Property Overview
This one-storey home at 27 Bank Avenue in Winnipeg's Glenwood neighborhood presents a specific and practical opportunity. Its key appeal lies in the balance between a compact, renovated living space and a notably generous lot. At 662 sqft, the living area is modest, placing it well below average for the street, neighborhood, and city. However, the 5,015 sqft land area is a standout feature, ranking in the top 15% on its street. The home, built in 1945, has a renovated basement and a detached garage. Its assessed value is around average for the immediate area but below the wider city average.
The property suits buyers looking for an efficient, low-maintenance footprint with the valuable asset of ample outdoor space. It’s ideal for a first-time buyer, a downsizer, or an investor seeking a manageable rental property. The large lot offers clear potential for gardening, expansion (subject to permits), or simply enjoying more private space than is typical for homes in this price range. Its value proposition is less about the size of the house and more about the land it sits on and the flexibility that provides.
Frequently Asked Questions
Is the house too small?
At 662 sqft, the living space is compact. It’s best suited for individuals, couples, or those comfortable with efficient living. The renovated basement adds functional space, but the primary appeal is the land, not the square footage of the home itself.
Why is the assessed value relatively low compared to the city average?
The assessed value is aligned with similar homes on Bank Avenue and in Glenwood. It reflects the home's smaller size and older age within the broader Winnipeg market, where average home sizes and values are higher. This can represent an entry point into homeownership.
What can I do with such a large lot?
The ~5,000 sqft lot is a significant asset. Beyond a large yard, it offers long-term possibilities like adding a garage, workshop, or even a future addition. It provides a sense of space and privacy that is uncommon for homes at this price point.
How does the recent sale history inform the current price?
The home sold in late 2016 for between $21.5k and $24.5k. While not a direct indicator of current market value, it shows a history of being an affordable property. Any current asking price would need to account for market changes over the last eight-plus years.
What are the less obvious things to consider?
Consider heating and maintenance costs for an 81-year-old home, even with renovations. Also, while the lot is large, check local zoning bylaws for any restrictions on use or building. The detached garage is a plus, but assess its condition. Finally, the "below average" size metrics mean resale will likely always attract a specific, niche buyer rather than the broad market.