Property Overview & Key Characteristics
This home at 836 Magnus Avenue is a classic one-and-three-quarter storey house built in 1903, presenting a straightforward opportunity in Winnipeg's Burrows Central neighbourhood. Its key appeal lies in its land value and potential, rather than in a renovated or modernized living space. The lot is a generous 3,583 sqft, which is above average for both the immediate street and the broader area, offering valuable outdoor space or future development potential in a central location. The living area of 1,021 sqft is typical for comparable homes nearby.
The home suits a specific type of buyer: those looking for an entry point into homeownership with a focus on the land asset, or investors and handy purchasers comfortable with a project. Its recent sale price is significantly below the city-wide average, aligning with its unrenovated state and age. It's important to note the home has a basement but it is not renovated, and there is no garage. The property’s century-old character means charm comes with the responsibility of ongoing maintenance and potential updates. This isn't a move-in-ready showhome, but a practical canvas for someone willing to invest sweat equity or hold the property for its underlying land value.
Frequently Asked Questions
1. What does "one & 3/4 storey" mean?
This is a common architectural style for homes of this era. It typically means the second floor has sloped ceilings following the roofline, with full-height walls only in the center of the rooms. It offers functional upstairs space but with a cozier feel than a full two-storey.
2. The assessed value is $140k, but it sold for $12.5k. Why such a large difference?
The assessed value is for municipal tax purposes and considers the land and building. The sale price reflects the market's valuation of the property in its current, unrenovated condition. This significant gap often indicates the market sees the primary value in the land, with the existing structure contributing little to the price.
3. Is the large lot a good opportunity?
Potentially, yes. The lot size is a standout feature for the area. For the right buyer, this could allow for gardening, adding a garage or workshop, or future expansion, subject to local zoning bylaws. It provides a rarity in central neighbourhoods: usable outdoor space.
4. What are the main considerations with a home built in 1903?
While offering character, a home of this age will likely require attention to foundational elements, wiring, plumbing, and insulation to meet modern standards. The unrenovated basement condition should be carefully inspected for moisture issues and structural integrity. Budgeting for these fundamental updates is crucial.
5. How does this property compare to others on the street?
The data shows it is very comparable in living space and lot size to its immediate neighbours. Its year built is older than most on the street, and its recent sale price is consistent with other older, unrenovated homes in the vicinity, suggesting it was a market-value transaction for the property's condition.