Property Overview: 650 Atlantic Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, one-storey home built in 1912, presenting a straightforward and affordable entry point into Winnipeg’s housing market. Its key characteristics include 824 square feet of living space, a detached garage, and a 2,554 sqft lot, all situated in the Inkster-Faraday neighbourhood.
The primary appeal lies in its exceptionally low financial barrier to entry. With an assessed value significantly below city and area averages, and recent sold prices in a very modest range, it stands out as one of the most accessible properties in Winnipeg. This isn’t a renovated show home; it’s a baseline property with a functional, unrenovated basement. Its appeal is practical and economic.
This home would suit a specific type of buyer: a first-time purchaser or an investor seeking absolute minimum upfront cost. It’s for someone comfortable with a home that is smaller and older than most, who views the property as a live-in project, a long-term hold, or a rental opportunity. The value proposition is the land and the structure itself at a very low price point, offering a foothold in the market with the understanding that modern comforts and finishes would be a future investment by the owner.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
The assessed value reflects the property’s specific attributes: its smaller size, age, and likely basic condition compared to the broader city housing stock. It’s assessed relative to its immediate peers, where it also ranks below average.
2. What does "basement, not renovated" typically imply?
This usually indicates a foundational, utilitarian space. It likely has basic plumbing and electrical services and is structurally sound, but finishes (walls, flooring, ceilings) are outdated or incomplete. It offers potential but requires work to become modern living space.
3. Who might this property not be suitable for?
It may not suit buyers looking for a move-in-ready home, those needing significant space, or anyone unwilling to manage the maintenance and potential updates of a 114-year-old structure. It’s a value play, not a convenience play.
4. The lot size is below average for the area. Is that a major drawback?
While smaller, the lot is still a manageable size for a home of this scale and includes a detached garage. It may limit expansive outdoor additions but supports standard yard use and parking.
5. The sold price history shows values in a tight, low range. What does that indicate?
This consistency suggests the market has a clear, established value for this type of property in this location. It points to stability at its price tier rather than speculative fluctuation, which can be positive for a budget-conscious buyer seeking predictability.