Property Overview
This one-storey home on Cathedral Avenue presents a specific and straightforward opportunity. Built in 1924, its key characteristic is a very modest 520 sqft of living space, which is notably smaller than most homes in Winnipeg. It sits on a decently sized lot of over 3,300 sqft and includes a detached garage and an unrenovated basement. The home’s assessed value is significantly lower than many nearby properties, which is its primary defining feature.
Its appeal lies in its position as an entry-point property or a blank-slate project. It would suit a buyer looking for a land-value purchase with a liveable structure, such as a first-time buyer comfortable with a cozy footprint, an investor seeking a rental property with a low entry cost, or a long-term holder willing to live in it while planning a future expansion or rebuild, leveraging the larger lot size. A less obvious perspective is its potential for someone seeking to minimize their physical footprint and property tax burden, as the ultra-compact living area forces a simplified lifestyle.
Frequently Asked Questions
1. Why is the assessed value so much lower than the similar-looking homes in the list?
The assessed value is based on the property's current state, size, and market factors. The very small living area (520 sqft) is a major contributor, as assessment heavily weighs livable square footage. The unrenovated condition and age also factor in.
2. What does "Top 1% in same street" for Living Area mean?
This percentile ranking means this home has more living area than only 1% of homes on its street. In simpler terms, it is among the very smallest houses on Cathedral Avenue. This highlights its compact nature.
3. Is the land size a redeeming feature?
Yes. At 3,351 sqft, the lot is above average for the street (top 28%). This discrepancy between a small house and a reasonably sized lot is the property's key dynamic, offering potential for outdoor space, gardening, or future expansion where zoning allows.
4. The listed "related homes" have much higher assessed values. Are they truly comparable?
They are related primarily by neighbourhood and viewer interest, not direct comparables. Most have significantly more living space (often double or more), which directly translates to higher assessments and market value. They show what typical homes in the area are like, underscoring how this property differs.
5. What should a buyer prioritize when viewing this property?
Focus on the condition of the core structure (foundation, roof, wiring, plumbing) and the potential costs of modernizing the basement. Given the small interior, the viability and cost of any expansion should be researched against zoning bylaws. The value here is in the lot and location, with the house likely requiring updates or being treated as a tear-down in the long term.