Property Overview
This one-storey home at 582 Mcadam Avenue in Winnipeg's Jefferson neighbourhood presents a straightforward, entry-level opportunity. Built in 1927, its key characteristic is its compact 680 sqft living area, which is notably smaller than most comparable homes in the area, street, and city. The property sits on a roughly average 4,496 sqft lot and includes a detached garage and an unrenovated basement. Its assessed value is significantly below average for the city.
The appeal here lies almost entirely in affordability and potential. With a historically low sale price and a below-average assessed value, it represents one of the most accessible points of entry into the Winnipeg market. It suits a very specific buyer: a hands-on first-time purchaser, an investor looking for a rental property with minimal initial outlay, or someone seeking a modest footprint with land. The value is in the lot and the structure's shell, offering a chance to build equity through gradual updates. A less obvious perspective is that its small size and unrenovated state could be a strategic advantage for those wishing to customize without the burden of removing expensive, recent but undesirable finishes.
Frequently Asked Questions
1. Why is the assessed value so much lower than the citywide average?
The assessed value reflects the property's smaller size, older age, and lack of renovation relative to the broader market. It is more in line with values in its immediate area and is based on its current condition, not potential.
2. What does "below average" for living area mean for daily life?
With 680 sqft, the home's living space is efficient. It will require thoughtful furniture choices and organization. The unrenovated basement presents future potential to add functional space, but that would be a separate project.
3. Who would this property be a good fit for?
It is best suited for a budget-conscious buyer comfortable with a project, whether immediate or over time. This includes contractors, DIY enthusiasts, or investors. It is likely less suitable for those seeking a move-in-ready home or more spacious accommodations.
4. What are the main considerations with a home built in 1927?
While offering classic character, a home of this age may have outdated electrical, plumbing, or insulation. The unrenovated state means these systems are likely original. A thorough inspection is essential to understand the scope of any needed updates.
5. The lot size is noted as "around average." Is that a positive?
Yes. In a neighbourhood of similarly sized lots, it means the property isn't at a disadvantage regarding outdoor space. For a smaller home, an average-sized lot provides valuable extra room for gardening, storage, or future expansion, which is a key asset.