Property Overview: 488 Beverley Street, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, one-storey home built in 1907 on a standard city lot in the Daniel McIntyre neighbourhood. With 822 square feet of living space, it is notably smaller than most homes in Winnipeg, placing it in the top 10% for compact size city-wide. The basement exists but is unrenovated, and the property does not include a garage or pool.
Its primary appeal lies in its efficiency and potential. The assessed value is modest, especially compared to the city average, which suggests a lower property tax burden and an accessible entry point into the market. For its street and immediate area, however, the value is quite average, indicating it is priced in line with its historic neighbourhood context. The lot size is typical for the area, offering outdoor space without the maintenance of a larger yard.
This property would best suit a first-time buyer, an investor, or someone looking to downsize into a minimalist footprint. It’s a practical choice for those comfortable with a smaller living space and who see potential in a home that may require updates. A less obvious perspective is its appeal to a buyer focused on financial efficiency—the low assessed value relative to the city translates directly into ongoing tax savings, and the smaller square footage means lower utility costs. It represents a straightforward, no-frills ownership opportunity in a central location.
Section 2: Frequently Asked Questions
1. Is the house in need of major renovation?
The listing notes the basement is not renovated. Given the home's age (built in 1907), buyers should budget for potential updates to major systems like plumbing, electrical, or the roof, and should prioritize a thorough inspection.
2. How does the low assessed value affect property taxes?
A lower assessed value generally results in lower municipal property taxes. This home's assessed value is significantly below the Winnipeg average, which is a key financial advantage for the owner.
3. What is the neighbourhood like?
Daniel McIntyre is a mature, established neighbourhood near downtown Winnipeg. It typically offers a mix of historic homes, local businesses, and good access to amenities and transit.
4. Is the small living area a concern?
At 822 sq ft, the living space is well below averages for the city, neighbourhood, and even its own street. It requires a lifestyle suited to compact living, with limited room for expansion without a significant addition.
5. What is the potential for this property?
The potential lies in updating the existing home to improve comfort and efficiency. The lot size is standard for the area, so while adding a garage may be possible, opportunities for a large expansion are limited. Its value is likely tied more to incremental improvements than to dramatic redevelopment.