Property Overview: 262 Collegiate Street, Winnipeg

Section 1: Key Characteristics & Appeal

This is a compact, one-storey home built in 1928, situated on a generously sized lot in Winnipeg's King Edward neighbourhood. With 838 sqft of living space, it offers a practical footprint that is typical for the immediate area but smaller than the city-wide average. Its standout feature is the 4,333 sqft land parcel, which is larger than many neighbouring lots, presenting a clear opportunity for expansion, gardening, or simply enjoying more private outdoor space.

The home’s primary appeal lies in its value and potential. The assessed value is notably below averages for the street, neighbourhood, and city, positioning it as an accessible entry point into the market. The basement is noted as unrenovated, suggesting the property is a true blank canvas. It would suit a first-time buyer, an investor, or a hands-on homeowner looking for a project. The charm here isn't in move-in-ready finishes, but in the solid foundation, the considerable lot size, and the chance to add value through thoughtful updates. It’s a property for those who see the merit in a home’s underlying assets—land and location—over its current condition.

Section 2: Frequently Asked Questions

1. What does "below average" assessed value actually mean for a buyer?
It primarily indicates a lower municipal tax assessment, which can mean lower property taxes. It often reflects the home's unrenovated state and smaller size compared to broader averages. For a buyer, it signals a purchase price that may be more grounded in the lot value and fundamentals than in premium finishes.

2. The lot is large, but what can I realistically do with it?
Beyond gardening and outdoor living, the lot size provides flexibility for future additions like an extension, a large garage, or a workshop, subject to zoning and permit approvals. It's a long-term asset that adds a layer of future-proofing not found with a standard-sized lot.

3. How does the unrenovated basement affect living space and potential?
It means the current living area is confined to the main floor. The basement presents both a cost and an opportunity: it will require investment to finish, but it also allows you to create additional living, storage, or utility space exactly to your needs without undoing someone else's work.

4. The home is older. What should I be most concerned about?
While systems like roofing, plumbing, and electrical may have been updated over time, a focused inspection is crucial. For a 1928 home, particular attention should be paid to the foundation, insulation, and the condition of the original building materials to accurately budget for any necessary repairs or upgrades.

5. How does this home compare to the nearby properties listed as references?
It sits in the middle of the pack for the area in terms of size and assessed value. Compared to the newer builds on the list, it offers a larger lot and a lower entry cost at the expense of modern features. Compared to similar-sized older homes, its value is consistent, but its lot size is a distinguishing advantage.