Property Overview: 1598 Magnus Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This well-situated one-storey home in Burrows-Keewatin presents a compelling opportunity centered on its land and location. The primary asset is the 5,112 sqft lot, which is notably larger than most in the immediate area and ranks in the top 7% for size on Magnus Avenue. The home itself, built in 1956, is newer than many of its direct neighbors. It features a renovated basement and a detached garage. With a modest living area of 901 sqft, the property is best seen as a comfortable starter home or a strategic land play, where the value lies more in its above-average lot size and potential rather than in its current interior square footage.
Its appeal is grounded in practicality and future potential. It suits first-time buyers seeking an entry point into the market with room to grow, or investors and handy buyers who see value in the sizable lot and the possibility of expansion or redevelopment over time. The above-average assessed value for the street indicates the property is already recognized as a premium holding within its specific local context, offering a stable foundation in a mature neighborhood.
Section 2: Frequently Asked Questions
1. Is the lot size a significant advantage?
Yes. At over 5,100 sqft, the lot is substantially larger than the average for both the street and the wider Burrows-Keewatin area. This provides extra outdoor space, better privacy, and more options for additions, landscaping, or future development compared to neighboring properties.
2. What does the assessed value indicate?
The assessed value of $24,800 is above average for Magnus Avenue, suggesting the property is considered a higher-value asset on its street. It’s important to note this is for municipal taxation and differs from market value, but it reflects the property’s relative standing based on its characteristics.
3. Who might this property not suit?
Buyers looking for a large, move-in-ready home with ample interior space may find the 901 sqft living area limiting. It’s better matched to those comfortable with a cozier footprint or those viewing the property as a longer-term project with renovation or expansion potential.
4. How does the age of the home factor in?
Built in 1956, the home is newer than many on the block, which can be a positive for systems and structure. However, as a 70-year-old home, a thorough inspection is essential to understand the condition of major components, even with a renovated basement.
5. What is the context of the last sale price?
The property sold for $23,200 in late 2019. This historical price provides a benchmark, but current market value will be influenced by factors such as market conditions, the state of the renovation, and updated valuations since that time.