407 Olive Street

Property Overview & Appeal

This 1955-built, one-storey home on Olive Street in Silver Heights presents a specific and compelling opportunity. Its key characteristic is a generous 5,872 sqft lot, which ranks in the top 38% for size within the established neighbourhood. This large, private outdoor space is the property's primary asset, offering significant potential for gardening, expansion, or simply enjoying ample room in a mature area. The home itself is modest at 884 sqft, which, while smaller than many nearby homes, results in a notably low municipal assessed value. This combination creates a unique value proposition: a lower entry point into a stable neighbourhood with the land to potentially customize or build equity over time.

The appeal lies in this land-to-structure ratio. It suits a practical buyer looking for a foothold in a well-ranked Winnipeg community like Silver Heights, who sees potential beyond the existing footprint. This could be a first-time buyer comfortable with a smaller living space who prioritizes yard size, an investor considering future development (subject to zoning), or someone seeking a manageable property with the option to renovate or expand later. It’s a property for those who value land and location over immediate square footage, offering a blank canvas relative to its larger, more expensive neighbours.

Frequently Asked Questions

1. Why is the assessed value relatively low compared to nearby homes?
The assessed value is primarily based on the existing structure's size, age, and condition. At 884 sqft, the living area is significantly smaller than many comparable homes in Silver Heights, which directly influences the assessment despite the lot size being above average.

2. What does the "rank by area" and other rankings mean?
These percentile rankings compare this property against others on the same street, in the neighbourhood, and across Winnipeg. For example, the lot size being in the "Top 38% in neighbourhood" means it's larger than 62% of lots in Silver Heights, highlighting the parcel's scale as a key feature.

3. Is the large lot a good opportunity for an addition or new build?
The substantial lot size certainly provides the physical space for potential expansion or redevelopment. Any significant changes would require thorough due diligence, including checking City of Winnipeg zoning bylaws, setback requirements, and obtaining the necessary permits.

4. How does the smaller living area impact livability?
The 884 sqft layout will be compact, likely with fewer rooms or smaller common areas than modern expectations. It suits minimalist living, smaller households, or those who envision reconfiguring the interior space. The detached garage adds valuable storage to offset the smaller interior.

5. The home is 71 years old. What should I consider?
As with any home of this vintage, the condition of major systems (roof, plumbing, electrical, foundation) is paramount. A thorough inspection is essential. The positive perspective is that many homes from this era in established neighbourhoods are built on solid foundations and have stood the test of time, often with updated components.