Property Overview: 635 Alverstone Street, Winnipeg
Key Characteristics & Appeal
This is a compact, one-storey home built in 1914, offering a straightforward entry point into Winnipeg’s Daniel McIntyre neighbourhood. With 603 square feet of living space and an unrenovated basement, it presents a no-frills canvas. Its key appeal lies in its exceptionally low financial barrier to entry, as evidenced by its recent sale price and assessed value, which are significantly below area averages. The detached garage and a nearly 2,900 sqft lot provide practical utility and potential in a central location.
The property suits specific buyer profiles perfectly. It’s a match for first-time buyers or investors seeking an affordable foothold in the city with minimal upfront investment. It would also appeal to hands-on individuals who view a home as a long-term project, as the basement and overall condition offer clear opportunities for incremental upgrades that could add value. A less obvious perspective is its potential as a strategic land play; the lot size is quite standard for the immediate area, suggesting the value is primarily in the land, with the existing structure serving as a placeholder.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value reflects the property’s specific characteristics—its small size, age, and condition—relative to the broader Winnipeg market, which includes many larger, newer homes. It is more in line with values for similar compact homes in its immediate neighbourhood.
2. What does "Top 99%" for Living Area mean?
This statistic means the home’s living area is smaller than approximately 99% of comparable homes city-wide. It clearly indicates this is one of the more compact properties available, which is a primary factor in its affordability.
3. Is the basement usable?
The listing notes the basement exists but is "not renovated." It is likely suitable for basic storage and utilities but would require significant work to be finished as a comfortable living space.
4. What is the potential for future value growth?
Growth would largely depend on the overall appreciation of the Daniel McIntyre area and any value added through renovations. The low purchase price provides a cushion against market fluctuations, but significant equity growth would likely require investment in improvements.
5. How does the recent sale price compare to the assessment?
The home sold for $11,500 in December 2024, which is below its $15,800 assessed value. This can happen for various reasons, including market conditions, property condition, or specific sale terms, and it generally reinforces the home’s position as an affordable option.