Property Overview: 587 Mcmillan Avenue, Winnipeg
Key Characteristics & Appeal
This home presents a distinct profile defined by its generous space and vintage character. Built in 1907, it offers substantial living area (2,347 sq ft) that ranks within the top 9% of homes on its own street and the top 4% city-wide, providing far more interior room than the average Winnipeg house. It sits on a larger-than-average lot (6,033 sq ft) for its immediate area, offering valuable outdoor space and potential. The appeal lies in this combination of abundant square footage and land in a mature neighbourhood, a rare find that prioritizes space over modern finishes.
The property’s assessed value is notably below average for the street and area, which may indicate an opportunity for value-conscious buyers or those with a renovation budget. This home would best suit a buyer looking for a project or who values the architectural character and roominess of an older home over a move-in-ready modern property. It’s a practical choice for someone needing ample space who is prepared for the upkeep and potential updates that come with a 119-year-old structure.
Frequently Asked Questions
1. Why is the assessed value significantly lower than neighbouring homes?
The assessed value is based on the property’s current state as determined by the municipal assessor. For a home of this age, a lower assessment often reflects the condition and outdated systems or finishes compared to renovated neighbours, not the underlying value of the land and space.
2. What should I consider with a house built in 1907?
Prospective buyers should budget for and investigate the condition of major aging components. This includes the foundation, roof, plumbing, electrical wiring, and insulation. A thorough pre-purchase inspection is essential to understand the scope of any necessary updates.
3. How does the lot size compare, and what does it allow?
The lot is over 6,000 sq ft, which is well above average for the Mcmillan area. This allows for greater privacy, larger gardens, ample parking, or the potential for additions like a garage or deck, subject to local zoning bylaws.
4. The home last sold between 2016-2025 for an estimated $300k-$350k. What does that mean for today’s price?
That historical sale price provides a past benchmark, but current market value will be driven by today’s market conditions, any changes made to the property since then, and its present condition. It’s a starting point for research, not a current valuation.
5. How accurate are the “top percentile” rankings for living area and lot size?
These rankings are derived from verified municipal data and provide a reliable, objective comparison. They clearly show this property’s primary strengths: its interior volume and land parcel are large relative to most homes on the street, in the area, and across Winnipeg.