Property Overview: 224 Martin Avenue W, Winnipeg
Key Characteristics & Buyer Appeal
This one-and-three-quarter storey home, built in 1914, presents a unique opportunity centered on its generous land. Situated on a 4,357 sqft lot, the property offers significantly more outdoor space than most homes on its street and in the Chalmers neighbourhood, ranking in the top 7% and 20% respectively for land area. The living space (1,124 sqft) is also comfortably above average for the immediate area. Key features include a detached garage and a basement that is present but not renovated.
The primary appeal lies in its value as a land play or a foundational project. The recent sale price and assessed value are notably below the Winnipeg city average, suggesting entry-level pricing for a property with above-average lot dimensions for its locale. This combination suits buyers looking for a footprint to build upon, whether through expansion, renovation, or redevelopment over time. It would particularly attract value-conscious investors, hands-on renovators seeking a character home with room to grow, or buyers prioritizing private outdoor space in a mature neighbourhood over a move-in-ready condition.
Frequently Asked Questions
1. What does "one-and-three-quarter storey" mean for this home?
This style, common for the era, typically means the second floor has slightly less full-height living space than the main floor, often with sloped ceilings or dormers. It offers more space than a bungalow but with a different layout than a full two-storey.
2. The assessed value seems very low. Why is that?
The assessed value is for municipal tax purposes and reflects factors like age, condition, and recent sales in the area. Its significant difference from the average Winnipeg home value underscores this property's positioning as a more affordable, foundational asset rather than a modernized home.
3. How does the "not renovated" basement condition affect usability?
It indicates the basement is unfinished or in original condition. Buyers should budget for potential updates to meet modern standards for moisture control, insulation, and electrical systems before finishing it as living space.
4. The lot is large for the area. What are the possibilities?
The generous lot offers flexibility for additions, a larger garage or workshop, or creating substantial garden/private outdoor space. It's important to verify all zoning bylaws and setback requirements with the city before planning any structural changes.
5. The home is over a century old. What should I prioritize in an inspection?
Beyond standard checks, an inspection for a 1914 home should thoroughly examine the foundation, roof structure, original wiring and plumbing, and the integrity of the basement. Understanding the state of these core, aged systems is crucial for planning any project.