Property Overview
This 1925-built home at 40 Sherwood Place in Winnipeg's Varennes neighborhood presents a distinct value proposition centered on its land. At 764 sqft, the living space is notably compact, ranking below average for the street, neighborhood, and city. Similarly, its assessed value of $220k sits well below local averages. The primary asset is the 6,913 sqft lot, which is considered "Elite" for the Varennes area, significantly larger than the neighborhood norm. This creates a scenario where you are acquiring a substantial piece of land with a modest, older home on it.
Key Characteristics & Appeal
The appeal here is fundamentally about potential and location. The home suits a practical buyer—perhaps a first-time purchaser, an investor, or someone looking to downsize—who prioritizes lot size over immediate living space. Its below-average valuation for the area lowers the entry point into the neighborhood. The standout lot offers future possibilities, whether for expansion, gardening, or simply enjoying more private outdoor space than is typical nearby. This isn't a move-in-ready dream home; it's a strategic base. It suits someone comfortable with a smaller footprint who sees value in the land itself, either for long-term enjoyment or as a future improvement project. The home’s age (older than most on its street but around average for the neighborhood) suggests character but also implies a need for diligence regarding maintenance and updates.
Frequently Asked Questions
1. Why is the assessed value so much lower than the averages?
The assessed value reflects the property's current state as a smaller, older home. The valuation is driven more by the existing dwelling than by the potential of its large lot, which is a key point for a buyer to consider.
2. Is the house too small for a family?
At 764 sqft, the living space is compact. It would likely suit a small family, a couple, or a single individual comfortably. Families would need to be efficient with space or consider the possibility of a future addition, given the lot size.
3. What does the "Elite" ranking for the lot size actually mean?
It means this property's land area is in the top 4% of all comparable lots in the Varennes neighborhood. You are getting a significantly larger yard than most homes in the immediate area.
4. Given the home's age, what should I be most concerned about?
As a home built in 1925, priority checks should include the foundation, roof, electrical wiring, plumbing, and insulation. A thorough home inspection is essential to understand the condition and any needed updates.
5. Is this a good investment property?
The below-average assessment and taxes could appeal to an investor. The large lot may also hold future value. However, the smaller living area may limit rental income compared to larger units, so the investment case leans more toward long-term land value appreciation or redevelopment potential.