Property Overview: 503 Marjorie Street, Winnipeg
Key Characteristics & Appeal
This one-storey home in King Edward presents a practical opportunity in Winnipeg’s core. Its key appeal lies in a balanced profile within its established neighborhood. The 926 sqft living space is typical for the area, but the property stands out with a larger-than-average lot of 4,651 sqft, offering valuable outdoor space and potential. A recently renovated basement adds functional living area. The home’s assessed value ranks above average for both the street and the broader King Edward area, suggesting it is viewed favorably relative to its immediate peers, though it sits below the city-wide average—a common dynamic for mature neighborhoods.
Its charm is grounded, not flashy. It suits a first-time homebuyer, an investor, or someone seeking a manageable footprint with a generous yard in a no-frills, central location. The appeal is for those who value space over sheer square footage, understanding that a larger lot in a mature area offers flexibility that newer subdivisions often don’t. It’s a home that represents a solid entry into the market with room to grow outdoors, rather than a move-in-ready showcase.
Frequently Asked Questions
1. How does the assessed value compare to the likely selling price?
The assessed value is a municipal calculation for tax purposes and is typically lower than market value. The last recorded sale in 2021 was in the $30.5k-$33.5k range, which is close to the current assessment. However, market conditions determine the final price.
2. Is the lot size a significant advantage?
Yes. At 4,651 sqft, the lot is notably larger than many in King Edward. This provides more private outdoor space, better potential for gardening, and future flexibility (like adding a deck or shed) that is harder to find on standard lots.
3. What does the "above average" ranking for the area really mean?
It means that compared to similar homes on Marjorie Street and in the King Edward neighborhood, this property’s assessed value and land size are in the top 25-30%. This indicates it is considered a stronger-than-average property within its specific local context.
4. The home is below the city-wide average for size and value. Is that a concern?
Not necessarily. This reflects the character of established central neighborhoods versus newer, larger suburban homes. It often means a more affordable entry point, lower property taxes, and a location with shorter commutes and mature infrastructure.
5. What is not mentioned in these stats that I should consider?
The statistics don’t detail the condition of major systems (roof, wiring, plumbing) or the interior finishes beyond the renovated basement. They also don’t capture the immediate streetscape, noise levels, or parking situation beyond the detached garage. A personal visit is essential to evaluate these factors.