Property Overview & Key Characteristics
This is a compact, no-frills property at 7-1812 Portage Avenue in Winnipeg's Bruce Park neighbourhood. Built in 1953, its defining characteristic is its exceptionally small size at 380 square feet, placing it among the very smallest properties in the city. It has no basement, garage, or pool. The home recently sold for $10,800, closely aligning with its modest assessed value of $10,700.
Its primary appeal lies in its ultra-low price point and minimal property tax burden, representing one of the most accessible entry points into homeownership in Winnipeg. It suits a very specific buyer: someone seeking absolute minimal upkeep and cost, such as an investor looking for a basic rental, or an extremely budget-conscious individual who values location over space. It's less about the home itself and more about the land and the opportunity it presents. A thoughtful perspective is that this could serve as a strategic "placeholder" property, allowing an owner to build equity in a central location with the potential for future redevelopment, given the lot is shared with several other units.
Frequently Asked Questions
1. What exactly is this property?
Based on the address format and near-identical surrounding units (e.g., 8-1812, 9-1812), this is almost certainly a small condominium or townhouse-style unit within a larger multi-unit building or complex on a shared lot.
2. Why is it so affordable?
The price reflects the property's very small size (380 sq ft), age, and basic condition. The data shows its assessed value and living area are in the bottom 3-10% of comparable properties citywide, indicating it's a fundamentally modest asset.
3. What are the monthly costs likely to be?
While the mortgage would be very small, potential buyers must investigate condominium fees (if applicable), which are not listed here. These monthly fees for shared maintenance and insurance would significantly impact the total carrying cost.
4. Is this a good investment?
As a rental, it could offer a high yield relative to its purchase price, but the tenant pool is limited to single occupants due to the size. Its value appreciation may be slower than average, but its low cost also minimizes financial risk. The investment thesis is based on cash flow, not significant capital gains.
5. What should I check before considering an offer?
A thorough inspection is crucial due to the building's age (73 years). It is also essential to review the condominium corporation's financial health, reserve fund, and any rules or restrictions, as these will govern what you can do with the property.