394 Mcgee Street

Property Overview & Key Characteristics

394 McGee Street presents a unique opportunity in Winnipeg's St. Matthews neighbourhood. Its primary appeal lies in its significant land size—at 3,890 sqft, the lot is larger than 93% of properties in the area—offering rare potential for expansion, gardening, or outdoor space in a central location. The home itself stands out statistically, ranking in the top 1% for both living area and newer year of build within its immediate street context, suggesting it may be a more substantial or updated structure compared to its direct neighbours. However, its very low assessed value indicates it is likely a project property, requiring significant renovation or completion.

This property would best suit a visionary buyer, such as a developer, contractor, or hands-on homeowner, who sees value in the underlying assets (the large lot and the shell of a promising structure) rather than a move-in-ready home. It’s a strategic purchase for someone focused on long-term value creation rather than immediate occupancy.

Frequently Asked Questions

1. Why is the assessed value so much lower than nearby properties?
A significantly low assessment often reflects a property's condition or status as an unfinished project. It suggests the home likely requires major renovations or is not yet in a livable state, which is factored into its valuation.

2. What does ranking in the top 1% for living area and year built on its street mean?
This indicates that, compared to the other 84 homes on McGee Street, this property appears to be one of the largest and potentially one of the newest or most recently updated. This is a positive sign of its relative scale and modernity on the block.

3. Is the large lot size a major advantage?
Yes. A nearly 4,000 sqft lot in a mature, central neighbourhood like St. Matthews is uncommon. It provides valuable flexibility for additions, landscaping, parking, or future development, which is a key asset not found in newer subdivisions.

4. Who should consider buying this type of property?
This is a project property. It is suited for buyers with renovation experience, development plans, or the capital to complete construction. It is not ideal for someone seeking a turn-key or immediately habitable home.

5. How should I interpret the "Worth viewing" comparable listings?
These comparables, like 575 Ellice Avenue, have much higher assessed values, indicating they are finished, livable homes. They are useful for understanding the neighbourhood's price range but highlight that 394 McGee Street is in a different condition category. The true comparison is the potential finished value after investment.