664 Lanark Street

Property Overview: 664 Lanark Street, Winnipeg

Section 1: Key Characteristics & Appeal

This one-storey home in the J.B. Mitchell neighbourhood presents a practical and value-oriented opportunity. Its key characteristic is a generous 6,598 sqft lot, which is notably larger than most in the immediate area and citywide. This offers valuable outdoor space and potential. The living area (946 sqft) is modest and below average for comparable homes, suggesting a cozy, efficient layout. A positive feature is the renovated basement, adding functional space. The home, built in 1955, is typical for its area and carries a very modest assessed value.

Its appeal lies in its land size and affordability. It suits a first-time buyer, an investor, or someone looking to downsize while still securing a property with a sizable yard. The renovated basement adds immediate utility. A less obvious perspective is that a smaller, efficiently sized home on a large lot can offer lower ongoing utility and maintenance costs for the main living area, while the land itself holds long-term value. It’s a property where the land may be the primary asset, appealing to those with future expansion or landscaping projects in mind.

Section 2: Frequently Asked Questions

1. Is the lot size a significant advantage?
Yes. The property ranks in the top 24% on its street for land area. The lot is over 6,500 sqft, providing ample outdoor space that is less common in many city neighbourhoods today.

2. What does the "below average" living area mean for daily life?
With 946 sqft of living space, the home is cozier than the typical area house. This often means efficient, low-maintenance living, but it’s important to ensure the layout meets your spatial needs, especially if combined with the renovated basement for extra room.

3. How does the assessed value relate to the likely selling price?
The assessed value is a municipal figure for tax purposes and is often significantly lower than market value. Do not consider it an expected sale price. The last recorded sale was in 2016, so current market conditions will determine the price.

4. What should I know about a home built in 1955?
While the basement has been renovated, a home of this age may have original components (like plumbing, electrical, or windows) that could require attention or updating. A thorough inspection is recommended.

5. Who would this property not suit?
It may not suit buyers seeking a large, modern interior without renovation work, or those who prefer a brand-new home. The one-storey layout with a modest footprint also means less potential for separation between living areas.