Property Summary: 607 Mcadam Avenue
Key Characteristics & Appeal
This is a compact, one-storey home built in 1924, presenting a straightforward opportunity in Winnipeg's Jefferson neighbourhood. Its key characteristic is its modest scale, with a living area of 494 sqft that places it among the smallest homes in its immediate area, the neighbourhood, and city-wide. The home features a detached garage and a full, unrenovated basement. The assessed value is notably low, reflecting its size and condition.
The primary appeal lies in its affordability and the potential of its lot. With a land area of nearly 4,500 sqft—which is around average for the area—the property offers significant outdoor space relative to the home's footprint. This combination suits specific buyers: first-time purchasers or investors seeking an entry point into the market with minimal upfront cost, or a buyer with a long-term vision to either substantially renovate the existing structure or redevelop the lot. It is not a move-in-ready home but a foundational asset, where value is derived more from the land and location than the current dwelling.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value is based primarily on the property's current state—its very small living area, age, and unrenovated condition. It reflects the value of the land with the existing structure, not a potential future value after improvements.
2. What does "below average — Top 99%" mean for the living area?
This statistical ranking indicates that this home's living area is smaller than approximately 99% of comparable properties in its grouping. Essentially, it is one of the smallest homes available by this metric.
3. Is the unrenovated basement finished?
The listing specifies the basement is "not renovated," which typically means it is unfinished (likely concrete floors and walls, with exposed utilities), presenting both a blank canvas and a future project for potential moisture-proofing, insulation, and development.
4. How recent is the sold price history, and why is it a range?
The last recorded sale was in July 2016. The price is shown as a range (e.g., $12.5k - $15.5k) based on public data. For the exact sale price, you must request it directly from the site, as they manually verify and provide the precise figure.
5. Who might the nearby "similar assessed value" properties be for?
The listed properties with similar assessed values (like $16.70k) are likely condominium units or small investment properties. This highlights that 607 Mcadam Avenue offers a detached house and land at an assessment value comparable to a condo unit, underscoring its unique position as a land-play opportunity.