573 Cathcart Street

Property Overview

This 1970-built one-storey home in Elmhurst presents a compelling opportunity centered on its generous, mature lot. Its primary appeal lies in the exceptional outdoor space—a nearly 9,000 sqft property that ranks in the top tier for size within its street, neighborhood, and Winnipeg overall. The home itself offers 1,062 sqft of living space with a finished basement and a split garage, representing a functional, no-frills layout. It would suit a practical buyer looking for a solid foundation in a well-established area, whether that's a first-time homeowner, someone seeking a manageable property with room to garden or expand, or an investor attracted by the below-average assessment value relative to the lot's potential. The appeal is less about the home's current finishes or modern features and more about the long-term value and possibilities afforded by such a sizable parcel of land in the city.

Key Considerations & FAQs

1. What does the ranking data actually mean?
The provided rankings compare this property to others on its street, in Elmhurst, and across all of Winnipeg. Key takeaways are that its land size is a major asset (ranking in the top 7-17%), while the house itself, in terms of age and size, is more average or modest compared to local benchmarks. The assessment value ranks higher than the home's size, suggesting the lot is a significant contributor to its official valuation.

2. Is the house outdated?
Built in 1970, the home is over 50 years old. The rankings indicate it is older than most in its immediate area. Buyers should budget for updates consistent with a home of this age and anticipate that its condition and systems will be a primary factor in its value and any offer price.

3. What are the real advantages of such a large lot?
Beyond simple outdoor space, a lot of this size (over 1/5 of an acre) offers rare potential in the city. It provides ample privacy, room for additions like a deck, workshop, or garage, and is a standout feature that future buyers will also value. It's a long-term asset that is increasingly difficult to find.

4. How does the finished basement impact living space?
The finished basement effectively adds usable square footage beyond the 1,062 sqft main floor, though the exact size and quality of the finish are not specified. It should be verified whether this space is legally considered living area and if it includes proper egress, as this affects functionality and value.

5. Why is the assessment value notably higher than the size ranking?
This discrepancy often highlights that the assessed value isn't driven solely by the home's square footage. In this case, the premium is almost certainly due to the substantial lot size, which is a key component of municipal property assessment. It indicates the land itself holds significant worth.