4-775 Mulvey Avenue

Property Overview: 4-775 Mulvey Avenue, Winnipeg

Section 1: Key Characteristics & Appeal

This is a compact, historically significant condo unit in Winnipeg's Earl Grey neighbourhood. Built in 1913, it is one of the oldest properties on its street. With a modest 389 square feet of living space and a very low assessed value, it represents one of the most accessible entry points into homeownership in the city.

The primary appeal lies in its affordability and location. It suits a specific buyer: someone seeking an extremely low-cost property, likely as a first-time purchase, a long-term investment property, or for use as a minimalistic living space. Its recent sale history shows stable, low-value transactions, suggesting a predictable, low-barrier market.

A less obvious perspective is its context within the broader market. While its size and value are well below averages for the wider city and even its own neighbourhood, it is actually around average for the specific condominium complex on Mulvey Avenue. This indicates it’s a typical unit in a building dedicated to affordable, small-scale living, rather than an outlier. The charm for the right buyer is in securing a piece of Winnipeg’s early 20th-century architectural history at a very attainable price, with the trade-off being very limited personal space.

Section 2: Frequently Asked Questions

1. What are the monthly condo fees, and what do they cover?
This is the most critical question for a property of this type. The provided data does not include this information. Prospective buyers must obtain a current status certificate from the condominium corporation to detail the fees, the reserve fund, and what common expenses (like exterior maintenance, building insurance, or utilities) are covered.

2. Is the unit updated, or would it require immediate renovation?
Given the building's age (1913) and the unit's low assessed value, the interior condition is a key unknown. Buyers should be prepared to inspect the unit's systems (electrical, plumbing) and finishes to understand if it is move-in ready or requires investment.

3. How does the "below average" ranking for Earl Grey affect this property?
While the unit ranks below the neighbourhood average for size and value, this is because Earl Grey primarily consists of larger, single-family homes. This condo complex is an affordable niche within that desirable area. The comparison is less relevant than comparing it to similar condo units city-wide, where it also ranks as a very small, low-value property.

4. What is the parking situation?
For a downtown-adjacent neighbourhood like Earl Grey, parking is a practical concern. The listing does not specify if a parking spot is included, is available for rent, or if only street parking is an option.

5. Why has the assessed value remained so low compared to sale prices?
The assessed value ($8,700) is for municipal tax purposes and is often lower than market value. The recent sale price ($9,500 in 2024) is the true market indicator. The consistent, low sale prices over recent years suggest a stable, niche market for these particular units with minimal appreciation.