Property Overview: 1036 Magnus Avenue
Key Characteristics & Appeal
This is a well-situated, one-storey home in Winnipeg's Burrows Central neighbourhood, built in 1972. Its primary appeal lies in its strong fundamentals: a larger-than-average lot of over 3,000 square feet and a living area that ranks in the top 22% for size across Winnipeg. While the basement exists, it is noted as not being renovated, presenting a blank canvas for future development. The property lacks a garage and pool, keeping the focus on the main living space and land.
The home’s value is underscored by its position relative to the market. Its assessed value ranks in the top 16% city-wide, suggesting a solid foundation of municipal valuation. Notably, the home is newer than 87% of houses on its street and 91% in its immediate neighbourhood, offering a relative modern advantage in an area with many heritage properties. This combination of a newer build on a spacious lot is a less obvious but significant strength.
This property would suit a first-time buyer or practical investor looking for a home with solid "bones" and ample outdoor space, who is comfortable with a home that may require updates or finishing touches over time. It’s a grounded choice for those who prioritize lot size and living space over turn-key finishes.
Frequently Asked Questions
1. What does "basement, not renovated" typically mean?
It indicates the basement is undeveloped or in original condition. It’s a functional space for storage and utilities but would require investment to finish as living area, offering both a project and potential for future value addition.
2. How significant is the lot size?
At 3,038 sq ft, the lot is a key feature. It’s larger than average for the area, providing valuable outdoor space for gardening, recreation, or future additions like a garage or deck, which is a premium in city living.
3. The home is newer than most in the area. Why does that matter?
A 1972 build likely means more modern construction standards, electrical wiring, and insulation compared to the many early-1900s homes nearby. This can translate to fewer immediate heritage-home concerns and potentially lower maintenance costs.
4. The assessed value seems low. Is that accurate?
Winnipeg’s assessed value is for municipal tax purposes and is not market value. However, its high percentile rank (top 16% in Winnipeg) indicates the city views this property favorably compared to others, which is a useful benchmark.
5. What can nearby property assessments tell me?
The listed comparisons show a wide range of values and sizes nearby. This highlights that Burrows Central is a neighbourhood of varied housing stock. This property’s assessed value is competitive, sitting between smaller, older homes and significantly higher-valued ones, helping to position it within the local market context.