Property Summary: 686 Centennial Street, Winnipeg

Section 1: Overview & Appeal

This one-storey home on a standard city lot in the J.B. Mitchell neighborhood is a practical and value-oriented property. Its key characteristic is a renovated basement, adding functional living space to the 1,002 sqft footprint. Built in 1955, the home is of a typical vintage for the area. The detached garage offers flexible storage or workshop potential.

The primary appeal lies in its strong value proposition within its immediate locale. While the living space is modest compared to the citywide average, the home's assessed value ranks consistently above average for both its street and neighborhood, suggesting it is viewed favorably relative to its direct peers. This indicates a property that may offer more inherent value or desirability on its block than its size alone would imply. It would suit first-time buyers, downsizers, or investors looking for a solid, no-frills home in a stable area without a premium price tag. The renovated basement also makes it suitable for someone needing a separate living space, home office, or rental potential.

Section 2: Frequently Asked Questions

1. What does the "above average" assessed value ranking mean?
It means that, compared to similar homes on Centennial Street and in J.B. Mitchell, this property's official assessed value is higher than most. This often reflects factors like lot desirability, the renovated basement, or overall condition relative to immediate neighbors.

2. Is the living space too small?
At 1,002 sqft (plus the renovated basement), it is smaller than the Winnipeg average. However, it is very much in line with the average for both the street and neighborhood, representing a typical home size for this specific community.

3. What can be inferred from the recent sale history?
The home sold in August 2024. The sale price range provided aligns with its "above average" assessed value ranking in the area, indicating a transaction that supported its perceived value relative to nearby homes.

4. What are the less obvious considerations for a home of this age?
While the basement is renovated, a 1955-built home will have core systems (like plumbing, electrical, and the foundation) that are over 65 years old. Prospective buyers should focus inspections on these aging components, not just the finished updates.

5. How does the lot size impact future potential?
The 5,062 sqft lot is average for the area. It provides standard outdoor space but may have limitations for major expansions or additions, as it is not unusually large. Any development plans should be checked against local zoning bylaws.