Property Overview: 515 Gateway Road, Winnipeg
Key Characteristics & Appeal
This home presents a distinct profile centered on value and potential. Built in 1914, it is a historic property with a modest 834 sqft footprint on a 3,293 sqft lot in Munroe East. Its assessed value is notably low compared to area averages, which is its most defining characteristic. The appeal lies squarely in its position as an accessible entry point into the Winnipeg market. It suits a specific buyer: those seeking a lower-cost foundation, whether it's a first-time homebuyer comfortable with a renovation project, an investor looking for a rental property with a manageable tax base, or someone interested in the character of an older home. A less obvious perspective is that its smaller size and lot, while below area averages, can mean lower maintenance costs and less upkeep—a practical advantage for a certain lifestyle. It’s a property where the financial numbers tell a clear story of opportunity rather than luxury.
Frequently Asked Questions
1. Why is the assessed value so much lower than nearby homes?
The assessed value is significantly below averages for the street, area, and city. This typically reflects the home's age (112 years), smaller size, and potentially its condition or recent market activity. It's a key factor contributing to the property's affordability.
2. What should I consider with a home built in 1914?
While offering classic charm, a home of this age will likely require careful attention to foundational elements, plumbing, electrical systems (which may need updating), and insulation. A thorough inspection is essential to understand the scope of any needed maintenance or renovations.
3. How does the sold price history inform the current value?
The home sold in the CA$200k–250k range in 2022. This recent sale provides a concrete market benchmark, suggesting the current assessed value may not reflect the price a buyer would pay today, which could be higher.
4. Is the smaller living space a major drawback?
At 834 sqft, the living area is compact. This suits minimalist living or small households but may feel constrained for others. It ranks more favorably on its street than in the wider area, indicating the immediate neighbourhood may have more homes of a similar scale.
5. How can I get the exact historical sold price?
The exact sold price is not publicly displayed. You can request it directly by emailing through the provided form on the listing page. The service promises to provide the accurate figure manually, without using your email for marketing.