Property Overview
This one-storey home at 323 Seven Oaks Avenue in Winnipeg's Jefferson neighbourhood is a compact, no-frills property built in 1945. Its key appeal lies in its position as one of the most affordable entry points into the Winnipeg housing market. With a modest 624 sqft of living space, a renovated basement, and a detached garage on a 3,299 sqft lot, it represents a practical, low-cost option. The home’s assessed value is significantly below city averages, which translates to correspondingly lower property taxes. It recently sold in August 2024 for an estimated $24.5k–$27.5k.
This property would primarily suit very budget-conscious buyers, such as first-time investors looking for a straightforward rental property, or an owner-occupant seeking absolute minimal housing costs over space. Its size and vintage mean it is not suited for those needing room for a family or modern, spacious layouts. A less obvious perspective is that its below-average size and value on its street and in its neighbourhood could present a rare "lowest-cost" option in the area, potentially offering stability if surrounding properties maintain or increase their value.
Frequently Asked Questions
1. What is the actual living space like?
At 624 square feet, the living area is notably compact, ranking in the bottom 3% for size compared to other homes on Seven Oaks Avenue. This indicates a very efficient or minimal floor plan suitable for one or two people at most.
2. Why is the assessed value so much lower than the city-wide average?
The assessed value of approximately $25,300 is based on the property's specific characteristics—its small size, age, and location. It ranks in the bottom quarter of values within its own neighbourhood, reflecting its status as a more basic housing option.
3. What does having a "renovated basement" entail?
The listing confirms a renovated basement, which adds functional space to the small main floor. Prospective buyers should inquire about the scope, permits, and finish quality of this renovation, as well as ceiling height and moisture control.
4. Who might be interested in a home of this size and price point?
It's a candidate for a buy-and-hold real estate investor seeking a low-cost rental, or an extremely cost-sensitive owner-occupant like a retiree or single person. Its price point makes mortgage payments, if required, very low.
5. How does the lot size impact potential?
The 3,299 sqft lot is smaller than most in the area. While it provides outdoor space, options for significant expansion or additions are limited. The detached garage, however, offers valuable storage or workshop space separate from the house.