Property Overview & Key Characteristics

This 1973 bi-level home at 198 Sterling Avenue in Winnipeg's Meadowood neighbourhood presents a practical and value-conscious opportunity. Its key appeal lies in a combination of a generous, well-sized lot and a recently renovated basement, offering immediate livability and future potential. With 828 sqft of living space, the home itself is compact, but the lot size of 5,498 sqft is a significant asset, ranking in the top 3% on its street. This provides ample outdoor space for gardening, play, or expansion.

The home’s assessed value is notably higher than many on the street, suggesting above-average condition or improvements for the area. The renovated basement adds functional living space without the immediate need for investment. Its location in Meadowood offers established community feel with mature infrastructure.

This property would suit first-time buyers seeking an entry point into homeownership with a manageable footprint and no major renovation projects, or practical investors looking for a solid rental property with a desirable lot size. It’s a home that prioritizes land value and move-in readiness over square footage.

Frequently Asked Questions

1. Is the lot size a typical feature for this area?
No, the lot is a standout feature. At nearly 5,500 sqft, it is significantly larger than most on the street (top 3%), offering more private outdoor space than many comparable homes in Meadowood.

2. What does the "renovated basement" likely include?
While specific finishes aren't listed, a renovated basement in a home of this era and assessment value typically means it has been finished into a livable space with proper flooring, drywall, and lighting, possibly including a recreation room or additional bedroom.

3. How does the assessed value compare to the asking price?
The provided assessed value is $33,600. It is important to note that municipal assessments are for tax purposes and often lag behind market value. The actual listing price will reflect current market conditions, the renovated basement, and the premium lot size.

4. There's no garage. Is adding one feasible?
Given the large lot size, there is likely physical space to add a garage or carport in the future, subject to local zoning bylaws and setback requirements. This is a key advantage over properties on smaller lots.

5. The living area is modest. How does the bi-level design affect the feel of the space?
Bi-levels typically feature a split entry, with living areas on one level and bedrooms on another. This can make the 828 sqft feel more efficient and defined than a single-story layout of the same size, but it also means some daily use of stairs.