Property Overview

802 Magnus Avenue is a one-and-a-half storey home in Winnipeg's Burrows Central neighbourhood, built in 1907. Its primary appeal lies in its combination of a very large lot, historical character, and a notably low municipal assessment, which suggests potential for value growth. The home itself is compact at 707 sq ft and includes a basement and detached garage, but it is not renovated.

This property would suit a specific type of buyer: an investor or hands-on homeowner looking for a land-value opportunity in a central area. It's for someone comfortable with a project, whether that's a significant renovation, a potential rebuild, or holding the property as a long-term investment. Its low taxes relative to the lot size are a key financial advantage. A less obvious perspective is that, despite its age, the structure ranks highly for its living area compared to most of Winnipeg, indicating the original home was solidly built for its time.

Key Characteristics & Ideal Buyer

• Key Features: The standout feature is the 3,581 sq ft lot, which is significantly larger than average and ranks in the top 20% for size across Winnipeg. The home's assessed value of $10,800 is exceptionally low, placing it in the top 1% of Winnipeg for low assessment. It has a detached garage and an unrenovated basement.
• Primary Appeal: The appeal is fundamentally rooted in the land asset and financial metrics. The low annual property tax burden, combined with a large, central lot, creates a high ratio of land value to holding cost. This presents a clear value proposition for future potential.
• Ideal Buyer Profile: This property is best suited for strategic investors or renovation-minded buyers. It is not a move-in-ready home. The ideal buyer is one who sees the underlying value in the lot size and location, has the capacity to manage a major update or redevelopment, and is motivated by the long-term equity potential rather than immediate comfort.

Frequently Asked Questions

1. Why is the assessed value so much lower than nearby homes?
Extremely low municipal assessments, as seen here, often reflect a property that has not been substantially updated or renovated in many years. The assessment is primarily based on the current state and utility of the structure, not the potential of the land.

2. Is this a good candidate for a full renovation?
Given the home's age (119 years) and the note that it is unrenovated, any renovation would likely need to be comprehensive, addressing foundational, mechanical, and insulation systems. The feasibility depends entirely on a thorough inspection and the buyer's budget for a major project.

3. What are the possibilities for the large lot?
The lot size is the property's greatest asset. Beyond renovating the existing home, possibilities could include an addition, building a new primary residence at the rear (subject to zoning), or simply holding the property as the neighbourhood evolves. Its size offers flexibility that standard lots do not.

4. How does the low assessment affect property taxes?
A low assessed value directly results in lower annual municipal property taxes. This makes the cost of holding the property—whether for living in, renovating, or as a land investment—more affordable compared to similarly sized lots with newer homes.

5. The home is noted as "not renovated." What should I expect?
Prospective buyers should expect systems (plumbing, electrical, heating), finishes, and likely the building envelope to be original or very dated. The basement condition is unspecified. Planning for significant updates and budgeting for unexpected repairs is essential.