Property Overview
This is a compact, 282 sqft condominium unit at 6-775 Mulvey Avenue in Winnipeg's Earl Grey neighbourhood. Built in 1913, it is one of the oldest units on its street. The property stands out for its exceptionally low carrying costs, with an assessed value of $6,600 and a recent sale price of $7,500. Its appeal lies almost entirely in affordability and minimal financial outlay, rather than space or modern amenities. It ranks at the very bottom for size and value compared to almost all other properties locally and city-wide.
This property would suit a very specific buyer: someone seeking the absolute lowest possible entry point into homeownership, an investor looking for a minimal-cost rental unit, or a person who requires a simple, private storage space or office with an address. It is not suitable for anyone needing traditional living space.
Key Details & FAQs
What are the key characteristics?
It is a 282 sqft condo, making it significantly smaller than the average Winnipeg home (1,042 sqft). It has a basement, but it's unclear if it's part of the unit. With an assessed value of $6,600 and a 2023 sale price of $7,500, its primary characteristic is ultra-low cost.
Where does its appeal lie?
Its appeal is purely financial. The monthly condo fees (if any) and property taxes would be among the lowest in the city. It represents a chance to own real estate for less than the price of a used car, which could be appealing for building equity with minimal investment or for securing a dedicated city address for non-residential use.
What type of buyer would it suit?
It suits a budget-first buyer, such as a very hands-on investor, someone using it as a tool shed or studio with a legal address, or a person prioritizing asset ownership over living space. It requires a buyer with realistic expectations about its limitations.
Frequently Asked Questions
1. Is this a livable space?
While zoned as a condo, the 282 sqft size is comparable to a large parking stall or a small studio hotel room. It may be legally livable, but practically, it would require extremely minimalist living.
2. Why is the price so low?
The price reflects the very small square footage, the age of the building (1913), and its position as the lowest-valued property in its area. It is a niche product in the market.
3. What are the monthly condo fees?
This information is not provided in the data. This is a critical question to ask, as even low fees could represent a significant monthly cost relative to the unit's total value.
4. What is the condo corporation's financial health?
Given the age of the building and the low unit values, investigating the condo reserve fund and any pending special assessments is essential before considering a purchase.
5. Could this be a good investment?
As a rental, the return on the tiny initial purchase price could be high percentage-wise, but it would attract a very limited tenant pool. Its value appreciation may also be limited compared to standard properties. The investment is high-risk, high-potential-reward based on minimal capital outlay.