Property Overview: 490 Mcadam Avenue, Winnipeg

Section 1: Key Characteristics & Appeal

This one-storey home at 490 Mcadam Avenue in the Jefferson neighbourhood presents a solid, value-oriented opportunity. Built in 1975, it is a newer construction compared to many homes on its street and in the wider area, which can mean fewer concerns about aging core systems. The house features 1,293 sqft of living space and sits on a notably generous 6,012 sqft lot, offering ample outdoor space relative to local norms.

The primary appeal lies in its strong positional value. The property's assessed value ranks in the top 10% on Mcadam Avenue and the top 5% within Jefferson, suggesting it is viewed as a premium asset in its immediate locale. This, combined with the larger-than-average lot, indicates potential for future appreciation or expansion. The home has a functional layout with a basement (unrenovated) and a detached garage.

This property would suit practical buyers looking for a foothold in a stable neighbourhood. It’s ideal for someone comfortable with a home that may require cosmetic updates or who sees value in the land itself. The unrenovated basement represents both a project and an opportunity to add personalized value. It’s a sensible choice for a long-term holder who values space over immediate move-in perfection.

Section 2: Frequently Asked Questions

1. How does the assessed value compare to recent sale prices?
The home last sold in September 2021 for an estimated $27.5k-$30.5k. Its current assessed value is $36.30k. This increase reflects broader market movements and the property's strong ranking within Jefferson, but a current market appraisal would be needed to determine today's exact value.

2. What does the "above average" ranking for Year Built mean for maintenance?
While newer than many area homes (built 1975 vs. area averages from the 1940s), it is still a 50-year-old house. Buyers should expect standard maintenance for a home of this age, but may potentially face fewer issues related to very old plumbing, wiring, or foundations compared to century-old properties in the city.

3. Is the large lot a common feature here?
No. The lot size of 6,012 sqft ranks in the top 9% for both the street and the Jefferson area, where average lots are closer to 5,000 sqft. This is a distinct feature that provides more private outdoor space and potential.

4. What is the significance of the unrenovated basement?
This indicates the lower level is functional but likely in original or basic condition. It represents usable square footage that can be finished to suit the buyer's needs and budget, but any renovations would be an additional investment.

5. Who typically buys in this price and assessment range in Jefferson?
Homes with this profile often attract value-conscious buyers, including young families seeking space, investors looking for stable rental properties, or individuals planning a gradual, sweat-equity renovation. The high assessment relative to the neighbourhood can signal a well-regarded location.