Property Overview
This 736 sqft bungalow at 524 Melrose Avenue W, built in 1955, presents a specific and practical opportunity in Winnipeg’s Melrose neighbourhood. Its key appeal lies in its generous 4,839 sqft lot, which is notably larger than most in the immediate area. While the living space is compact and below the local average, the property’s assessed value is consistent with neighbouring homes. This creates a scenario where you are investing more in the land than the structure—a classic value proposition for certain buyers. It recently sold in the $300k-$350k range, positioning it as an accessible entry point.
The home would suit a first-time buyer comfortable with a smaller footprint who values outdoor space for gardening, pets, or future expansion. It’s equally a candidate for an investor or renovator looking for a property with a favourable land-to-building ratio, where the core value is in the lot itself. The data suggests it’s not a luxury offering, but a solid, grounded property where the potential is tied to its land and location rather than its current finishes or size.
Frequently Asked Questions
1. Is the house in need of major updates?
Given its 1955 construction, buyers should budget for updates common to homes of this era. The systems, roof, and windows likely require inspection. The value here is in the land and location, so the condition of the structure should be a primary focus for any offer.
2. Why is the assessed value so much lower than the recent sale price?
The assessed value ($28,300) is for municipal tax purposes and is typically lower than market value. The recent sale price reflects the current market demand. The significant difference highlights that market buyers see value beyond the tax assessment, likely in the lot size and location.
3. How does the lot size compare to others?
The lot is a standout feature. At 4,839 sqft, it ranks in the top 30% for size on Melrose Avenue W. This is substantially larger than the street average (~4,095 sqft), offering more private outdoor space than most nearby properties.
4. What does the "below average" living area ranking mean for daily life?
With 736 sqft, the living space is compact. It ranks in the bottom 20% compared to the city overall. This suits a single person, a couple, or someone looking to minimize indoor maintenance. It may feel cramped for a family or anyone needing a home office or multiple dedicated rooms.
5. Is this a good investment property?
Its recent sale price and larger lot could make it a candidate for a rental property or a long-term hold. However, the smaller living area may limit rental income compared to larger homes. The investment thesis would lean on the land value appreciating and the potential for future redevelopment, rather than short-term cash flow from a premium rental.