Property Overview: 1860 Mcdermot Avenue W, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, one-storey home in Brooklands, built in 1954. Its primary appeal lies in its land value and renovation potential. The lot is a standard city size for the area at 3,742 sqft, but the living space is notably modest at 572 sqft, making it one of the smaller homes in Winnipeg. A key feature is the renovated basement, which adds functional space. The home includes a detached garage.
The property’s strongest suit is its assessed value, which is very low compared to the city-wide average, suggesting a potentially accessible entry point into the market. It would suit a specific type of buyer: a hands-on investor or a first-time buyer looking for a footprint in the city with plans to expand or redevelop in the future. Its appeal isn't in its current size, but in its underlying lot value and the opportunity it presents. It’s a property for someone focused on location and potential, rather than immediate move-in condition or space.
Section 2: Frequently Asked Questions
1. Is this a "tear-down" property?
While the living area is very small, the presence of a renovated basement suggests the current structure is livable and maintained. It may be more accurately viewed as a strong candidate for a significant above-grade addition or a future redevelopment site, rather than an immediate tear-down.
2. How does the low assessed value affect property taxes?
The significantly below-average assessed value typically results in lower annual property taxes compared to most homes in Winnipeg, which can be a financial advantage for the owner.
3. What is the neighbourhood like?
Brooklands is a mature, established neighbourhood. The property's metrics (like year built and lot size) are very typical for this area, indicating it fits right into the existing fabric of the community.
4. Can the living space be easily expanded?
The lot provides standard dimensions for the area, offering reasonable room for a potential side or rear addition, subject to local zoning bylaws and permitting. The existing small footprint is actually an advantage for expansion.
5. Why was the 2016 sale price so much lower than the current assessed value?
The sale from nearly a decade ago reflects a different market and does not represent current value. The assessed value is an estimate for taxation purposes, not market price, but the large gap highlights the property's substantial appreciation in assessed value over that period.