Property Overview: 540 Matheson Avenue, Winnipeg
Key Characteristics & Appeal
This one-and-three-quarter storey home, built in 1917, presents a practical opportunity in Winnipeg's Jefferson neighbourhood. With 1,200 square feet of living space, it offers a functional layout that is competitively sized for both its immediate street and the broader area. The home sits on a modest, manageable lot of just over 3,000 square feet.
Its primary appeal lies in its position as an accessible entry point into the market. The assessed value of $260,000 is notably below averages for the city and even for Jefferson, suggesting a price point with room for personalization. This isn't a move-in-ready showcase; it features an unrenovated basement and no garage, indicating it's a candidate for value-adding improvements. The home would suit a first-time buyer comfortable with a project, an investor looking for a rental property with solid fundamentals, or a pragmatic purchaser who prefers a lower entry cost over premium finishes, allowing them to build equity through gradual updates.
A less obvious perspective is the advantage of its established location. Built in 1917, it exists in a long-stable community with mature infrastructure. While the lot is smaller than newer subdivisions, it translates to less exterior maintenance. Furthermore, its recent sale history shows consistent activity, indicating a resilient demand in its niche.
Frequently Asked Questions
1. What does "one-and-three-quarter storey" mean?
This is a common Winnipeg architectural style, typically featuring a full main floor and a second floor where the roofline slopes inward, creating some rooms with sloped ceilings or slightly reduced square footage on the upper level. It often adds character and efficient use of space.
2. Why is the assessed value significantly lower than city averages?
The lower assessment primarily reflects the home's age, the unrenovated condition of spaces like the basement, and the lack of features like a garage. It also corresponds with the smaller lot size. This assessment creates a lower property tax base, which can be an ongoing financial benefit.
3. Is the smaller lot size a major drawback?
It depends on your priorities. A smaller lot means less yard work and lower maintenance costs, which can be a positive for busy owners or investors. It does limit potential for large additions or extensive outdoor amenities, but for many, it represents a manageable, low-hassle footprint.
4. The home sold several times recently. Is that a concern?
The recent sales activity (2020, 2023) is common for homes in this price segment, often used as rental properties or "starter" homes where owners build equity and move on. It shows the property has maintained marketability and liquidity.
5. What are the immediate costs a new owner should anticipate?
Given the noted unrenovated basement and age of the home, buyers should budget for essential system updates (like plumbing or electrical) and moisture management in the basement. Cosmetic updates will also be needed to modernize the living space. A thorough inspection is strongly advised to prioritize these needs.