Property Overview: 997 College Avenue, Winnipeg
Key Characteristics & Appeal
This is a compact, one-storey home built in 1931 on a standard city lot in the Burrows Central neighbourhood. Its key characteristic is its modest scale, with a living area significantly smaller than most homes in the city. The property includes a detached garage and a basement that is present but not renovated.
The primary appeal lies in its affordability and land value. With a very low assessed value and recent sale price, it represents a highly accessible entry point into the Winnipeg market. This isn't a move-in-ready family home; its appeal is for a specific buyer looking for a blank canvas. It would suit a hands-on buyer seeking a land-value opportunity with a small existing structure—ideal for a thorough renovation, a complete rebuild, or an investor considering future development potential, subject to zoning. The lot size is typical for the immediate area, offering reasonable outdoor space for the neighbourhood.
Frequently Asked Questions
1. Why is the living area so small, and what does that mean for me?
At 480 sqft, the house is significantly smaller than average. This indicates it may be a very basic cottage or bungalow, potentially with minimal original finishes. It strongly suggests that any purchase should be made with a plan for major renovation or replacement of the existing structure.
2. The assessed value is very low. Does that mean the taxes are low?
Yes, a low assessed value typically results in lower municipal property taxes. This can be a financial advantage, keeping holding costs minimal while plans are made for the property.
3. What does "basement, not renovated" imply?
It confirms the house has a foundation and basement space, but it is in original or unfinished condition. Buyers should budget for potential moisture issues, structural updates, and finishing costs if they intend to use the space.
4. Is this a good investment for the future?
Its potential is heavily tied to the land value in Burrows Central and future neighbourhood trends. For a buyer willing to hold the property and invest in improvements, it could be. However, its current state means its value is not in its immediate condition, but in its possibility.
5. How does the lot size compare?
At 3,590 sqft, the lot is around average for both College Avenue and the broader Burrows Central area. It provides a standard urban parcel, which is a positive factor, as the value isn't constrained by an unusually small plot of land.