Property Overview: 386 Madison Street, Winnipeg
Key Characteristics & Appeal
This one-and-a-half storey home, built in 1918, presents a classic character property with a practical footprint. Its key appeal lies in its above-average living space for the immediate area. At 1,300 square feet, it offers more room than most comparable homes in the Kensington neighborhood and on Madison Street itself, ranking in the top 7% locally for size. This makes it a notably spacious option within its historic context.
The property suits a specific buyer: someone seeking an affordable entry into homeownership or an investor looking for a value-oriented project. The assessed value is significantly below averages for the street, neighborhood, and city, suggesting a lower property tax burden and potential value opportunity. The existing basement is noted as unrenovated, indicating room for customization or future expansion. The lot, while smaller than some on the street, is fairly typical for Kensington. This home is not a modern, turn-key property; its appeal is grounded in its generous interior space for the area, its character, and its position as a canvas for someone willing to take on updates over time.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
Assessed value for property taxes is not the same as market value. This assessment reflects the property's older age, specific condition, and likely the unrenovated state of the basement and other areas, resulting in a lower tax valuation compared to newer or fully updated homes citywide.
2. What does "one-and-a-half storey" mean for this home?
Typically, this style features a full main floor and a second floor under a sloped roof, where the ceiling height may be lower in parts. It's a common design for homes of this era and often provides cozy, character-filled bedrooms, but may have less uniform space than a full two-storey.
3. The home is older—what should I be most concerned about?
While systems like roofing, plumbing, and electrical may have been updated over the years, a 1918 home requires a thorough inspection. Particular attention should be paid to the foundation, the condition of the original materials, and the state of the unrenovated basement for moisture or structural issues.
4. How does the sold price history help me?
The past sale range gives a historical benchmark, but it's from 2019. The market has changed since then. This data is most useful for understanding the property's previous price point, not for determining its current value, which depends heavily on present condition and market dynamics.
5. There's no garage. Is parking an issue in this area?
The listing notes no garage. In many older Winnipeg neighborhoods like Kensington, on-street parking is common. You should verify the specific parking regulations for Madison Street, especially during winter parking bans, to ensure it meets your needs.