Property Overview & Key Characteristics
This one-and-three-quarter storey home, built in 1893, presents a classic character property with significant potential. Its appeal lies in a combination of heritage charm and practical fundamentals. The lot is notably spacious for the area, ranking in the top 36% on its street, offering room for gardens, play, or expansion. While the basement is unrenovated, it provides functional storage or future development space. The home’s assessed value ranks highly city-wide (top 12%), suggesting a solid underlying value proposition for its price point, especially when compared to nearby properties.
It would suit a buyer comfortable with a project, whether that’s a gradual cosmetic refresh or a more significant restoration. It’s ideal for a first-time buyer or an investor seeking an entry into a historic neighbourhood with a home that has good bones and a large yard. A thoughtful perspective is that its 1893 build date, while requiring due diligence, means it was constructed with mature timber and craftsmanship rarely found today, offering a unique sense of permanence.
Frequently Asked Questions
1. What does "one-and-three-quarter storey" mean?
This is a common architectural style for homes of this era. It typically features a full main floor and a second floor where the roofline slopes inward, creating some rooms with sloped ceilings or slightly reduced square footage on the upper level, adding to its character.
2. The home was built in 1893. What should I be most concerned about?
While systems like wiring and plumbing have likely been updated over the years, a thorough inspection is essential to understand the condition of the foundation, structure, and major mechanical systems. The unrenovated basement allows these core elements to be easily examined.
3. How does the assessed value compare to the likely selling price?
The assessed value for municipal taxes is often lower than market value. This home’s assessed value of $19.9k ranks well above average for Winnipeg, indicating the city recognizes its underlying worth, but the market will ultimately determine the sale price.
4. The lot is large, but what can I do with it?
The 3,267 sqft lot offers excellent outdoor space for a city property. Beyond gardening, it provides flexibility for future additions like a deck, garage, or workshop, subject to local zoning bylaws. It’s a key asset that adds long-term value.
5. What is the neighbourhood like?
Located in Spence, this is a historic, central Winnipeg neighbourhood. The listing shows a mix of well-maintained and fixer-upper properties on the street, suggesting an area in transition. It offers proximity to downtown, The University of Winnipeg, and local amenities, appealing to those who value location and community character.