Property Overview: 505 Madeline Street
Section 1: Key Characteristics & Appeal
This home at 505 Madeline Street presents a compelling mix of established community presence and relative value. Built in 1947, it is a character home typical of the Victoria West area, with a living space of 1,008 sqft that is very close to the local neighborhood average. Its true standout feature is the land: at 5,488 sqft, the lot size is significantly larger than most in the immediate area, ranking in the top 11% within Victoria West. This offers valuable outdoor space and potential.
The property’s tax-assessed value of $304,000 is notably higher than the averages for both its street and community, suggesting it is viewed as a premium offering in this specific locale, though it aligns more closely with the broader Winnipeg average. This indicates you are investing in a well-regarded spot within a desirable inner-city neighborhood.
This home would suit a buyer who appreciates the charm and established trees of an older community like Victoria West and values a larger-than-average lot for gardening, recreation, or future expansion more than a large interior footprint. It’s for someone looking for a solid entry into a prime neighborhood, where the value is anchored in the land and location, with an understanding that a home of this era may require updates or maintenance.
Section 2: Frequently Asked Questions
1. Is the living space smaller than average?
Compared to the entire city of Winnipeg, yes, the living area is below the average home size. However, within the Victoria West community and on Madeline Street itself, it is very close to the typical size for homes in the area, indicating it is a normal offering for this established neighborhood.
2. Why is the tax assessment higher than neighbors on the same street?
The assessment ranks in the top 14% on its street. This is likely due to a combination of its significantly larger lot size and its overall condition and improvements relative to other homes on the block, as assessed for municipal tax purposes.
3. What does the lot size ranking mean for me?
Ranking in the top 11% in Victoria West for lot size is a key advantage. It means you have more private outdoor space than most homes in the community, which is rare in older neighborhoods. This allows for greater privacy, landscaping potential, and could be a factor for future value.
4. As a 1947 build, what should I consider?
The home is slightly newer than the average on its street but typical for the area. Buyers should budget for potential updates to older mechanical systems, windows, or insulation that are common with homes of this vintage, while also appreciating the character and build quality of the era.
5. How does this property fit in the wider Winnipeg market?
It represents a specific market segment: an inner-city character home on a generous lot. While its size is modest by newer suburban standards, its assessed value is competitive city-wide. It offers a trade-off—more land in a sought-after established community versus a larger modern house footprint on a standard lot elsewhere.