Property Overview: 588 Alexander Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This one-and-three-quarter storey home, built in 1894, presents a unique opportunity in Winnipeg's Centennial neighbourhood. Its primary appeal lies in its character and land value. With a living area of 1,138 sq ft, the house itself is modest but notably larger than many others on its street. The lot, at 2,618 sq ft, is a key asset, offering above-average outdoor space for the immediate area.
The property suits specific buyer types. It is a clear candidate for a land play or a significant renovation project, given its very low assessed value and unrenovated basement. It would also appeal to a value-conscious buyer seeking a character home in a central neighbourhood who is prepared to invest in updates over time. A less obvious perspective is its potential for a buyer interested in historical preservation, as a home from this era contributes to the streetscape's heritage fabric, even without formal designation.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
The assessed value reflects the property's current state, age, and specific market conditions in its immediate area. It indicates the home likely requires modernization, which is factored into the valuation.
2. What does "one & 3/4 storey" mean for the layout?
This style typically features a main floor and a second floor where the roofline slopes into the walls, creating cozy, character-filled rooms with potentially lower ceilings in parts of the upper level.
3. Is the land size a significant advantage?
Yes. While average for Centennial, the lot is larger than most on Alexander Avenue itself. This provides more private outdoor space than neighbouring properties and could be a factor for future expansion, subject to zoning.
4. The home is older than most on the street. Is that a concern?
It signifies considerable character but also means prospective buyers should prioritize a thorough inspection. Systems like wiring and plumbing may need evaluation and updating, which should be factored into planning and budget.
5. How does the last sale price from 2018 relate to today's value?
The 2018 sale price is a historical data point. Current value is influenced by recent market trends, the property's condition, and comparable sales. It primarily serves to show the property has changed hands relatively recently in its long history.