Property Overview: 521 Riverton Avenue

Key Characteristics & Appeal

This home is a one-and-three-quarter storey property built in 1907, situated on a notably large lot of approximately 5,495 square feet in Winnipeg's Chalmers neighborhood. Its primary appeal lies in the generous scale of both its land and living space relative to the immediate area. With 1,524 square feet of living area, the house offers significantly more interior space than most comparable homes in Chalmers, ranking in the top 4% locally. The detached garage and existing basement (noted as unrenovated) add functional potential.

The property suits buyers with a clear vision. It is an ideal project for someone seeking a character home with ample outdoor space and the interior room to customize. The very low last sale price and assessed value point to a value-driven opportunity, likely appealing to investors, renovators, or buyers willing to undertake updates in exchange for a prime lot size and spacious floor plan in an established area. It’s a property where the value is grounded in its underlying assets—land and square footage—rather than in turn-key finishes.

Frequently Asked Questions

1. What does "one & 3/4 storey" mean?
This is a common architectural style where the second floor has slightly less full-height ceiling space than the main floor, often featuring dormer windows. It typically provides more space and character than a bungalow but with a different layout than a full two-storey home.

2. The assessed value seems low. Why is that?
The assessed value is primarily for municipal tax purposes and often reflects the property's condition and market factors at a point in time. A low assessment relative to the lot and living area size can indicate the home requires modernization, but it also suggests a correspondingly lower annual property tax burden.

3. How does the lot size compare practically?
At 5,495 sq ft, the lot is over 50% larger than the average for Chalmers. This provides exceptional outdoor space for gardens, recreation, or future additions like a deck or shed, which is a rare find in older city neighborhoods.

4. What should I consider about the unrenovated basement?
An unrenovated basement in a 1907 home requires a thorough inspection. It presents both potential for added living space and the possibility of necessary foundational, moisture, or system updates. Budgeting for professional assessment is crucial.

5. The home sold for a very low price in 2019. What does that indicate?
A sale price far below the assessed value and area averages usually signals a transaction that wasn't a standard retail sale, such as a transfer between family members, an estate sale, or a sale "as-is" with significant acknowledged repairs needed. It highlights the importance of researching the property's recent history and current condition.