Property Overview: 503 Leola Street, Winnipeg

Section 1: Key Characteristics & Appeal

This one-storey home in Kern Park is a practical property that stands out for its generous, above-average lot size. With 6,400 sqft of land, the property offers significantly more outdoor space than most in the immediate area and ranks in the top 10% locally for lot size. The home itself is of average size for the neighbourhood at 988 sqft, featuring a renovated basement and a detached garage. Built in 1956, it is typical for the area's vintage.

The primary appeal lies in its land value and established neighbourhood setting. It suits buyers looking for a solid footprint in a mature community, where the land itself represents a substantial portion of the asset. This could be ideal for a first-time buyer seeking room to grow, a downsizer wanting a manageable home with private outdoor space, or an investor recognizing the long-term value of a larger lot in a built-up area. The above-average assessed value for the street and neighbourhood suggests the property is well-regarded in its local context.

Section 2: Frequently Asked Questions

1. How does the lot size compare to a typical city lot?
At 6,400 sqft, the lot is well above the Winnipeg average of approximately 5,000-6,000 sqft for older neighbourhoods, and significantly larger than many newer subdivisions. It offers ample room for gardening, expansion, or outdoor recreation.

2. What does the "renovated basement" include?
The listing confirms a renovated basement but does not specify the finishes or layout. This would be a key point to clarify with the seller or listing agent to understand if it’s a finished living space, a modernized utility area, or has legal suite potential.

3. Is the assessed value a reliable indicator of the selling price?
Not directly. The assessed value of $31,900 is for municipal tax purposes. The last known sold price range (2019) was $23.5k-$26.5k, and market conditions have changed since. Always rely on a current comparative market analysis from a real estate professional.

4. What are the implications of a 1956 build date?
Homes of this era often have solid construction but may require updates to major systems like plumbing, electrical, or insulation to meet modern efficiency standards. A thorough inspection is recommended.

5. How does the living space feel for a family?
At 988 sqft on the main floor (plus basement), the living area is compact. It would suit a small family, a couple, or an individual comfortably. The large lot provides valuable "breathing room" that can offset a cozier interior floor plan.