Property Overview: 55 Michigan Avenue, Fort Richmond, Winnipeg
Section 1: Key Characteristics & Appeal
This well-situated one-storey home in Fort Richmond presents a practical opportunity. Built in 1974, it features 1,518 sqft of living space and sits on a generous 6,594 sqft lot, which is above average for Winnipeg. A key update is its renovated basement, adding functional living space. The home includes a detached garage.
Its primary appeal lies in its value and location context. While the living area is modest for its immediate street, the property holds its own well within the broader Fort Richmond neighbourhood and city-wide comparisons, particularly in assessed value and land size. This creates a scenario where you may be acquiring a solidly positioned asset in a desirable area, without paying a premium for the largest house on the block. It suits buyers looking for a manageable, single-level layout with a renovated lower level, who value a larger yard and see potential in a home that performs strongly against wider market averages, even if it’s not the biggest on its street.
Section 2: Frequently Asked Questions
1. How does this home’s size compare to others?
While the living area (1,518 sqft) is below the average for Michigan Avenue itself, it is notably above the average for the entire City of Winnipeg. Within the Fort Richmond neighbourhood, it sits right around the average, making it a typically sized home for the area.
2. What does the assessed value tell me?
The current assessed value of $450k is above average for both Fort Richmond and Winnipeg overall. This suggests the property is viewed as a substantial asset relative to many others, though it is below the average for its specific street.
3. Has the property value increased?
Based on available sold price data, the home sold for between $405k-$435k in mid-2024 and between $365k-$395k in early 2018. This indicates a trend of increasing value over that six-year period.
4. What is the significance of the lot size?
The lot of 6,594 sqft is a standout feature, ranking above average city-wide. This offers more outdoor space than many Winnipeg homes, providing room for gardening, recreation, or future expansion.
5. What are the implications of the “renovated basement”?
While the details of the renovation are not specified, this indicates the lower level has been updated for modern use. It’s important to clarify the scope of work, the quality of finishes, and whether any permits were obtained to fully understand the value it adds.