Property Overview: 824 Peake Avenue, Mission Gardens, Winnipeg
Section 1: Key Characteristics & Appeal
This home presents a practical opportunity in Winnipeg's Mission Gardens neighbourhood. Built in 1970, its 964 sqft living space is modest but functional, ranking around average for its immediate street. The standout feature is the lot: at just under 5,000 sqft, it is notably larger than most on Peake Avenue, offering valuable outdoor space or future expansion potential in a city where lot sizes are typically smaller.
The appeal lies in its grounded value proposition. With an assessed value of $310,000, it sits below the average for its immediate area and street, suggesting a potentially accessible entry point into the neighbourhood. This isn't a modern, renovated showcase; it's a straightforward property where the value is anchored significantly in the land itself. It would suit a first-time buyer, an investor, or a practical homeowner comfortable with a home that may require updates. The larger lot is a key asset for someone prioritizing private outdoor space, gardening, or seeing long-term value in the land over immediate interior finishes.
Section 2: Frequently Asked Questions
1. How does the assessed value relate to the likely selling price?
The assessed value is for municipal tax purposes and is a starting point for market evaluation. Being below the local average may indicate a more competitive asking price, but the final sale price will depend on market conditions, the home's interior condition, and buyer demand.
2. What does the larger lot size mean for me?
A lot size that's above average for the street is a tangible asset. It provides more privacy, yard space, and potential for additions, decks, or landscaping than neighbouring properties. This can be a significant long-term advantage even if the house itself is modest.
3. The home is older—what should I consider?
A 1970s build may have original components like windows, roofing, or mechanical systems nearing the end of their service life. A thorough inspection is crucial to understand any needed updates (e.g., electrical, insulation) and to budget accordingly.
4. How does this property compare to others in Winnipeg?
City-wide, this home's living space is below average, but its assessed value is around the city median. This highlights that you are paying more for the location and land in Mission Gardens than for sheer interior size compared to some other Winnipeg areas.
5. Can I find out what this home previously sold for?
Exact historical sale prices are available upon request from the listing service. Public data shows a sale in the $200k-$250k range in 2016, which provides context on its market history and appreciation.