Property Overview & Key Characteristics
This one-storey home at 562 McGee Street is a compact, early-1900s character property in Winnipeg's Daniel McIntyre neighbourhood. Its primary appeal lies in its position as an accessible entry point into the market, offering a detached home with a classic footprint. The 840 sqft living area is notably smaller than most comparable homes in the area and city-wide, suggesting a property suited for minimalists, first-time buyers, or investors. It sits on a standard city lot and includes a detached garage.
The home’s assessed value is significantly below the city-wide average, which indicates a lower property tax burden but also underscores that this is a foundational property requiring vision. Its last sale was over a decade ago, hinting at potential for value growth with updates. The charm of a 1905 build comes with the expectation of maintenance and thoughtful modernization.
This property would best suit a practical first-time buyer comfortable with a smaller space, a hands-on investor looking for a rental or renovation project, or a buyer prioritizing location and land ownership over square footage. Its value proposition is rooted in simplicity and potential rather than immediate move-in readiness or size.
Frequently Asked Questions
1. Is this a "tear-down" or a renovation project?
Given its age, smaller size, and below-average assessed value, it is likely viewed as a candidate for significant renovation or expansion. However, its average value for the street suggests it contributes to the existing streetscape, making a full tear-down less certain.
2. Why is the assessed value so much lower than the city average?
The assessed value reflects the property's relatively small living area, age, and likely condition compared to the broader Winnipeg market. It is more in line with values on its own street and in Daniel McIntyre.
3. What are the main considerations for living in a home of this size and age?
Buyers should plan for efficiency in use of space and budget for updates to aging systems (like plumbing and electrical) to meet modern standards. The character is a trade-off for the practicality and cost of maintaining a 121-year-old structure.
4. How does the detached garage add value?
In a dense urban neighbourhood, a detached garage provides secure parking and valuable storage space, which is a significant asset not found with all older, smaller homes. It also offers flexibility for use as a workshop.
5. The home last sold in 2012. What does that indicate?
A long ownership period can suggest stability in the home but may also indicate deferred maintenance or outdated finishes. It highlights the property's potential as a long-term holding for an investor or a buyer willing to put down roots and gradually improve it.