498 Mckenzie Street

Property Overview: 498 Mckenzie Street, Winnipeg

Section 1: Key Characteristics & Appeal

This is a compact, one-storey home built in 1942, featuring a renovated basement and situated on a standard city lot. Its primary appeal lies in its position as an accessible entry point into the Winnipeg market. With a living area of 660 sq ft, the home is notably smaller than most in the city, suggesting a focus on efficiency and minimalism rather than spaciousness. The recently sold price and current assessed value are consistently low, indicating a property with very modest property tax obligations.

The home would best suit first-time buyers or investors seeking a straightforward, low-cost holding. Its size and value proposition make it a practical choice for someone comfortable with a smaller footprint, possibly looking to build equity without a large upfront investment. A less obvious perspective is that this property’s below-average size and value could represent a strategic opportunity in its immediate area—its assessed value ranks above average for its street, hinting that it may be seen as a relative standout on the block. It’s a home for practicality, not prestige.

Section 2: Frequently Asked Questions

1. How does the size of this home compare to others?
At 660 sq ft, the living area is significantly smaller than the average home in Winnipeg (1,342 sq ft), in the Inkster-Faraday area (1,025 sq ft), and even on its own street (1,046 sq ft). This places it in the bottom 10-15% for size in these comparisons.

2. What does the assessed value tell me about this property?
The assessed value of $21,300 is far below the Winnipeg city average. However, it ranks above the average for Mckenzie Street itself. This suggests that while it’s a low-value property city-wide, it may be considered one of the more substantial homes on its specific block.

3. What is the likely property tax burden?
Based on the low assessed value, the annual property taxes would be very modest compared to the typical Winnipeg home. Exact amounts depend on the annual mill rate, but the low assessment is a strong indicator of low tax costs.

4. What can the recent sale history tell me?
The home sold in July 2022 for an estimated $21,500-$24,500. This recent sale price is closely aligned with its current assessed value, indicating a stable and transparent valuation in the recent market.

5. Is the land size a potential redevelopment opportunity?
The lot is approximately 3,019 sq ft, which is standard for the area but below the city-wide average. While not exceptionally large, it is typical for its neighbourhood. Any redevelopment potential would depend entirely on specific City of Winnipeg zoning bylaws for the Inkster-Faraday area.