Property Summary: 474 London Street, Winnipeg
Section 1: Key Characteristics & Appeal
This home presents a distinct value proposition centered on its generous lot. Built in 1959, the 912 sqft house is modest in size, ranking below average for living space both on its street and in the broader Munroe East area. However, it sits on a 6,045 sqft lot that is notably larger than most in the neighbourhood, ranking in the top 10-18% locally. This creates a clear opportunity: the value here is primarily in the land, offering space for gardening, expansion, or future redevelopment.
Its appeal lies in this potential. The assessed value is strong for the area (top 20% in Munroe East), suggesting the property is already recognized for its underlying value. Recent sale history shows a significant price increase between 2020 and 2022, indicating growing market interest.
This property would best suit a practical buyer who sees beyond the current footprint. It’s ideal for someone looking for a starter home with room to grow outdoors, an investor considering the lot’s future potential, or a buyer comfortable with a smaller, older house who prioritizes private outdoor space over interior square footage.
Section 2: Frequently Asked Questions
1. Is the house small compared to others on the street?
Yes. With 912 sqft of living area, it ranks in the bottom 11% (97 out of 109) on London Street, where the average home is about 1,047 sqft.
2. What is the main advantage of this property?
The lot size. At over 6,000 sqft, the land area is well above the neighbourhood average, placing it in the top 10% for Munroe East. This is the property's standout feature.
3. How does its assessed value compare?
It's above average for the immediate Munroe East area (top 20%), but around the middle of the pack when compared just to London Street or city-wide. This suggests the assessment reflects the desirable lot size within the local context.
4. The home is older. Is that typical for the area?
Built in 1959, it is older than most on its specific street. However, it is actually around the average age for the wider Munroe East neighbourhood and the city overall, so its vintage is not unusual in the broader context.
5. What does the sale history tell us?
The home sold in 2019, 2020, and most recently in 2022 for an estimated $350k-$400k. The jump from the $250k-$300k range in the prior sales indicates a sharp increase in market value over a short period, aligning with its strong assessed value for the area.