Property Overview: 575 Cusson Street, Winnipeg
Section 1: Key Characteristics & Appeal
This one-and-a-half storey home in Archwood presents a classic post-war character home on a notably spacious lot. Built in 1948, its key characteristics include 888 sqft of living space, a full (but unrenovated) basement, and no garage. The property’s primary appeal lies in its land and location. With a lot size of over 4,100 sqft, it ranks in the top quarter for size on its street, offering ample outdoor space—a relative rarity for the area. The home itself is older but is newer than most on the block, ranking in the top 10% for year built on Cusson Street.
This property is well-suited for a specific type of buyer. It’s a prime candidate for an investor or handy homeowner looking for a solid foundation in a stable neighbourhood. The large lot holds potential for expansion, gardening, or future development, while the unrenovated basement and overall condition suggest it’s ready for personal updates. It’s not a move-in-ready showcase, but a property where value can be added through sweat equity and where the land itself is a significant asset. The recent sale history and assessed value are closely aligned, indicating a stable and transparent market value.
Section 2: Frequently Asked Questions
1. What does "one-and-a-half storey" typically mean for a home of this era?
It usually indicates a home with a main floor and a second floor under a sloped roof, where the upstairs rooms may have reduced ceiling height in some areas, creating a cozy, character-filled space.
2. The lot is large, but is there potential to add a garage later?
Given the lot size, there is likely physical space for a future garage or shed. You would need to verify specific setback requirements and obtain the necessary permits from the City of Winnipeg.
3. How does the assessed value compare to the likely market price?
The assessed value for tax purposes is $24,600k, which is very close to its last sold price of $24,500k in mid-2021. This suggests the property is not wildly undervalued for tax purposes, and market price would be influenced by current conditions and the home’s condition.
4. The basement is noted as "not renovated." What should I expect?
This typically means the basement is in original or functional condition, with exposed foundations, basic flooring, and older utilities. It offers usable space for storage or laundry but will require investment to finish as living space.
5. The home ranks highly for lot size but lower for assessed value on the street. What does this indicate?
This often points to the land being a more valuable component than the current structure. It suggests that neighbouring properties may have more updated or larger homes, reinforcing this property’s potential for improvement.