Property Overview: 383 Marjorie Street, Winnipeg

Key Characteristics & Appeal

This 1918 one-storey home in King Edward presents a compelling mix of modest living space and significant land value. At 854 sqft with a renovated basement, the house itself is functional and updated, ranking around average for size within its immediate neighborhood and ward. The true standout feature is the lot: at 5,585 sqft, it is in the top 3% for land area on Marjorie Street and the top 7% in King Edward. This offers rare potential for expansion, gardening, or outdoor living in a city context.

The home’s assessed value is notably above average for both the street and the neighborhood, yet well below the citywide average, suggesting it is viewed as a solid asset within a more affordable, established community. It last sold in mid-2022. This property would suit a first-time buyer or an investor looking for a home with "good bones" and a renovated basement, where the value is anchored more in the land and location than in a large or modern dwelling. It’s for someone who sees potential in space and is comfortable with a character home, rather than someone seeking a turn-key, large suburban property.

Frequently Asked Questions

1. What does the "above average" assessed value for the street indicate?
It suggests the property is considered more valuable than many of its immediate neighbors, likely due to factors like the renovated basement and, especially, the very large lot size. It’s viewed as a premium property on its block.

2. The living area is below the city average. Is the house too small?
At 854 sqft, it is compact. However, the renovated basement adds functional space. The home may appeal to those seeking efficient, manageable living without the upkeep of a larger footprint, with the bonus of ample outdoor space.

3. How significant is the lot size practically?
A lot of this size (over 1/8 of an acre) is uncommon in older neighborhoods. It provides substantial private yard space, room for additions like a garage or workshop (subject to zoning), and a sense of openness rare for the area.

4. The home was built in 1918. What should I be concerned about?
While the basement is noted as renovated, a home of this age will have character but may also require attention to older plumbing, electrical systems, windows, and insulation. A thorough inspection is essential.

5. Why is the citywide assessed value comparison so different?
The citywide average includes many newer, larger homes in higher-value suburbs. This comparison highlights that this property exists in a more affordable market segment, offering entry into homeownership with a unique land advantage not typical of similarly priced properties elsewhere.