Property Overview
This one-and-a-half storey home at 360 Madison Street in Winnipeg's Kensington neighbourhood presents a classic, grounded opportunity. Built in 1945, it sits on a generous lot and offers above-average living space for its immediate area. Its appeal lies in its established location, a practical footprint, and the value proposition of a character home with room to grow. The detached garage and larger-than-average lot for Kensington add functional appeal.
This property would suit a practical first-time buyer looking for character in a mature neighbourhood, or an investor seeking a stable, rentable asset. It's also a fit for someone with renovation vision, as the home's above-average size for the area provides a solid canvas. Buyers prioritizing modern builds or the lowest citywide property taxes might look elsewhere.
Key Details & FAQs
Living Space: 1,165 sqft (above average for the street and neighbourhood)
Lot Size: 4,768 sqft
Year Built: 1945
Assessed Value: $21,100
Last Sold: June 2023, for an estimated $21,500 - $24,500
1. What is the likely property tax bill?
Based on the 2024 assessed value of $21,100, the annual property taxes would be approximately $1,685, using the city-wide general municipal tax rate. This is notably below the Winnipeg average.
2. How does the home's size compare practically?
While the living area is above average for Kensington, it's slightly below the city-wide average. This suggests a comfortable size for the neighbourhood, but may feel compact compared to newer suburban homes. The lot size, however, is a significant asset in this area.
3. The assessed value seems low. Does that indicate a problem?
Not necessarily. The assessed value is for taxation purposes and is close to the street average. It reflects the home's age, market area, and recent sale price. The significant gap from the city-wide average highlights the value variation between mature neighbourhoods and newer or more affluent areas.
4. What does the 1945 build year mean for a buyer?
It places this home among the older on its street, suggesting potential for classic architectural details. It also implies that major systems (roof, wiring, plumbing) may be older or have been updated at various times, which a thorough inspection should clarify.
5. Who might the detached garage be most valuable for?
Beyond vehicle storage, it offers significant utility for someone with hobbies, needing workshop space, or wanting extra storage—a valuable feature in a neighbourhood where many homes may only have a carport or alley parking.