Property Overview: 716 Cathedral Avenue, Winnipeg
Key Characteristics & Appeal
This one-storey home on Cathedral Avenue in the Inkster-Faraday neighbourhood presents a practical and affordable entry point into the Winnipeg market. Its key characteristic is its compact, 720 sqft living area, which is notably smaller than most comparable homes locally, suggesting a efficient, low-maintenance footprint. The home sits on a decent-sized lot (over 4,400 sqft) that is above average for the immediate area, offering valuable outdoor space relative to the home's size. A recently renovated basement adds functional living space. The assessed value is modest and aligns with averages in the neighbourhood, indicating a property with very manageable property taxes.
The appeal lies in its straightforward utility and potential. It suits first-time buyers, investors, or downsizers seeking a home with minimal upkeep and a focus on essentials. The generous lot for the area is a less obvious advantage, providing room for gardening, storage, or future expansion more commonly found on larger properties. It’s a property for those who value land and location over square footage, and who see the renovated basement as a key asset for extra room or rental potential.
Frequently Asked Questions
1. Is the living space too small?
At 720 sqft, the main floor living area is compact. However, the renovated basement significantly expands the usable space, making the overall footprint more practical for a small household or an individual.
2. What does the "below average" living area ranking mean?
This statistical comparison shows the home's main floor is smaller than many in the city. In context, it translates to lower heating/cooling costs and less interior maintenance, which can be a benefit for the right buyer.
3. How can the assessed value be so much lower than the city-wide average?
The city-wide average is skewed by newer and much larger homes in higher-value areas. The assessment here is in line with the Inkster-Faraday neighbourhood average, reflecting the local market and the home's characteristics.
4. What is the significance of the lot size?
The lot is over 4,400 sqft, which is larger than many in Inkster-Faraday. This is a standout feature, offering more private outdoor space than typical for the area, which is a valuable asset.
5. What is the home’s likely condition given its age?
Built in 1945, the home is of a typical vintage for the area. While the basement renovation is a positive update, prospective buyers should budget for expected maintenance common to houses of this era, such as updates to windows, roofing, or mechanical systems.