Property Overview: 1012 Manhattan Avenue, East Elmwood, Winnipeg

Key Characteristics & Target Buyer

This one-storey home in East Elmwood presents a distinct value proposition centered on its land. Built in 1907, the 924 sqft house itself is modest, with an unrenovated basement and a detached garage. Its living space is above average for its immediate street but below the citywide average. The standout feature is the 6,186 sqft lot, which ranks in the top 5% for size within the neighborhood, offering significant outdoor space and future potential that is rare for the area.

The appeal lies in a clear opportunity: it’s a property where the value is primarily in the land rather than the existing structure. This suits a specific type of buyer—someone looking for an affordable entry into homeownership with a vision for the future. It’s ideal for a hands-on buyer planning a major renovation, an addition, or even a eventual rebuild, who values space and possibility over immediate move-in condition. It could also appeal to an investor seeing long-term value in a large, well-located lot. The historically low assessed value reflects the current state of the home, not necessarily the market price for the land opportunity.

Frequently Asked Questions

1. Why is the assessed value so much lower than the last sale price?
The assessed value is primarily for municipal tax purposes and often reflects the value of the property in its current, unimproved state. The sale price captures the market value, which for this property is likely driven by the potential of its large lot, not the existing home's condition.

2. What does "unrenovated basement" typically imply?
This usually means the basement is in original or functional condition, but not modernized. Buyers should budget for potential updates to flooring, lighting, and possibly moisture management, and should always have a thorough inspection.

3. Is the large lot a benefit or a burden?
It’s a major benefit for privacy, gardening, play space, or future expansion. However, it also means higher maintenance (like lawn care and snow clearing) and potentially higher property taxes over time as the land itself holds value.

4. Given the age of the home, what should be prioritized in an inspection?
Given its 1907 construction, an inspection should thoroughly examine the foundation, structural integrity, roof, electrical wiring, plumbing, and insulation. The age suggests potential for charming original features but also for outdated systems.

5. How does the lot size affect future plans for the property?
The exceptional lot size provides flexibility that smaller lots do not. It could accommodate a sizable addition, a detached workshop or garage, or even a subdivision or rebuild subject to local zoning bylaws and permits, making it a strategic long-term asset.