Property Overview
124 Humboldt Avenue is a compact, one-storey home built in 1922, situated on a notably generous lot in Winnipeg's Glenwood neighbourhood. Its primary appeal lies in its land value and affordability, presenting a clear opportunity for buyers comfortable with a project. The 780 sqft house has an unfinished basement and no garage. Recent sales history shows consistent activity, indicating a property that trades on its underlying value rather than its current condition.
Key Characteristics & Ideal Buyer
The defining feature of this home is its 5,100 sqft lot, which ranks in the top 9% for size on its own street. This creates a significant value proposition where the land itself forms a substantial portion of the asset. The house, at 780 sqft, is modest and below the average size for the area, and its assessed value is consistently below local averages. This combination suggests a property where the potential lies in the land—for expansion, gardening, or future redevelopment—rather than in the existing structure.
Its appeal is squarely for value-driven buyers: first-time purchasers seeking an entry point into the market, investors looking for a land-hold or rental opportunity, or hands-on owners planning a gradual renovation or future rebuild. It suits someone who views the compact house as a manageable starting point and the large lot as a long-term asset. A less obvious perspective is that homes of this vintage and size, while requiring updates, often possess a functional, straightforward layout and character that can be efficiently modernized without the complexity of a larger, more altered property.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value reflects the property's current state—a smaller, older home in need of modernization. The valuation is likely weighted heavily on the existing structure, with the large lot size not fully compensating in the assessment formula, which is common for older core neighbourhoods.
2. What does the consistent sales history indicate?
The property has sold approximately every 3-4 years since 2017. This pattern often suggests it is seen as a viable entry-level or investment property, likely trading at a price point that allows new owners to add value before potentially selling again.
3. What are the main considerations regarding the large lot?
While a major asset, a lot of this size requires more maintenance. It also presents opportunities: checking local zoning bylaws would be essential to understand possibilities for additions, building a garage, or future land use.
4. How significant is the unfinished basement?
It provides essential utility space and storage but represents a clear area for potential future investment. Buyers should budget for proper moisture control and insulation if considering finishing it later.
5. The home has no garage. How challenging is adding one?
Given the ample lot size, adding a garage or shed is physically very feasible. The main considerations would be the cost of construction, securing the necessary permits, and ensuring any new structure complies with setback requirements from property lines.