Property Overview: 587 Centennial Street, Winnipeg
Key Characteristics & Appeal
This is a compact, one-storey home built in 1954, situated on a notably generous lot in the J.B. Mitchell neighbourhood. Its primary appeal lies in the balance between a modest, renovated living space and a land area that is larger than most on its street. With 792 sqft of living area, the house itself is smaller than many comparable properties, positioning it as an efficient and manageable footprint. The detached garage and renovated basement add practical utility.
The property’s standout feature is its 5,101 sqft lot, which ranks in the top 30% for size on Centennial Street. This presents a significant opportunity for outdoor space, gardening, or future expansion that is uncommon for homes of this scale. With an assessed value that is around average for the area, it represents a value proposition where the land asset is a key component.
This home would best suit first-time buyers, downsizers, or practical investors seeking a lower-maintenance property without sacrificing yard space. It’s for those who prioritize lot size and location over square footage, and who see potential in the contrast between the cozy home and the expansive, versatile lot.
Frequently Asked Questions
1. Is the house too small for a small family?
While the living area is below average, the renovated basement provides additional flexible space. The large lot also effectively extends the living area outdoors in warmer months, which can offset the smaller interior for some buyers.
2. Why is the assessed value relatively low compared to the city-wide average?
The assessed value reflects the home’s smaller size and age relative to the broader Winnipeg market. It is, however, aligned with averages for the immediate street and neighbourhood, indicating it is priced appropriately for its local context.
3. What does the "renovated basement" include?
The listing confirms the basement is renovated but does not specify the finish or layout. This is a key detail to clarify with the seller or agent to understand if it’s a finished living space, a utility area, or includes separate accommodations.
4. How does the large lot impact maintenance and costs?
A larger lot means more yard to maintain, which can be a pro for gardening or recreation, or a con for upkeep. Property taxes, however, are primarily based on assessed value, not lot size, so it may not significantly increase that annual cost.
5. The home sold recently in 2024 and 2022. What does this indicate?
The recent sale history suggests a property that may have been part of an estate, a flip, or a short-term investment. It’s wise to inquire about the nature and quality of any work done during the current ownership period to understand its condition fully.