1103 Alfred Avenue

Property Overview: 1103 Alfred Avenue, Winnipeg

Key Characteristics & Appeal

This is a practical, one-and-a-half storey home built in 1923, situated on a modest 2,284 sqft lot in the Burrows Central neighbourhood. With 1,000 sqft of living space, an unrenovated basement, and no garage, it presents as a straightforward, no-frills property. Its primary appeal lies in its affordability and value as a land-holding proposition within the city. The home last sold in 2020 for $120k, and its current assessed value is significantly below the Winnipeg average.

The property’s standout characteristic is its land value relative to its price. While the lot is below average in size for the city, it represents the core asset. This makes it a candidate for buyers looking for a foothold in the market with future potential, whether as a long-term hold, a live-in renovation project, or a redevelopment site down the line. It would suit first-time buyers comfortable with a basic home, investors seeking a low-entry-cost rental, or those with a keen eye on the intrinsic value of owning land in a mature neighbourhood. A less obvious perspective is that its very ordinariness—with average metrics for its immediate street in terms of age, size, and assessed value—offers a stable, unassuming entry point without the premium of a more "trending" area.

Frequently Asked Questions

1. What does "below average" for land area and assessed value actually mean for a buyer?
It primarily indicates the pricing context. You are purchasing a smaller-than-typical city lot in a neighbourhood where property values are generally lower than the Winnipeg average. This translates to a more accessible purchase price and correspondingly lower property taxes.

2. Is the unrenovated basement a major concern?
It depends on your plans and budget. It offers functional space for storage or utilities but will require investment for finishing. A inspection is crucial to assess its condition (moisture, foundation, wiring) as this will impact any future renovation costs or the home's suitability as-is.

3. Who would this property NOT be suitable for?
It would not suit buyers seeking a move-in-ready home with modern amenities, those who require ample parking or a garage, or families needing more substantial indoor and outdoor space. The value here is in the potential, not the present condition.

4. The home sold for $120k in 2020. How should I interpret that today?
That sale price provides a historical benchmark, but current market conditions, the property's state of maintenance since then, and broader economic factors will determine its value now. It underscores the home's position in the affordable segment of the market.

5. What are the less obvious costs or considerations with a home like this?
Budget for immediate essential maintenance, as a 100-year-old home will have ongoing upkeep needs. Also, factor in the cost of alternative parking solutions without a garage. Finally, consider your long-term vision: costs for future renovations or redevelopment should be part of your financial planning from the outset.