Property Overview: 1864 Alexander Avenue, Winnipeg

Key Characteristics & Appeal

This is a modest, one-storey home built in 1915, situated on a notably large lot in Winnipeg's Brooklands neighbourhood. Its primary appeal lies in the land itself—at nearly 4,750 square feet, the property size is well above average for both the immediate street and the broader area, ranking in the top 8% locally. This presents a clear value proposition centred on potential. The home is compact at 730 sqft of living space with an unrenovated basement and no garage, and its assessed value is significantly below the city average.

The property suits specific buyer profiles: first, the practical investor or developer who sees the underlying land value and the possibility for future expansion or redevelopment. Second, it could appeal to a hands-on buyer looking for an affordable entry into homeownership, willing to live in the existing structure while gradually making improvements over time. A less obvious perspective is its potential for multi-generational living; the large lot could accommodate an addition or secondary suite (subject to zoning), offering a rare opportunity for space in an established neighbourhood at a very accessible price point. It’s a property where the value is more in what it could become than in its current state.

Frequently Asked Questions

1. What is the true draw of this property?
The standout feature is the land. You are acquiring a lot size that is increasingly rare in the area, which provides flexibility for gardening, expansion, or future redevelopment, making the property more valuable than the house itself.

2. Who is this home most suitable for?
It is best suited for buyers with a vision and a willingness to renovate or build. This includes investors, contractors, or handy first-time buyers who are comfortable with a project and prioritize lot size over a move-in-ready home.

3. How does the assessed value compare to the last sale price?
The current assessed value is $14,600, which is higher than the $12,300 it last sold for in 2016. This suggests municipal assessment has increased, though the value remains very low for the city, reflecting the home's basic condition.

4. What should I budget beyond the purchase price?
Given the age of the home (111 years) and the mention of an unrenovated basement, buyers should budget for immediate maintenance, potential updates to essential systems, and any moisture mitigation in the basement. The lack of a garage is also a consideration.

5. Is the large lot a guarantee I can build or add on?
Not automatically. While the lot size is favourable, any new construction or significant addition would require checking current City of Winnipeg zoning bylaws, setback requirements, and obtaining the necessary permits. The large lot creates the opportunity, but it is not a guarantee.