Property Overview
This one-and-a-half storey home at 508 Lanark Street in Winnipeg’s J.B. Mitchell neighbourhood presents a practical and well-situated opportunity. Built in 1956, it features 1,246 sqft of living space, a renovated basement, and a detached garage on a roughly 5,940 sqft lot. Its appeal lies in its solid, middle-of-the-road metrics: it consistently ranks around the average or slightly above for its immediate area in terms of living space, lot size, and assessed value. This suggests a home that is comfortably in line with its surroundings rather than an outlier. It would suit a first-time buyer or a downsizer looking for a manageable, established home in a mature neighbourhood without the premium price of a newer or significantly larger property. A thoughtful perspective is that its "average" standings across the board can be a mark of stability and predictability, potentially offering a lower-risk entry into the market.
Frequently Asked Questions
What does the "around average" ranking actually mean for a buyer?
It means this property’s key features—like size, lot, and value—are very typical for the Lanark Street area and J.B. Mitchell. You’re not paying a premium for top-tier stats, nor are you compromising significantly. It indicates a stable, predictable investment within the local context.
Is the renovated basement a full suite?
The listing notes a renovated basement but does not specify it as a legal suite. Buyers should clarify the nature of the renovation, its permits, and whether it’s configured as a rental unit, which would impact utility and value.
How does the 2021 sale price relate to the current assessed value?
The home sold in June 2021 for an estimated range of $36.5k-$39.5k. The current assessed value is $40.30k. This indicates a relatively stable value in recent years, with the assessment being slightly above the last known sale price.
What are the implications of the home's age (1956)?
While the home is older, it is newer than many in J.B. Mitchell (ranking in the top 14% for year built in the neighbourhood). This suggests potentially fewer immediate concerns with very aged infrastructure compared to area peers, though a standard inspection for a home of this era is still essential.
How does the detached garage affect the property?
A detached garage offers flexible use for parking, storage, or a workshop. It also provides more backyard space compared to an attached structure or a larger footprint home, which could be a plus for gardening or outdoor activities.