551 Jefferson Avenue

Property Overview & Appeal

This well-situated one-storey home on a large 6,084 sqft lot offers a practical and straightforward opportunity in Winnipeg's Jefferson neighbourhood. Its key appeal lies in a combination of space and value: the lot size is notably generous, ranking in the top 12% for the street and top 8% for the wider neighbourhood, providing ample outdoor potential. The home itself is modest in size at 812 sqft, but benefits from a renovated basement, adding functional living space. With a recent sale in 2022 and a current assessed value that aligns closely with the local market, it presents a stable, lower-entry point into homeownership.

The property would suit first-time buyers seeking a manageable home with a large yard, or investors looking for a land-value play with a rentable dwelling. Its smaller living footprint and dated 1951 construction may not appeal to those seeking modern, open-concept layouts without significant updates. A thoughtful perspective is that the large lot, in a mature area, represents a long-term asset that may offer more future flexibility or value appreciation than the house itself.

Frequently Asked Questions

1. How does the lot size compare to others nearby?
The lot is a significant feature, larger than 92% of properties in the Jefferson neighbourhood. This is well above average for the area.

2. What is the significance of the 2022 sale price?
The home sold for $26.7k in April 2022. The current assessed value of $30.3k suggests a stable market valuation in line with area trends since that transaction.

3. Is the living space smaller than average?
Yes. At 812 sqft, the above-ground living area is smaller than most homes in Winnipeg, ranking in the top 89% (meaning 89% of homes are larger). The renovated basement provides crucial additional space.

4. What are comparable homes in the area like?
Listings often viewed alongside this property range from similar-sized, older homes on Jefferson Avenue to larger, newer builds in adjacent neighbourhoods like Garden City, reflecting a trade-off between size, modernity, and price point.

5. How old is the home, and what does that imply?
Built in 1951, the home is older than about 74% of properties in Winnipeg. Buyers should anticipate character and potential maintenance consistent with a home of this era, balanced by the established neighbourhood and mature lot.