Property Overview
This one-and-a-half storey home at 773 Beach Avenue in East Elmwood is a classic Winnipeg character property with practical considerations for a specific buyer. Built in 1913, it offers 948 sqft of living space on a 2,951 sqft lot. Key features include a basement (not renovated) and no garage. The home last sold in 2016 for $150,000 and currently holds a municipal assessed value of $16,700, which is notably lower than area averages.
Key Characteristics & Appeal
The primary appeal of this property lies in its position as a potentially affordable entry point into homeownership or as a value-conscious investment opportunity. Its assessed value ranks in the bottom 5% for the street, area, and city, suggesting a lower property tax burden relative to other homes. This could suit a hands-on buyer looking for a "blank canvas" project home, an investor seeking a rental property with a lower cost basis, or someone prioritizing low ongoing municipal costs over modern finishes.
The home's living area is quite typical for East Elmwood, offering a manageable size for a small household. Its age and below-average rankings for lot size and year built indicate it is a more modest, historic property on a smaller urban lot. It would not suit buyers seeking a modern, turn-key home, a large yard, or garage parking. Instead, it appeals to those comfortable with a home that may require updates and who value the character and potential of an older neighbourhood property.
Frequently Asked Questions
1. Why is the assessed value so much lower than the last sale price?
Municipal assessments for taxation purposes are not direct market valuations and can lag behind market shifts. The 2016 sale price reflects the market at that time, while the current assessment is based on a mass appraisal formula. This discrepancy often signals a property that may be due for a reassessment, especially after a future sale.
2. What does "one-and-a-half storey" mean for this home?
Typically, this style features a main floor with full-height ceilings and a second floor under sloping roof lines, creating cozy bedrooms with potentially reduced headroom in some areas. It's a charming, classic Winnipeg design common in older neighbourhoods.
3. The basement is noted as "not renovated." What should I expect?
This likely indicates an original or utility-space condition, with concrete floors and walls, and housing the furnace and utilities. It offers storage and mechanical space but would require significant investment to convert into finished living area.
4. With no garage, what are the parking options?
Parking would be on-street. It's advisable to check local parking bylaws for any restrictions and observe the typical availability on the street during different times to gauge convenience.
5. The lot size is below average. How does this impact the property?
The smaller lot means less private outdoor space for gardening or recreation, but also less maintenance. It may also influence future expansion possibilities, such as building an addition or a garage, which would require checking with the City's zoning and planning department.