Property Overview
528 Alexander Avenue is a one-and-three-quarter storey home built in 1882, situated on a 2,595 sqft lot in Winnipeg's Centennial neighbourhood. Its key appeal lies in its combination of a relatively spacious living area for its locale and a very low municipal assessed value, suggesting a significant opportunity for value appreciation. The home has an unfinished basement and no garage.
Key Characteristics & Ideal Buyer
This property is defined by notable contrasts. Its 1,270 sqft living space is generous compared to other homes on Alexander Avenue, offering more room than most immediate neighbours. However, it comes with the responsibilities of a 144-year-old structure and a lot size that is modest for the city overall. The extremely low assessed value of $13,200 is its most striking feature, placing it far below Winnipeg averages. This indicates it is likely a candidate for major renovation or redevelopment.
Its appeal is primarily for value-driven buyers: renovators looking for a character home with a solid footprint to modernize, or investors considering the land value and redevelopment potential in an established neighbourhood. It suits someone comfortable with a project, whether that's a gradual renovation or a complete rebuild, and who sees opportunity in its current undervalued state. A less obvious perspective is that its age and low assessment could make it a candidate for heritage or conservation incentives, though this would require investigation. It last sold for $120,000 in April 2020.
Frequently Asked Questions
1. What does the very low assessed value mean?
A municipal assessed value this far below the city average typically reflects the home's age and condition rather than its market price. It suggests significant updates are needed and that property taxes may be relatively low, but the sale price will be determined by the market, land value, and renovation potential.
2. Is the unfinished basement a concern?
It presents both a project and an opportunity. While it will require investment to finish, it also offers a blank canvas for additional living space, utilities, or storage without the need to undo previous work.
3. Who is this house not suited for?
It is not suited for buyers seeking a move-in ready home, those unwilling to manage renovation projects, or anyone needing guaranteed modern amenities and off-street parking (as there is no garage).
4. How does the lot size impact potential?
At 2,595 sqft, the lot is around average for the street but below average for Winnipeg. This means expansion or addition possibilities may be more limited than on larger suburban lots, making efficient design and compliance with zoning bylaws crucial for any major project.
5. What should I research about a home this old?
Priorities should include a thorough inspection for structural integrity, foundation condition, wiring, plumbing, and historical designation status. Understanding any potential heritage character or conservation district guidelines would be essential before planning significant exterior changes.