Property Overview: 485 Martin Avenue W, Winnipeg
Section 1: Key Characteristics & Appeal
This is a modest, century-old home (built 1908) in Winnipeg's Chalmers neighbourhood, presenting primarily as a land value opportunity. The 1,040 sqft one-and-three-quarter storey house sits on a 2,266 sqft lot. Its key characteristics include an unrenovated basement and no garage. The home's assessed value is notably low, reflecting its age and condition.
The appeal lies in its affordability and potential. It suits a specific type of buyer: investors, builders, or very hands-on homeowners looking for a low entry point into the market. For an investor, it represents a holding property with minimal carrying costs. For a builder or renovator, the lot size is workable for a new build or a top-to-bottom renovation, especially given that the living area is actually slightly above average for similar older homes in the immediate area. A thoughtful perspective is that this property isn't competing with modern, turn-key homes. Instead, it offers a blank canvas and financial accessibility, appealing to those whose vision or strategy isn't dependent on current finishes.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
The assessed value is based primarily on the property's current state, age, and recent sale prices for comparable homes in its category. Its very low value reflects the need for significant updates and its classification as a basic, older structure.
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, reducing full headroom in parts of the upper level. It often means creatively shaped but character-filled bedrooms or spaces.
3. Is the land size sufficient for a new build?
At just over 2,200 sqft, the lot is below the city-wide average but is a standard size for the neighbourhood. It is generally sufficient for a new single-family home, subject to local zoning and setback bylaws.
4. The last sale was in 2020 for $12,900k. What does this indicate?
This very low sale price, close to the assessed value, confirms the property has been valued as a land/teardown opportunity for some time. It establishes a recent benchmark for similar unrenovated properties in the area.
5. Who would this property not suit?
It is not suitable for buyers seeking a move-in ready home, those unable to manage a major renovation or rebuild, or anyone requiring modern amenities, ample parking, or finished basement space.