Property Overview: 24 Mager Drive, Elm Park, Winnipeg
Section 1: Key Characteristics & Appeal
This one-storey home in the established Elm Park neighborhood is defined by its modesty and potential. Built in 1919, it is a smaller property (756 sqft living area) on a decent-sized lot (5,541 sqft) that is actually above average for Elm Park. Its key characteristic is its very low municipal assessed value ($24,600), which places it among the most affordable properties in the city. The home has a basement, but it is noted as not being renovated, and there is no garage.
The appeal lies squarely in its value as a land opportunity or a foundational project. For the price, a buyer secures a foothold in a mature neighborhood, often a challenge in today's market. The lot size presents a clear opportunity for expansion, a garden, or future redevelopment, subject to zoning. This property would suit a specific type of buyer: a hands-on renovator looking for a blank canvas, an investor considering a hold-and-build strategy, or someone seeking absolute minimal property taxes. It is not suited for those seeking move-in-ready conditions or standard modern amenities.
A less obvious perspective is that a home of this age and condition in a neighborhood like Elm Park offers a unique chance to preserve a piece of local history through a thoughtful restoration, rather than a complete teardown.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than the last sale price?
The home last sold for $220,000 in 2017. The dramatically lower current assessed value likely reflects its condition as a non-renovated property and is used for municipal tax purposes only. The market sale price will be determined by current conditions, land value, and buyer demand.
2. What does "basement, not renovated" typically imply?
This usually indicates a foundational, unfinished space. Buyers should budget for potential moisture management, insulation, and updating of electrical or plumbing systems if they plan to develop it. An inspection is essential.
3. Is the lot large enough to build a new home?
At just over 5,500 sqft, the lot is a good size for the area. Whether it can accommodate a new build depends on Winnipeg zoning bylaws (setbacks, floor area ratios) and should be verified with the city planning department.
4. How does the living area compare to nearby homes?
At 756 sqft, the living area is significantly below the averages for Mager Drive (~1,409 sqft), Elm Park (~1,247 sqft), and Winnipeg overall (~1,342 sqft). This highlights the home's compact size and confirms its status as a candidate for expansion.
5. What are the implications of having no garage?
Parking will be limited to driveway or street. For a renovation project, this also means no covered storage for tools or materials, and future addition of a garage would consume a portion of the valuable lot space.