501 Sprague Street

Property Overview & Key Characteristics

This 1924 one-storey home in Winnipeg's Wolseley neighbourhood presents a classic character property on a generous 3,936 sqft lot. Its key appeal lies in a balance of original charm and practical updates, notably a renovated basement. At 960 sqft of living space, the house itself is efficient, ranking highly for its size relative to nearby homes, suggesting a well-proportioned layout for its era. The detached garage and larger-than-average lot offer valuable flexibility and outdoor potential not always found in central neighbourhoods.

The property suits first-time buyers or downsizers seeking an established, walkable community without a massive footprint. Its assessed value is notably low for the area, which could indicate an opportunity for value-conscious buyers or those with a renovation budget, though it warrants due diligence. A thoughtful perspective is that while the home is over a century old, its lot size ranks in the top tier for the street, making the land itself a significant asset. The appeal is grounded in community and lot value as much as the house itself.

Frequently Asked Questions

1. Is the renovated basement a legal suite?
The listing notes a renovated basement but does not specify it as a legal secondary suite. Buyers should verify its compliance with local regulations with the city and their inspector.

2. How does the low assessed value impact property taxes?
A lower assessed value typically results in lower municipal property taxes, which is a financial advantage. However, the significant gap between the assessed value and likely market price should be discussed with a real estate professional to understand future assessment implications.

3. What does the "Top 42%" lot size ranking mean for this street?
This means the lot is larger than 42% of the 50 lots on Sprague Street. It indicates the property is on the upper half of the scale for lot size on its specific block, a positive for privacy and outdoor space.

4. The home is 102 years old. What should I prioritize during an inspection?
Beyond standard systems, focus on the foundation, roof age, wiring, plumbing updates, and the quality/permits for the basement renovation. The integrity of original materials in a home of this age is key.

5. How does this home compare to others in Wolseley?
The living area is smaller than many Wolseley homes (ranking in the top 13%, meaning 87% are larger), suggesting it's a more compact option. Its assessed value, however, is higher than 80% of neighbourhood homes, which may reflect its lot size, renovated basement, or specific location.