505 Shelley Street

Property Overview

505 Shelley Street is a compact, one-storey home built in 1946, situated on a generously sized lot in Winnipeg's Kirkfield neighbourhood. Its key appeal lies in its position as an accessible entry point into homeownership, offering a renovated basement and a detached garage. The home’s living space of 712 sq ft is notably smaller than most area comparables, which shapes its practical use and target buyer.

Key Characteristics & Ideal Buyer

The primary characteristic of this property is its scale. With a living area significantly below neighbourhood and city averages, it functions as a efficient, no-fuss living space. Its recently sold price point and assessed value are correspondingly well below average, highlighting its role as one of the more affordable detached housing options available. The appeal is grounded in value: you are purchasing a full-sized lot with a detached garage, but with a modest structure to maintain and heat. The renovated basement adds functional space, offsetting the smaller main floor footprint.

This home would best suit a first-time buyer, an investor, or a downsizer whose priority is a low-maintenance, cost-effective property with outdoor space. It’s not a home for someone needing ample indoor room, but rather for a pragmatic buyer who sees the land and location as the foundation of value, and the compact house as a manageable and affordable vehicle to secure it. A thoughtful perspective is that this property represents a "blank canvas" opportunity—the lower investment in the structure itself could allow for future expansion or renovation as finances allow, with the valuable lot already secured.

Frequently Asked Questions

1. Is the house in livable condition, given its age and assessed value?
The listing notes a renovated basement, suggesting updates have been made. However, the overall assessed value and older build year (1946) indicate the main structure is likely basic. A thorough inspection is essential to understand the condition of major systems like roof, wiring, and plumbing.

2. Why is the living space so much smaller than average?
Homes of this era in this area were often built as modest starter homes. The data shows it ranks in the bottom 3% on its street for size, meaning it’s one of the smallest houses in the immediate vicinity, which is a key factor in its lower price.

3. What are the advantages of such a large lot relative to the house?
The 5,744 sq ft lot is a significant asset. It provides ample outdoor space for gardening, recreation, or pets. For the future, it also presents potential for additions, a garden suite (subject to zoning), or simply holds greater long-term land value than a smaller parcel.

4. How reliable are the sold price ranges shown?
The site states these ranges are based on public data and may be incomplete. They provide a general benchmark, but for precise figures to guide an offer, you must request the exact sold price history via email, which the provider manually verifies.

5. What is the Kirkfield neighbourhood like?
As a Winnipeg neighbourhood, Kirkfield offers typical residential amenities. The listing provides nearby and comparable properties for context. Prospective buyers should visit at different times to assess noise, traffic, and overall community feel specific to this section of Shelley Street.