Property Overview
642 Munroe Avenue is a 925 sqft bungalow built in 1949, situated in Winnipeg's Munroe East neighbourhood. Its key defining feature is an exceptionally large lot of 6,908 sqft, which stands out as elite within its immediate area. The home itself is modest in size and value compared to broader city averages, presenting a specific but compelling opportunity.
Key Characteristics & Appeal
The primary appeal of this property lies in its land. The lot size is in the top 4% on its own street and the top 3% in the Munroe East area, offering rare potential for expansion, gardening, or outdoor space in a mature neighbourhood. The house, with its around-average living area for the street but below-average assessed value for the area, suggests a home that may benefit from modernization. This creates a clear value proposition: you are purchasing significant land with a functional, older home.
It would best suit a practical buyer who sees potential. This includes first-time buyers or investors comfortable with a renovation project, or owners who prioritize private outdoor space over a large interior. It’s less suited for those seeking a move-in-ready home with modern finishes or maximum interior square footage for the price.
Frequently Asked Questions
1. Is the assessed value the same as the market price?
No. The assessed value of $25,600 is for municipal tax purposes. The market price is determined by recent sales, demand, and the property's condition. Historical data shows a sale in the $200k-$250k range in 2016.
2. What does the "elite" lot ranking actually mean for me?
It means the lot is significantly larger than most in the vicinity. Compared to the area average of about 4,958 sqft, this property offers nearly 2,000 sqft of additional land. This provides more privacy, space for additions like a garage or deck, or simply a larger yard.
3. The home is below average in size and value for the city. Is that a concern?
This reflects the character of the mature, established neighbourhood. Homes here are often older and more modest than newer suburban developments. The trade-off is typically a larger lot and a central location at a more accessible price point.
4. As a 1949 home, what should I be prepared for?
Homes of this age may have original plumbing, electrical, windows, or insulation that require updating. A thorough inspection is essential. The positive perspective is that it offers a classic layout and structure with the chance to customize renovations to your taste.
5. How can I find out the exact past sale prices?
The provider offers a manual service to share exact historical sold prices. You can submit your email via the "Get exact sold price history" button on the listing page for a direct, gimmick-free response.