404 Albany Street

Property Overview: 404 Albany Street, Deer Lodge, Winnipeg

Section 1: Key Characteristics & Appeal

This is a compact, one-storey home built in 1922, presenting a straightforward opportunity in the Deer Lodge neighbourhood. Its key characteristic is its modest scale: with a living area of 592 sq. ft., it is significantly smaller than most homes on its street, in the area, and across Winnipeg. This is reflected in its assessed value, which is well below local averages. The home features a detached garage and a full, unrenovated basement on a standard-sized city lot.

The appeal lies in its simplicity and potential. It represents one of the most accessible entry points into homeownership in the city, ideal for a first-time buyer, an investor, or someone seeking a minimal footprint without the commitment of a condo. Its recent sale history suggests a stable, low-value property. The unrenovated basement, while not a finished living space, offers ample storage or future development potential. This property suits a practical buyer who views a home primarily as shelter and is comfortable with a smaller space, or an investor looking for a manageable rental property with a low entry cost. It is not suited for those needing ample living space or a move-in-ready, modernized home.

Section 2: Frequently Asked Questions

1. Is this a "teardown" or a livable home?
Based on the assessed value and sale history, it is a standing, functional home, not a vacant lot. However, its condition is likely very basic. Buyers should be prepared for a property that may require updates or maintenance to suit modern standards.

2. Why is the assessed value so much lower than the city-wide average?
The assessed value is directly tied to the home's exceptionally small size (592 sq. ft.) and its unrenovated state compared to the typical Winnipeg home. Value here is primarily in the land and the existing structure's utility as a basic dwelling.

3. What are the implications of such a small living area?
Daily life will require efficient use of space. Furniture layout, storage, and entertaining will need creative solutions. It may feel cramped for more than one or two people, but it offers very low utility costs and minimal upkeep.

4. The basement is noted as "not renovated." What does that likely mean?
This typically indicates a raw, concrete-walled space used for utilities, laundry, and storage. It is not a finished rec room or living area. Any conversion would be a future project requiring proper permits and investment.

5. Who might be interested in a property like this?
Beyond first-time buyers, it could attract an investor seeking a long-term, low-maintenance rental, someone looking to build a new home on an established lot in the future, or an individual seeking an affordable "lock-and-leave" property without condo fees.