Property Overview

This 1897 one-and-three-quarter storey home on Pacific Avenue in Winnipeg's Centennial neighbourhood presents a specific and compelling opportunity. Its key appeal lies in the combination of a generous, above-average lot size for the street with a very modest assessed value. The home itself is compact at 879 sq ft and retains its original, unrenovated basement. There is no garage or pool. This is not a move-in-ready property; it is a project. Its value is anchored in its land and potential, rather than its current condition.

It would suit a buyer looking for an affordable entry into the Centennial area, particularly one with renovation or redevelopment plans. The lot size offers flexibility—whether for expanding the existing footprint, adding a garage, or simply enjoying more outdoor space than is typical for the street. It’s a practical canvas for a hands-on buyer, an investor considering a hold-and-renovate strategy, or someone with the vision to see beyond the current state of the home.

Frequently Asked Questions

1. Why is the assessed value so much lower than the city average?
The assessed value reflects the home's age, smaller living area, and current condition, including an unrenovated basement. It is primarily based on the property's state at the time of assessment, not its potential after improvements.

2. Is the land large enough for an addition or new build?
The 3,278 sq ft lot is notably larger than many on Pacific Avenue, ranking in the top 25% for the street. This provides more flexibility for future additions, landscaping, or even redevelopment, subject to local zoning and bylaws.

3. What does "one & 3/4 storey" mean for living space?
This style typically features a main floor and a second floor where the roofline slopes into the walls, creating some rooms with reduced ceiling height. It's a classic design for homes of this era, offering character but often less full-height square footage than a true two-storey.

4. How does the sale history inform the current price?
The home sold for $12,800 in March 2022, which is very close to its current assessed value of $12,400. This suggests a stable, land-value price point in recent years, not influenced by speculative renovation or market spikes.

5. What are the less obvious considerations with a home from 1897?
While charm and original details are potential positives, a home of this age requires a thorough inspection. Considerations include the state of the foundation, plumbing, electrical systems, and potential for historical building materials (like plaster and lath or original wiring). The unrenovated basement is a clear indicator that major systems updates are likely needed.