551 Municipal Road

Property Overview: 551 Municipal Road, Winnipeg

This 1968 bi-level home sits on a large, approximately 9,475 sqft lot in the Betsworth area. Its key appeal lies in the combination of a spacious, private yard and a finished basement, offering flexible living space within a 936 sqft footprint. The home presents a solid value proposition, with an assessed value of $371,000 that positions it favorably compared to many properties across Winnipeg.

Its standout characteristic is the land itself—the lot size ranks in the top 7% city-wide, a rare find that offers significant outdoor potential and privacy. While the home's living area and age are more modest in their rankings, the finished basement effectively expands the usable space. This property would suit first-time buyers or downsizers looking for a manageable home with ample yard space for gardening, pets, or future expansion. It’s also a practical choice for value-focused buyers who prioritize land size and are comfortable with a home that has good foundational rankings but may benefit from personal updates over time.

Frequently Asked Questions

1. What does the ranking data actually mean?
The rankings show how this property compares to others in its immediate street, neighborhood, and all of Winnipeg. For example, being in the top 7% for lot size in Winnipeg means the yard is significantly larger than most, a major asset. Conversely, rankings for living area indicate the interior space is more compact.

2. Is the basement included in the 936 sqft living area?
Typically, the listed "living area" refers to above-grade square footage. The finished basement is an additional bonus space, adding functional rooms like a family room or extra bedrooms not reflected in that main figure.

3. The home is from 1968; what should I be aware of?
While systems like roofing, plumbing, and wiring may have been updated over the years, a home of this age warrants a thorough inspection. Potential considerations include the condition of original components and the efficiency of insulation and windows, which can be opportunities for future modernization.

4. There's no garage; what are the options?
The property does not include a garage. However, the very large lot provides excellent potential for adding a detached garage or a spacious shed for storage and workshop space, subject to local zoning and permit approvals.

5. How does the assessment value relate to the listing price?
The assessed value of $371,000 is for municipal tax purposes and reflects a mass appraisal. It can be a useful benchmark, but the final listing and sale prices are determined by the current market, the home's condition, and buyer demand, which can be higher or lower than the assessment.