327 Melrose Avenue E

Property Overview: 327 Melrose Avenue E, Winnipeg

Section 1: Key Characteristics & Appeal

This is a compact, historically modest home built in 1945. Its key characteristic is its exceptionally low municipal assessed value ($17,300), which places it in the bottom 5% citywide. The living space (572 sq ft) is notably smaller than most homes in the area, ranking in the bottom 1% for its size locally. The lot, while smaller than area averages, is a manageable 2,701 sq ft.

The primary appeal lies in its position as one of the most accessible entry points into the Winnipeg market. It suits a very specific buyer: someone seeking the absolute lowest barrier to entry for homeownership, an investor looking for a minimal-cost holding property, or a buyer with plans for a complete rebuild. Its recent sale history (sold between $100k-$150k in 2021) suggests it trades significantly above its assessed value, indicating the land holds the worth. A thoughtful perspective is that this property represents a "blank canvas" opportunity—the existing structure is less significant than the potential of the lot itself, making it a strategic play for a long-term holder or someone willing to invest in new construction.

Section 2: Frequently Asked Questions

1. Why is the assessed value so much lower than the likely sale price?
Municipal assessments for older, very small homes often reflect the depreciated value of the structure itself. The market price is typically driven by the underlying land value and development potential, which the assessment may not fully capture.

2. What does the "Top 99%" ranking for living area mean?
This means the home's square footage is smaller than approximately 99% of comparable properties in the area. It confirms this is a notably compact home, even for its neighbourhood.

3. Is this a teardown property?
Given its age, size, and low assessed value relative to land value, it is a strong candidate for redevelopment. However, this depends on the buyer's plans, the home's current condition, and local zoning regulations.

4. Who would this property suit best?
It best suits a budget-conscious first-time buyer comfortable with a very small footprint, a land-banking investor, or a builder planning a new home. It is less suited for those seeking move-in-ready space or traditional family-sized rooms.

5. How reliable are the sold price ranges shown?
The ranges are based on public data and provide a general benchmark. For the precise historical sale price, you must request the exact figure via the provided email service, as this information is manually verified.