Property Overview
This one-storey home on Collegiate Street in Winnipeg's King Edward neighbourhood presents a specific and straightforward opportunity. Built in 1918, its key characteristic is a generous 5,416 sqft lot that is significantly larger than most in the immediate area. The living space, at 635 sqft, is compact and below average for the city. The home features a detached garage and an unrenovated basement. Its assessed value is modest and in line with the local area.
The primary appeal lies in the land itself. For a buyer comfortable with a smaller, older home, the lot offers ample outdoor space for gardens, recreation, or future expansion that is rare for the neighbourhood. It suits a pragmatic first-time buyer, an investor looking for a land-hold property, or someone seeking a lower-cost entry into the market with the potential to customize over time. It’s a property where the value is more in the ground it sits on than in the current structure, appealing to those with a vision for the future or a desire for a manageable footprint now.
Frequently Asked Questions
Is this a "tear-down" property?
Not necessarily. While the home is older and compact, its assessed value is consistent with functioning homes in the area. It is livable as-is but is best viewed as a canvas for gradual improvement or future redevelopment, given the lot size.
How does the large lot affect property taxes?
Taxes are primarily based on the assessed value, which remains relatively low. The large lot is a factor in that assessment, but it currently contributes to value without typically triggering the same tax burden as a large, renovated house on a similar plot.
What does "basement not renovated" imply?
It typically means the basement is in original or utilitarian condition, with unfinished spaces and older systems. It should be inspected for moisture, foundation integrity, and the condition of mechanicals like the furnace and water heater.
The living area is small compared to the lot. What are the implications?
This configuration often means lower ongoing utility and maintenance costs for the home itself. The lot provides a balance of private outdoor space that many newer, larger homes on smaller lots lack. It also may present stricter municipal rules for any future addition or new build, as the existing structure's "footprint" is small relative to the property.
How does the value here compare to newer areas of Winnipeg?
The assessed value is notably below the Winnipeg city-wide average for homes. This reflects the older home and neighbourhood character. You are paying primarily for location and land size rather than modern finishes or square footage, which is a different value proposition than a suburban home at a similar price point.