10-775 Mulvey Avenue

Property Overview

This is a compact, 312-square-foot condominium unit located at 10-775 Mulvey Avenue in Winnipeg's Earl Grey neighbourhood. Built in 1913, it is one of the older units on its street. The property's key defining features are its exceptionally low carrying costs and minimalist footprint. Its assessed value and living area are among the smallest in the city, placing it in the bottom 1-2% of all Winnipeg properties for size. This translates to very low property taxes. The unit last sold in May 2022 for $7,700.

Key Characteristics & Ideal Buyer

The primary appeal of this property lies in its extreme affordability and efficiency. It represents one of the lowest possible entry points into homeownership in Winnipeg. The financial commitment, from purchase price to annual taxes, is minimal. Its tiny size necessitates a minimalist lifestyle, making it unsuitable for accumulating possessions or working from home with dedicated office space.

It would best suit a specific type of buyer: someone seeking a no-frills personal space in a central area, possibly as a city crash pad for a shift worker, a determined first-time buyer with a very tight budget, or an investor looking for an ultra-low-cost rental unit. Its value is purely functional and financial rather than based on space or luxury. A thoughtful perspective is that it offers a rare chance for equity building for those who would otherwise be priced out of the market entirely, though the potential for significant appreciation may be limited by its niche nature.

Frequently Asked Questions

1. What does "Condo | Basement" mean for this unit?
This indicates it is a condominium (you own the unit and share common elements) and that the specific unit is located at basement level. This typically means it is partially or fully below ground.

2. Why is the assessed value so much lower than other homes?
The assessed value is directly tied to the property's extremely small size (312 sq ft), its age, and likely its basement-level location. It is compared to similar condos, not full-sized houses.

3. Can this property be financed with a traditional mortgage?
Given the very low sale price, securing a standard mortgage may be challenging. Lenders often have minimum loan amounts. Purchasing would likely require cash or alternative financing arrangements.

4. What are the monthly condo fees, and what do they cover?
This information is not provided in the data. A critical next step would be to obtain the condominium's financial statements and bylaws to understand the monthly fees, reserve fund status, and what expenses (e.g., building insurance, water, exterior maintenance) are covered.

5. How does the 2022 sale price relate to the current assessed value?
The 2022 sale price of $7,700 is close to the current assessed value of $7,100. This suggests the assessment is closely aligned with its recent market value, but the final sale price will always be determined by current market conditions.