Property Summary: 502 Mckenzie Street, Winnipeg
Section 1: Overview & Appeal
This one-and-a-half storey home, built in 1942, presents a compelling opportunity in the Inkster-Faraday neighbourhood. Its key characteristic is above-average space, offering 1,404 sqft of living area, which ranks in the top 13% for its street and top 9% for the local area. The home sits on a 4,021 sqft lot and features a renovated basement.
The primary appeal lies in its strong positioning within its immediate community. The assessed value of $280k places it in the elite top 5% for the Inkster-Faraday area, suggesting it is a well-regarded, higher-value property among its direct peers. This indicates a home that likely offers more space and modern updates than many nearby options. The renovated basement adds functional living space, a valuable asset.
This property would best suit practical buyers looking for a spacious, established home in a neighbourhood context. It’s ideal for someone who values being above the local average in terms of both size and perceived value, and who appreciates the character and potential of a well-maintained older home. It’s less suited for those seeking a new build, a large city-sized lot, or attached garage parking.
Section 2: Frequently Asked Questions
1. How does this home’s value compare city-wide?
While it ranks highly within its own neighbourhood, its assessed value is below the Winnipeg city-wide average. This highlights that it offers significant value and space for the area, but is priced within a different market segment than newer or larger-lot homes in other parts of the city.
2. What does the sold price history indicate?
Public records show it last sold in September 2020 for an estimated range of $22.50k to $25.50k. This historical price is significantly lower than the current assessed value, reflecting strong market appreciation over the last few years. The exact sale price is available upon request.
3. Is the lot size a pro or a con?
The lot is above average for Mckenzie Street but below average for Winnipeg overall. It provides decent outdoor space for the neighbourhood, but isn’t an exceptionally large yard by suburban standards.
4. What should I consider about the home’s age?
Built in 1942, the home is older than the city median. While it has updates like a renovated basement, potential buyers should be prepared for the maintenance and systems (like plumbing or electrical) typical of an 84-year-old structure, even if well-kept.
5. Who are the typical neighbours?
Nearby properties on Mckenzie Street and Machray Avenue are of similar vintage, with varying sizes and assessed values. The data suggests a mixed but established streetscape, with this home being one of the larger and higher-valued properties on its block.