Property Overview
224 Melrose Avenue E is a compact, century-old home that presents a clear value proposition within Winnipeg’s market. Its key characteristics are defined by its modest scale and its position relative to other properties.
The home is notably smaller than most, with 650 sqft of living space, placing it in the bottom 5% for size both locally and city-wide. It sits on a 2,971 sqft lot, which is more typical for the area but still below the neighbourhood average. Built in 1912, it is significantly older than the majority of Winnipeg homes. The assessed value of $19,600 is well below area and city averages, reflecting these factors.
Its appeal lies in its potential as an affordable entry point into homeownership or as a straightforward investment property. It suits buyers with minimal space needs, such as singles, couples, or investors looking for a low-cost rental asset. A thoughtful perspective is that its below-average metrics across the board create a predictable, low-overhead holding, which can be advantageous for a buyer seeking to minimize carrying costs while building equity in a land-owning asset.
Frequently Asked Questions
1. What does the "top 96%" ranking for living area mean?
This means the home's square footage is less than 96% of comparable homes on its street. In simpler terms, it is one of the smallest properties in its immediate area.
2. Why is the assessed value so much lower than the city-wide average?
The assessed value is based on the property's specific characteristics—its small size, older age, and modest lot size—which are all below the norms used for city-wide comparison.
3. Is the age of the home (1912) a concern?
While it offers classic charm, a home from 1912 will likely require careful attention to foundational, electrical, and plumbing systems that have aged. A thorough inspection is essential.
4. How useful is the land size for expansion or outdoor use?
At just under 3,000 sqft, the lot is manageable for basic outdoor space but may not allow for significant additions. It's typical for the street but offers less private space than many newer suburban lots.
5. There’s no sales history shown. How can I determine a fair offer price?
The provided assessed value is a starting point, but market value can differ. Reviewing recent sale prices of similar small, older homes in nearby neighbourhoods like Kern Park or along Regent Avenue E will provide a more current market context. The listing service also offers to provide exact historical sold prices manually upon request.