Property Overview
This two-storey home at 498 Sherbrook Street presents a practical opportunity in Winnipeg's Daniel McIntyre neighbourhood. Built in 1903, its 1,240 sqft of living space sits below the average for Sherbrook Street but is competitive within the wider area. A key feature is the renovated basement, adding functional space. The lot size of 3,910 sqft is notably above average for Daniel McIntyre, offering valuable outdoor space in an inner-city setting. Historically, the home's assessed value is significantly below citywide averages, which can indicate a different property tax calculation compared to newer suburbs. Recent sale prices suggest a market value well above its assessed value.
Its appeal lies in its position as a character home with a updated basement on a larger-than-typical inner-city lot. It suits first-time buyers or practical investors looking for a foothold in a central location without a premium price tag. It may also attract those who value potential outdoor space for gardening or expansion over having a garage. A thoughtful perspective is that the below-average assessment for the street and area could be seen as a long-term advantage, potentially moderating property tax increases relative to neighbouring homes.
Frequently Asked Questions
1. Is the lot size a significant advantage?
Yes, especially for the Daniel McIntyre neighbourhood. The lot is in the top 7% for size locally, offering more private outdoor space than most nearby properties, which is a rarity in central areas.
2. Why is the assessed value so much lower than recent sale prices?
The assessed value is for tax purposes and is often lower than market value, especially for older homes in transitioning neighbourhoods. The sale history (e.g., $150k in 2022) is a better indicator of its market worth.
3. What does "below average" for living area on Sherbrook Street mean?
It means most houses directly on Sherbrook Street are larger. However, within the broader Daniel McIntyre area, this home's size is much more typical, ranking near the middle of all comparable properties.
4. Who might this property not suit?
It may not suit buyers seeking a modern, turn-key home, as a 1903 build will likely require ongoing maintenance. The lack of a garage could also be a drawback for some.
5. Are the recent sales good comparables for current value?
The 2022 and 2021 sales provide a recent baseline, but market conditions change. It's essential to have a current market evaluation to understand its value today, especially given the unique lot size and basement renovation.