Property Overview: 898 College Avenue, Winnipeg

Section 1: Key Characteristics & Appeal

This one-and-a-half storey home, built in 1951, sits on a notably spacious lot in the Burrows Central neighbourhood. Its primary appeal lies in its land value and location-based potential. The property features a detached garage and an unrenovated basement, presenting a classic "blank canvas" opportunity.

The lot size of 4,827 sq ft is a significant asset, ranking well above average for both the street and the wider neighbourhood. This offers ample outdoor space and future potential not found in many newer developments. While the living space is modest at 1,067 sq ft, it is comfortably above the neighbourhood average. The home’s assessed value is consistently higher than most immediate comparables, suggesting the municipal assessment recognizes its underlying land value and solid positioning within its local market.

This property would best suit a value-conscious buyer or investor who sees potential beyond the current structure. It’s ideal for someone comfortable with a project, whether that’s a gradual renovation, an expansion leveraging the large lot, or a long-term hold in a neighbourhood where the land itself is a key asset. It represents a pragmatic entry into homeownership with a focus on the fundamental value of the property rather than move-in-ready finishes.

Section 2: Frequently Asked Questions

1. What does "above average assessed value" for the area actually mean?
It indicates that the city’s tax assessment for this home is higher than most of its direct neighbours. This often reflects the value of its larger lot size and relatively newer construction date compared to many nearby homes, but it’s important to balance this with current market conditions and the home’s actual condition.

2. Is the large lot size usable or does it have limitations?
The lot is a major feature, but its use will depend on zoning bylaws. A buyer should verify allowable uses for additions, outbuildings, or landscaping projects with the city to fully understand the potential.

3. The home sold in 2017 for $25,500. How should I interpret that price?
That historical price is a useful data point but reflects the market conditions of seven years ago. It primarily confirms the property’s long-standing trend of being valued higher than many street-level comparables, a pattern consistent with its current higher assessment.

4. What is the practical implication of an unrenovated basement?
This typically means the basement retains its original state, likely with foundational systems (plumbing, electrical, insulation) that may be dated. It requires a thorough inspection but offers the chance to customize the space to modern standards without undoing previous renovations.

5. The "comparable" listings shown have much lower assessed values. Why?
The listed comparables like 912 Redwood Avenue are often smaller, older homes on standard lots. 898 College Avenue’s higher assessment is driven by its specific combination of a larger lot and a newer build date within its immediate context, setting it apart from the most basic comparables in the area.