1638 Pritchard Avenue

Property Overview

1638 Pritchard Avenue is a one-storey home built in 1955, situated on a notably spacious lot in Winnipeg's Burrows-Keewatin neighbourhood. Its primary appeal lies in the land itself—at nearly 5,000 sq ft, the lot size is well above average for both the immediate street and the broader area, offering significant outdoor space and potential. The house, with 912 sq ft of living space, is modest and typical for its era. Recent sale and assessed values position it as an accessible entry point into the market. This property would best suit a value-conscious buyer, such as a first-time homeowner or an investor, who sees potential in the land over the existing structure, whether for future expansion, renovation, or simply for the rarity of a larger lot in an established area.

Key Characteristics & Ideal Buyer

• Land vs. Structure: The standout feature is the imbalance between lot size (4,993 sq ft, top 12% on the street) and living area (912 sq ft, average for the area). The appeal is fundamentally in the land and its possibilities, rather than the current home's footprint.
• Established Neighbourhood: Built in 1955, the home is newer than many on its street, suggesting it may have had updates over time or that comparable homes are more mature. It sits in a long-established area with a mix of similar properties.
• Value Profile: With a historically low sale price and assessed value significantly below the Winnipeg city average, this is a budget-friendly option. The numbers indicate you are paying primarily for location and lot, with the house itself representing a smaller portion of the value.
• Ideal Buyer Profile: This property suits a practical buyer with a vision. It's a strong candidate for someone willing to live in a modest space while enjoying a large yard, or for an investor/builder who views the existing structure as a placeholder for future development. It is less suited for those seeking a move-in-ready home with modern, spacious interiors.

Frequently Asked Questions

1. Is the price reflective of the condition of the home?
Given the assessed and sale values are focused heavily on the land, the price likely reflects a home that is livable but basic, requiring modernization or updates. The value is anchored in the lot size.

2. What does "above average" for the lot size actually mean for me?
On Pritchard Avenue, your lot would be larger than 88% of your direct neighbours' (ranked 81 out of 684). This means more private outdoor space, room for additions, gardening, or parking than is typical for the street.

3. Could this be a good investment property?
The low entry cost and large lot create a classic value-add opportunity. As a rental, it offers a yard few comparable properties could. Long-term, the land represents the majority of the asset's worth, which in an established area can be a stable investment.

4. The living space seems small. Is expansion feasible?
The generous lot size is the key factor that makes an expansion or addition legally and practically feasible, where it might not be on a standard-sized lot. This is a central part of the property's potential.

5. How does the assessed value compare to the sale price?
The assessed value ($21.6k) is close to the last recorded sale price ($20.2k in 2017). This alignment suggests the property is not being assessed for a hypothetical redeveloped value, but rather for its current state as a land-heavy, modest home.