Property Overview
This one-and-three-quarter storey home on Elgin Avenue in Winnipeg's Centennial neighbourhood is a property defined by its potential and its position within a historic streetscape. Built in 1893, it sits on a standard city lot and offers a functional living space of approximately 1,210 square feet. Key features include a detached garage and a basement that is present but not renovated. The home’s most striking characteristic is its assessed value, which is significantly below averages for the street, neighbourhood, and city, last selling for $12,800 in 2016.
Its appeal lies primarily in its value proposition as a canvas. For a buyer with vision, it represents a rare opportunity to restore a piece of the area's architectural history or to redevelop the land in a well-established, central location. The lot size is typical for the area, offering room for expansion or landscaping. This property would suit a specific type of buyer: an investor, a developer, or a hands-on renovator looking for a foundational project with a very low entry point. It is not a move-in-ready home, but a strategic purchase for someone focused on underlying value rather than immediate comfort.
A less obvious perspective is its data profile: while the home itself ranks below average in metrics like year built and assessed value, its living area is actually slightly above average for the immediate street. This suggests the structure itself has a usable footprint, and the low valuation is tied more to its condition than its inherent size or location.
Frequently Asked Questions
1. Why is the assessed value so much lower than nearby homes?
The assessed value reflects the property's current state. As the details note an unrenovated basement and a very old construction date (1893), the valuation is likely based on its condition as a fixer-upper or land value, rather than as a modernized dwelling.
2. What does "one & 3/4 storey" mean for the layout?
This style typically features a full main floor and a second floor where the roofline slopes into the walls, creating some rooms with partial, slanted ceilings. It's a classic architectural design common in older Winnipeg neighbourhoods.
3. Is this a teardown property?
While the data suggests it could be a candidate for redevelopment, that is not a given. The structure has a viable living area. The decision to renovate or rebuild would depend on a professional inspection of the foundation, framing, and overall structural integrity of the 1893 build.
4. How does the lot size compare for future plans like an addition or garage?
At 3,110 sq ft, the lot is around average for Centennial but below the city-wide average. It provides standard development space for the neighbourhood. Any significant addition or new structure would need to comply with current zoning bylaws regarding setbacks and lot coverage.
5. The sale history shows a price of $12.80k in 2016. Is that accurate?
Yes, the recorded sale price is $12,800. This extremely low figure strongly indicates a non-arms-length transaction (such as between family members) or a sale of the property "as-is, where-is" for land value, and should not be used as a standalone indicator of current market value.