Property Overview: 702 Sherbrook Street, Winnipeg
Key Characteristics & Appeal
This is a historic two-storey home in Winnipeg's Daniel McIntyre neighbourhood, built in 1895. Its key characteristic is a notable balance between a generous, above-average land parcel and a home that presents a clear renovation opportunity. With 1,440 sqft of living space, the house itself is modest for the area, but its 4,505 sqft lot size ranks in the top 3% for the neighbourhood, offering rare outdoor space and potential.
The primary appeal lies in its value as a canvas. The unrenovated basement and the home's overall assessed value—which is below average for both the area and the city—suggest it is priced for the work it requires. This suits buyers looking for an entry point into a central neighbourhood, particularly those with renovation skills, vision, or a budget for updates. It’s a practical choice for an investor, a DIY homeowner, or someone prioritizing land size over a move-in-ready condition. A less obvious perspective is that its very early build date (older than most on the street) could appeal to those specifically seeking the architectural character of Winnipeg’s earliest housing stock, with the understanding that comes with greater maintenance responsibility.
Frequently Asked Questions
1. What does "unrenovated basement" typically imply?
It usually indicates the basement is in original or functional condition, but not modernized. Buyers should budget for potential updates to flooring, lighting, and possibly moisture management, and anticipate a inspection to clarify its state.
2. The assessed value seems low compared to city averages. Why?
The assessed value is a municipal valuation for tax purposes, not market value. A low assessment often reflects the home's age, condition, and specific features compared to newer or renovated homes, but it can also indicate a relatively lower annual property tax burden.
3. Is the large lot a benefit for future expansion?
Potentially, yes. The lot size is a significant asset. Any expansion or addition would require checking current zoning bylaws and obtaining the necessary permits, but the space provides more options than typical inner-city lots.
4. How does the 1895 build date affect insurance and maintenance?
Homes of this age may have outdated electrical, plumbing, or insulation. Some insurance providers may require specific inspections or upgrades. Proactive maintenance and a thorough inspection are essential to understand upcoming costs.
5. What is the neighbourhood like?
Daniel McIntyre is a mature, central Winnipeg neighbourhood. It offers historic character and convenience to downtown amenities. As with any urban area, it's wise to visit at different times to gauge street activity, noise levels, and overall community feel.