Property Summary: 1510 Magnus Avenue
Section 1: Overview & Appeal
This is a modest, one-storey home built in 1909, situated on a notably large lot for its street. Its key characteristics include a compact living area of 482 sqft, an unrenovated basement, and no garage. The property’s primary appeal lies in its land. At 4,474 sqft, the lot size ranks in the top 15% on Magnus Avenue, offering significantly more outdoor space than neighboring properties. This presents a clear opportunity for expansion, gardening, or future development, subject to zoning.
The home suits specific buyer types: investors or handy buyers looking for a land-value play with a very low entry point, as evidenced by its well-below-average assessed and recent sale value. It is not suited for those seeking move-in-ready space or modern amenities. A thoughtful perspective is that while the house itself is historically small and dated, the generous lot in a long-established neighborhood provides a tangible asset that is increasingly rare, offering potential that the structure alone does not reflect.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value reflects the property's small, aged dwelling and its specific market area. It is primarily based on the existing structure and recent sales of similar properties in its vicinity, not the potential of the land.
2. Is this a teardown property?
Given the home's age, size, and condition, many buyers would consider this a candidate for eventual replacement or major expansion. However, this depends on your plans, budget, and local renovation or rebuild regulations.
3. What can the large lot be used for?
The generous lot is the standout feature. Uses could include a large garden, adding a garage or workshop, creating outdoor living space, or, in the future, potentially expanding the home. Always check municipal bylaws for setbacks and permissible structures.
4. How does the living area compare to nearby homes?
The living area is exceptionally compact, ranking at the very bottom compared to homes on the same street, in the neighborhood, and across Winnipeg. This confirms the property is about the land first and the existing dwelling second.
5. What should I investigate before considering an offer?
Essential checks include: the condition of the foundation and structure given the home's age, the cost and feasibility of any basement improvements, zoning rules for the lot, and any future development plans for the surrounding area that might affect value.