Property Overview: 3 Ada Street, Winnipeg
Key Characteristics & Appeal
This one-storey home in Brooklands presents a straightforward opportunity centered on its land and value. Its primary appeal lies in the generous 4,849 sqft lot, which is notably larger than most in the immediate area and neighbourhood. The living space (922 sqft) is efficient and above average for the street. Built in 1910, the home is a historic property that has not been renovated; it features a basement and a detached garage. The most compelling perspective is its position as a value proposition: the assessed value is significantly below area averages, suggesting potential for equity growth through updates. This property would suit a pragmatic buyer looking for a large lot in the city, whether as a first home with renovation plans, a long-term hold for land value, or an investor seeking a property with a low tax assessment basis.
Frequently Asked Questions
1. What does "below average" assessed value mean for me?
A lower assessed value typically results in lower municipal property taxes, which is an immediate financial benefit. It can also indicate the property is undervalued relative to the area, representing potential for increased value with improvements.
2. The home was built in 1910. What should I consider?
While offering classic charm, a home of this age will likely have older mechanical systems (like plumbing and wiring) and may require foundational or structural inspections. It's a candidate for careful inspection and a realistic renovation budget.
3. How significant is the lot size?
The lot is a key feature. It's over 1,200 sqft larger than the Brooklands average, offering ample outdoor space, room for additions, gardening, or parking—a relative rarity for the neighbourhood.
4. The home hasn't been renovated. Is that a drawback?
This depends on your goals. It presents a blank canvas for personalization but requires a commitment of time and capital for updates. It may not be suitable for someone seeking a move-in-ready property without any project work.
5. How does the recent sale price compare?
The home sold for $210,000 in late 2022, which was around the neighbourhood average at that time but below the city-wide average. This indicates the property is priced within its local market context, with its value closely tied to the Brooklands area.