Property Overview: 1582 Magnus Avenue
Key Characteristics, Appeal & Ideal Buyer
This is a compact, one-storey home on a generously sized lot in Winnipeg's Burrows-Keewatin neighbourhood. Built in 1947, its primary appeal lies in the land itself—the lot size of 4,771 sq ft is notably larger than most on its street and in the immediate area, placing it in the top 9% locally. This presents a clear opportunity for expansion, gardening, or outdoor space that is uncommon for the location. The dwelling is modest, with a living area of 700 sq ft, and features a detached garage.
Its value is grounded in potential rather than finished space. The very low assessed value reflects the home's size and age, making it an accessible entry point into the market. It would suit a hands-on buyer looking for a land-positive purchase, such as a first-time investor considering a future build, someone comfortable with a renovation or expansion project, or a buyer prioritizing private outdoor space over a large interior. It's a practical choice for those who see value in the underlying asset and are prepared to invest sweat equity or capital over time.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value is primarily based on the existing structure's size, age, and features. The modest 700 sq ft home results in a lower assessment, even though the lot it sits on is a significant asset.
2. What does the lot size ranking actually mean for me?
Ranking in the top 9% for land area on its street means this property has one of the larger lots in the immediate vicinity. This could offer more privacy, space for additions, or a larger yard compared to direct neighbours.
3. Is the 1947 build date a concern?
While newer than many homes on its street, a home of this age will likely require attention to major systems like plumbing, electrical, and the roof. A thorough inspection is essential to understand the condition and modernization needs.
4. Who might this property not be suitable for?
It is likely not a fit for buyers seeking a move-in-ready home or who need substantial living space immediately. It is best suited for those with renovation plans, a smaller space requirement, or a strategic view of the property's long-term potential.
5. The data shows it sold in 2019 for a price similar to its current assessed value. What does that indicate?
This suggests a stable, baseline value for the property in its current state over that period. It underscores that the market has historically valued it as a land play with a modest dwelling, rather than for updated finishes or amenities.