225 Melbourne Avenue

Property Overview

This one-storey home on a generous 3,566 sqft lot in Munroe West presents a straightforward opportunity. Built in 1922, its key appeal lies in its established neighbourhood setting and the value derived from its land size, which ranks within the top 15% on its street. The 821 sqft living area is compact but ranks well compared to Winnipeg overall. A detached garage and a full, unrenovated basement add functional potential. The home sold very recently in July 2024.

Its primary appeal is for the practical buyer who sees foundational value. It suits a first-time buyer comfortable with a home that may require updates, or an investor looking for a land-strong property in a mature area. The recent sale suggests it was likely priced for quick occupancy or renovation potential, rather than as a turn-key property. Its strength isn't in modern finishes, but in its lot size and location within a stable, older neighbourhood.

Frequently Asked Questions

1. What is the immediate neighbourhood like?
The home is on a street of similar vintage properties. The lot size ranking suggests it's among the larger properties on the block, offering a bit more space than many of its immediate neighbours.

2. What should I know about the basement?
The listing confirms a full basement exists but notes it is "not renovated." Buyers should budget for potential moisture management, insulation, and finishing to make it a comfortable living or storage space.

3. How does the recent sale affect the value?
The July 2024 sale provides a very current market price benchmark. For a new buyer, it establishes a clear recent comparable, but it also means the property is changing hands quickly, so understanding the context of that sale (e.g., condition, motivation) would be important.

4. Is the house small for a family?
At 821 sqft, the main floor living space is compact. The unrenovated basement does offer future expansion potential, but as-is, the layout may suit a smaller household, a couple, or a single buyer.

5. How does it compare to nearby homes?
The data shows nearby comparable properties on Melbourne Avenue have similar assessed values. However, this home's lot is larger than many, which is a key differentiator. The "Worth viewing" suggestion of 381 Melbourne Ave has a significantly lower assessed value and smaller living area, highlighting that this property sits at a different point in the market.