Property Overview: 404 Collegiate Street, Winnipeg
Key Characteristics & Appeal
This is a compact, one-storey character home built in 1912, situated in Winnipeg's King Edward neighbourhood. With 710 square feet of living space and a recently renovated basement, it offers a straightforward layout on a modest 2,710 sqft lot. Its assessed value is notably accessible compared to the city-wide average, positioning it as an entry-level opportunity.
The primary appeal lies in its practicality and value. It suits buyers seeking a minimal footprint with modernized fundamentals, particularly first-time homeowners or investors looking for a manageable rental property. The renovated basement adds functional space, a key upgrade in a home of this vintage. A thoughtful perspective is that its smaller scale and below-average taxes relative to the city could align with a minimalist or financially streamlined lifestyle. While older than most homes on its street, its assessed value is competitive within the immediate area, suggesting it's priced in line with local expectations rather than standing out as a fixer-upper.
Frequently Asked Questions
1. How does the home's age affect maintenance?
Built in 1912, the home is significantly older than area averages. Prospective buyers should prioritize inspections for foundational integrity, wiring, and plumbing common to houses of this era, balanced against the benefit of recent basement renovations.
2. Is the lot size a limitation for expansion or outdoor space?
The lot is smaller than most on the street. While sufficient for a compact yard, it likely limits potential additions. This suits those preferring low-maintenance outdoor space but may not work for those wanting extensive gardens or future expansions.
3. What does the "around average" assessed value for the street indicate?
It suggests the property is not undervalued or overvalued relative to its immediate neighbours, providing a stable, predictable base for property taxes without the premium or discount seen in more divergent areas.
4. Who might the "renovated basement" most benefit?
The renovation is a key feature, effectively adding usable square footage. It’s particularly valuable for creating a separate income suite, a home office, or additional living space to offset the smaller main floor area.
5. Based on nearby sales, what is a realistic value expectation?
A very similar home on the same street sold in 2019. While market conditions have changed, that recent comparable sale provides a concrete benchmark for understanding the home's price trajectory in a stable, established neighbourhood.