Property Overview: 50 Renfrew Street, Winnipeg

Key Characteristics & Appeal

This property at 50 Renfrew Street in the Sir John Franklin neighbourhood presents a unique opportunity centered on its land value and location. The primary asset is a spacious 4,214 sqft lot, which ranks within the top 18% for size on its street. While specific details on the building itself (like year built, living area, and type) are not provided, the financial metrics are telling. It holds a relatively low assessed value of $27,300, placing it in the top 9% of the street (meaning it's among the lowest-valued properties there), and it last sold for $29,500 in late 2021.

The appeal lies in its potential. It suits a specific type of buyer: those looking for a land play in a well-established area, possibly a builder, developer, or a homeowner planning a custom project. The lot size is significantly larger than many nearby reference properties, suggesting room for expansion or redevelopment. The low assessed value indicates the current structure likely adds minimal value, making this primarily a land purchase. A thoughtful perspective is that this represents a strategic entry point into a mature neighbourhood, where the value of future improvements could be substantial relative to the current acquisition cost. It’s a property for a buyer focused on future potential rather than immediate move-in condition.

Frequently Asked Questions

1. Why is the assessed value so much lower than nearby homes?
The assessed value is based on the current state of the property. Given the low value and lack of listed details like living area, it strongly suggests the existing structure is minimal, possibly a very small home or even a tear-down, making the land the key valued component.

2. What can I actually build on this lot?
This is the most critical question. You would need to consult the City of Winnipeg’s zoning bylaws for the property to understand permissible building types, size (FAR), height, and setback requirements. The large lot is an advantage, but specific plans require due diligence.

3. Are utilities connected and suitable for a new build?
Prospective buyers must verify the status and capacity of water, sewer, gas, and electrical connections to the lot. For a new construction, ensuring the existing service lines are adequate or can be upgraded is an essential step and potential cost factor.

4. How does the low sale price from 2021 affect my purchase offer?
The 2021 sale price establishes a recent market benchmark, but it is not a direct determinant of current value. Market conditions, material costs, and interest rates have shifted since then. Your offer should be based on a current appraisal of the land's value and development potential.

5. What are the immediate costs or liabilities with the existing structure?
If a structure exists, costs for securing, maintaining, or eventually demolishing it must be factored in. This includes potential hazards like asbestos, and securing the necessary permits for demolition, which adds to the project timeline and budget.