507 Best Street – Property Summary
Key Characteristics & Buyer Profile
This 1961 home on Best Street offers 1,143 square feet of living space on a 5,136-square-foot lot, with an assessed value of $296,000. Its main appeal is relative value on a strong street. The property ranks in the top third on its street for living area and lot size, and the home is slightly older than many nearby homes—but the assessed value is well below the street average ($329,200), landing near the bottom (96th percentile). This creates an opportunity for a buyer looking to get into a desirable pocket at a lower entry point, especially one who is comfortable with a home that may need updates or cosmetic work. The lot is above-average for the street (top 26%) but below-average within the broader Westwood neighborhood. This property would suit a budget-conscious buyer—likely a first-time homeowner or someone willing to invest sweat equity—who prioritizes location and lot size over a move-in-ready interior. It is less suited for someone seeking a modern, low-maintenance home or top-tier finishes within the neighbourhood.
Frequently Asked Questions
1. How does this home’s assessed value compare to others in Westwood?
The assessed value of $296,000 is below the neighborhood average of $392,100, ranking in the bottom 3% locally. It’s also below the citywide average for comparable homes ($390,100). This gap likely reflects the home’s age and condition relative to its neighbours, not necessarily the land value.
2. Is the lot size unusually small or large for the area?
The lot is 5,136 square feet. That’s slightly above average for Best Street (5,250 sqft) but notably smaller than the Westwood neighborhood average (6,491 sqft). So while it’s a generous lot for the immediate street, it’s on the smaller side within the broader neighbourhood.
3. Why is the rank on the street so different from the rank in the neighbourhood?
The home ranks well on its street for lot size and year built (top 26% in both), but poorly in the wider Westwood area (bottom 13%). This suggests Best Street is a pocket of older, smaller homes compared to the rest of the neighbourhood—meaning you get a relatively strong position locally, but the area around it generally has larger, newer, and higher-valued properties.
4. What does the “rank by living area” mean here?
The living area rank compares the home’s square footage to other similar homes in the same scope. On Best Street, it ranks 17th out of 50 (top 34%), meaning 16 homes are larger and 33 are smaller. Citywide, it’s near the middle (top 56%). So the home is average-sized for its street and roughly typical for Winnipeg overall.
5. Would this property likely need renovations, and is that reflected in the price?
The low assessed value relative to the street and neighbourhood, combined with a 1961 build date, often indicates the home hasn’t been significantly updated or is in original condition. The price appears to reflect that—buyers should expect some degree of updating, from cosmetic to more structural, depending on what’s been done. The value proposition is in the location and land rather than the current finishes.