Property Overview: 1506 Pritchard Avenue, Winnipeg
Key Characteristics & Appeal
This one-and-a-half storey home, built in 1948, presents a straightforward opportunity centered on its land. The property sits on a 4,999 sqft lot, which is notably larger than most on Pritchard Avenue and within the Burrows-Keewatin neighbourhood. This above-average land size is the home's primary standout feature, offering potential for outdoor use, gardening, or future expansion subject to approvals.
With 955 sqft of living space and a detached garage, the house itself is modest and functionally sized, typical for its era and area. Its assessed value is significantly below both neighbourhood and city averages, indicating a very accessible entry point into the market. The appeal here is largely practical: it's a property for those who see value in the land itself or a renovatable structure, rather than a move-in-ready home. It would suit a first-time buyer comfortable with a project, an investor looking for a land-value play, or someone seeking a minimal footprint with a surprisingly generous yard for the area.
A less obvious perspective is the home's relative age. While 78 years old, it is actually newer than many comparable homes on its street, which could suggest more modern construction materials or systems for its time. However, this also means any original components are nearing the end of their typical lifespan, making a thorough inspection essential.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
Assessed value is for taxation purposes and is influenced by many factors, including home size, condition, and local sale prices. This home's modest size and location in a neighbourhood with lower average values result in a low assessment, which translates to correspondingly lower property taxes.
2. Is the large lot a good investment?
Potentially. Larger lots in established neighbourhoods are finite. The lot size offers flexibility that smaller parcels do not, which can be a long-term advantage whether for personal use or future resale.
3. What should I consider about the home's age?
A home from 1948 may have outdated plumbing, electrical, and insulation. While it ranks as newer on its street, a pre-purchase inspection is crucial to understand the condition and potential immediate costs, such as updating the heating system or addressing any structural wear.
4. How does the living space compare to nearby homes?
At 955 sqft, the living area is very close to the neighbourhood average (~951 sqft). This suggests the home provides a typical amount of space for the area, adequate for a small household without the upkeep of larger rooms.
5. What is the neighbourhood like?
The data shows Burrows-Keewatin is a neighbourhood with more affordable property values compared to the wider city. It's important to visit at different times, research local amenities, and review community plans to see if the area's character and services meet your needs.