Property Overview: 724 Atlantic Avenue, Winnipeg

Key Characteristics & Appeal

This one-storey home on Atlantic Avenue in the Inkster-Faraday area is a compact, no-fuss property built in 1950. With 784 sqft of living space, it is notably smaller than average for the city, but its recently renovated basement adds functional space. The lot is a standard city size at 3,774 sqft and includes a detached garage.

The primary appeal lies in its financial positioning and practicality. Despite its modest size, the home holds an assessed value that is above average for its immediate neighborhood, suggesting it may be well-maintained or offer desirable features for the area. This creates a potential value proposition: a lower entry price due to the smaller footprint, but without the discounted assessment often associated with fixer-uppers in the locale. It suits first-time buyers, downsizers, or investors seeking an affordable, straightforward property with modernized basics (the basement) and minimal exterior maintenance. The detached garage is a key asset for storage or a workshop.

A less obvious perspective is that its smaller size and efficient lot could mean significantly lower utility and property tax bills compared to larger area homes, offering long-term affordability beyond the purchase price. Its "above average" standing within the neighborhood rankings indicates it likely outperforms nearby properties on key metrics, potentially offering a sense of relative stability.

Frequently Asked Questions

1. Is the living space too small?
At 784 sqft, the home is compact. However, the renovated basement provides additional flexible space, making it efficient for individuals, couples, or small families who prioritize simplicity and lower maintenance.

2. Why is the assessed value relatively high for the neighborhood?
The assessment is in the top 10% for Inkster-Faraday. This typically reflects factors like the renovated basement, overall condition, lot attributes, or recent market activity for well-kept smaller homes in the area, suggesting the property is not a project house.

3. What are the implications of the home being built in 1950?
Built in 1950, it is newer than many area homes. While this can mean updated building practices compared to older stock, buyers should still ensure a thorough inspection for aging components like plumbing, electrical, and the roof, which may be due for attention.

4. How does the recent sale price compare to the assessment?
The home sold for between $235k-$265k in late 2024. The assessed value is $258k, which aligns closely with that sale range, indicating the assessment is current and reflects very recent market value.

5. What is the detached garage like?
The listing confirms a detached garage. Specific details on its size, condition, or features (like power) are not provided, so this would be a key point to clarify during a viewing or with the seller.