Property Overview & Key Characteristics

This one-storey home at 370 Madison Street in Winnipeg's Kensington neighborhood presents a specific and practical opportunity. Its key appeal lies in being a modest, established property on a decent-sized lot. At 700 sqft, the living space is notably compact, ranking below average for the street, area, and city, which suggests a home suited for minimalists, first-time buyers, or investors. The assessed value is around average for its immediate locale but sits well below the Winnipeg average, indicating a potentially accessible entry point into the market.

The home was built in 1945, making it older than most on its street, which could appeal to those who appreciate classic construction, though it implies a need for attention to maintenance and updates. The land area of 4,767 sqft is fairly typical for the area and represents a significant asset, offering ample outdoor space or future potential relative to the home's size. With a detached garage and no basement, the property layout is straightforward.

This home would best suit a buyer comfortable with a smaller footprint, possibly looking for a manageable project or a land-value play. It’s not a move-in-ready showpiece but a grounded property where value may be derived from its location, lot size, and the opportunity to customize over time.

Frequently Asked Questions

1. Is this a good value for a first-time buyer?
Based on the data, the assessed value is around average for Kensington but far below the city average, which could make it a financially accessible option. Buyers should weigh the lower cost against the smaller living space and likely need for updates.

2. What are the implications of having no basement?
This limits storage and potential for a traditional secondary suite or recreational space. However, it can mean fewer moisture issues and a simpler, single-level living layout, which some may prefer.

3. The home is older than most on the street. Should I be concerned?
An older build date (1945) suggests classic materials and craftsmanship but also means critical aging components like plumbing, electrical, and the roof may need inspection or imminent replacement.

4. The lot seems large compared to the house. Is that an advantage?
Yes. The land area is a solid asset. It provides generous outdoor space for gardening or recreation and, subject to zoning, may offer future potential for expansions like an addition, garage suite, or shed that the current compact house doesn't provide.

5. The sold price history shows a range from 2021. How useful is that?
It provides a historical benchmark, but market conditions have likely shifted. For a current valuation, this data should be combined with a professional assessment of the home's present condition and recent sales of similar properties.