Property Overview: 470 Morley Avenue, Winnipeg
Key Characteristics & Appeal
This home at 470 Morley Avenue in Lord Roberts presents a practical opportunity with a distinct profile. Its key characteristic is a notable imbalance between its land value and its current structure. The property sits on a 3,194 sqft lot, which is significantly larger than average for both the street and the immediate neighbourhood, ranking in the top 12% on Morley Avenue. This suggests untapped potential for expansion, landscaping, or future redevelopment relative to nearby homes.
However, the 988 sqft house, built in 1958, is newer than most in the historic Lord Roberts area but is modest in size. Its assessed value is well below average for the city, indicating the current improvements contribute less to the total property value. The appeal lies in this value proposition: you are primarily investing in a desirable, larger-than-average lot in an established central neighbourhood, with a functional but unassuming home. It last sold in the $250k-$300k range in 2024.
This property would suit a value-conscious buyer looking for a footprint in a mature neighbourhood, willing to live in a smaller home or one that requires updates. It’s also a logical fit for a long-term investor or homeowner who views the generous lot as a future asset—whether for personal enjoyment, adding square footage, or holding for land value appreciation.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
The assessed value reflects the combined value of the land and the building. Here, the land size is strong for the local area, but the building's modest size and likely simpler finishes result in a total value that falls below the broader Winnipeg average, where properties often include larger, more modern homes.
2. The house was built in 1958, but the data says that's "above average" for the area. What does that mean?
Lord Roberts is a historic neighbourhood with many homes dating back to the early 1900s. A 1958 build date is actually newer than most comparables on the street and in the area, potentially meaning fewer concerns with extremely aged infrastructure common in century-old homes.
3. What does the lot size ranking actually tell me?
Ranking in the top 12% for lot size on Morley Avenue means that out of 322 comparable properties on the street, only 39 have a larger land area. It confirms this is a standout feature of this property within its immediate context, offering more outdoor space or side yard than you might typically find.
4. Is the sold price from 2024 a reliable indicator of current value?
It is a recent and relevant data point, but it is a starting point. Market conditions, interest rates, and the property's specific condition can shift value. The price range suggests it was priced accessibly relative to its assessed value and neighbourhood.
5. Who would benefit most from this property's specific traits?
A buyer whose priority is securing land in a central location, rather than a move-in-ready or spacious home, would see the most benefit. This could include someone planning a future renovation, someone who values a larger garden, or an investor counting on the lot's inherent value in a well-located neighbourhood over time.