage, who see value in a renovated basement for extra living or rental income, and who are comfortable with the character and upkeep of an older home. A thoughtful perspective is that this property represents a "blank canvas" opportunity—the large lot is an asset for future expansion, gardening, or outdoor living, which can't be replicated in newer, denser subdivisions.
Frequently Asked Questions
1. What does the ranking data (e.g., "Top 21% in Winnipeg") actually mean?
This data compares specific metrics (like lot size or year built) against other properties in the stated area. For example, the lot size ranks in the top 21% in Winnipeg, meaning it's larger than 79% of city lots. It's a useful tool for understanding how this property's raw features compare geographically.
2. The assessed value is much lower than the recent sale price. Why?
Municipal assessed value for taxation purposes often lags behind the current market and is calculated using a different methodology. The July 2024 sale price of $320,000 is the true indicator of its current market value.
3. Is the lack of a garage a significant drawback?
This depends on the buyer's needs. The large lot does offer space to potentially add a garage or shed in the future. For some, the trade-off of a bigger yard for less built storage is acceptable, especially in a neighbourhood where on-street parking is typical.
4. What is the neighbourhood (Archwood) like?
Archwood is a mature, established neighbourhood in Winnipeg. The property rankings show it sits in a mixed context—some metrics are above average for the street or area, others are mid-range. It's advisable to visit at different times to get a feel for the community.
5. How significant is the renovated basement?
A renovated basement in a 1925 home is a major functional upgrade. It effectively adds usable living space, which is valuable in a smaller main-floor footprint. Ensure to check the quality of the renovation, permits, and moisture control, as basements in older homes can be prone to dampness.