Property Overview: 1556 Magnus Avenue
Section 1: Key Characteristics & Appeal
This one-and-a-half storey home, built in 1948, presents a straightforward opportunity centered on its land and location. The primary asset is the 5,147 sqft lot, which is notably larger than most in the immediate area and ranks in the top 6% for size on Magnus Avenue. This space is complemented by a detached garage. The living space itself is modest at 880 sqft and includes a basement that exists but is not renovated. The home last sold in 2016 for $190,000, and its current assessed value is $22,600.
The appeal here is largely practical and potential-focused. It suits a value-conscious buyer, such as a first-time purchaser or an investor, who prioritizes land size over a move-in-ready condition. The generous lot offers clear utility—room for gardening, pets, storage, or future expansion—in a neighbourhood where such space is becoming less common. It’s a property for someone comfortable with a smaller, older home as a starting point, viewing the unrenovated basement and the overall structure as a canvas for gradual improvement or as a solid foundation for long-term holding. A less obvious perspective is that the significant disparity between the sale price and the much lower assessed value highlights its character as a utility property rather than a premium asset, which can mean lower property taxes but also indicates it’s valued primarily for its land.
Section 2: Frequently Asked Questions
1. What does "assessed value $22.60k" mean in relation to the 2016 sale price of $190k?
The assessed value is used by the city for calculating property taxes and often lags behind market value, especially for older homes on desirable lots. The sale price from 2016 is a better, though dated, indicator of its market worth. The large gap suggests the city’s assessment heavily weights the structure, not the land’s market potential.
2. Is the large lot size a major advantage?
Yes, particularly in this context. The lot is significantly larger than the average for the street and neighbourhood. This provides more outdoor space, potential for additions like a shed or garden, and may offer better future redevelopment potential compared to tightly packed lots.
3. Who would this property be most suitable for?
It’s best suited for a handy first-time buyer or an investor looking for a land-value play. The buyer should be prepared for a home with a smaller, older layout and an unfinished basement, seeing the lot and detached garage as the key assets that justify the project.
4. What should I know about the "not renovated" basement?
This indicates the basement is in original or utilitarian condition. It likely requires significant work for finishing and may need to be inspected for essential updates to moisture control, insulation, and foundational integrity before any cosmetic renovations.
5. How does this home compare to others in Winnipeg?
The data shows it’s a home of contrasts. Its lot size is above average locally but average city-wide. Meanwhile, its living space is below average for the city. This reinforces that its value is hyper-local, derived from the neighbourhood lot size, not from the size or modernity of the house itself.