Property Overview: 482 Washington Avenue, Winnipeg

Key Characteristics & Buyer Profile

This one-and-a-half storey home in Chalmers is defined by its generous, above-average lot size of over 5,000 sq ft, offering significant outdoor space that is a rarity compared to most homes on its street and in the neighbourhood. Built in 1950, it is a newer construction relative to many area homes. The living space is a modest 897 sq ft, but it includes a renovated basement and a detached garage. Its appeal lies in this balance: it's a compact, manageable home situated on a large parcel of land, providing room for gardens, play, or expansion. The assessed value positions it as an accessible entry point into the market.

This property would best suit first-time buyers or practical downsizers looking for a lower-maintenance footprint without sacrificing yard space. It’s also a sensible candidate for a long-term holder who values land over a large house, or for an investor seeking a renovate-and-hold opportunity, given the already updated basement and the potential inherent in the lot size.

Frequently Asked Questions

1. Is the lot size a significant advantage?
Yes. At 5,096 sq ft, the land area is in the top 9% for both Washington Avenue and the broader Chalmers neighbourhood. This is the home's most standout feature, offering more privacy and potential than typical area lots.

2. How does the home's age affect its condition?
Built in 1950, it is newer than many area comparables. While this can suggest more modern construction materials and systems for its era, a thorough inspection is still recommended to understand the current state of the roof, wiring, and plumbing.

3. Who might find the living area too small?
With 897 sq ft, the above-ground living space is below the Winnipeg city average. Buyers with a growing family or who need multiple dedicated rooms (like a home office and guest room) may find the layout tight without utilizing the renovated basement.

4. What does the assessed value indicate?
The assessed value is notably lower than the Winnipeg city average, reflecting the home's modest size and location. It's important to note that assessed value for tax purposes is not market value; the last sale price in late 2022 was $20,500, which should be considered alongside current market conditions.

5. What is less obvious about this property's potential?
The combination of a large lot with a smaller, older home often presents two subtle opportunities: lower property taxes due to the lower assessed value, and the flexibility to gradually improve or expand the structure over time while already owning the land to do so. Its "around average" metrics on its own street suggest it fits the local context well, potentially offering a more stable and predictable investment than a more atypical property.