Property Overview: 586 Cathcart Street
This well-situated one-storey home in Elmhurst presents a practical opportunity in Winnipeg's market. Its primary appeal lies in the combination of a large, 7,197 sqft lot and a fully finished basement, offering significant space and potential relative to its footprint. The 1970 build has been maintained, with a recent 2022 sale indicating active market history. The property's standout metric is its land size, which ranks within the top 15% of all Winnipeg properties, a rare find that provides ample outdoor space and future possibilities. It suits buyers looking for a solid, no-frills bungalow with room to grow, whether that means gardening, expansion, or simply having a generous yard. It's particularly suited for those who value space over a modern build, as the home itself is average in size and age for its area but sits on a plot that is well above average. The finished basement adds immediate functional living space, making it a pragmatic choice for small families, first-time buyers seeking a long-term hold, or investors attracted by the substantial lot value.
Frequently Asked Questions
1. How does the lot size actually benefit a buyer?
Beyond simple outdoor space, a lot of this scale (ranking in the top 15% city-wide) offers uncommon flexibility. It provides privacy from neighbors, room for additions like a garage or workshop, and is a long-term asset as larger lots become increasingly scarce in established neighborhoods.
2. The home is older—what should I be prepared for?
Built in 1970, it ranks as older than most in its immediate area. Buyers should budget for updates to major aging components like the roof, windows, or HVAC systems. A thorough inspection is key, but the recent sale activity suggests the home has been maintained in livable condition.
3. What do the "rankings" for price and value mean?
The assessment and recent sale price rank higher city-wide (top 45-55%) than they do in the local neighborhood (top 20-40%). This suggests the property may offer better value within the broader Winnipeg market compared to its more immediate Elmhurst area, possibly due to that large lot.
4. Is the finished basement a legal suite?
The description states only that the basement is finished. There is no indication it is a legal, rentable secondary suite. A buyer would need to verify its configuration, ceiling height, egress, and permits to determine if it could be legalized for rental income.
5. Who is this property not ideally suited for?
It may not suit buyers seeking a modern, turn-key home without renovation projects, or those who prioritize a premium interior over outdoor space. Its value is anchored in the land and basement space, not in high-end finishes or a new build.