Property Overview
This 1955-built, one-storey home at 1598 Pritchard Avenue presents a straightforward opportunity centered on its land and location. With a detached garage and a living area of 912 sqft, the house itself is modest and functional. The primary asset is the 5,000 sqft lot, which ranks in the top 9% for size on its street and the top 20% within the Burrows-Keewatin neighbourhood. This generous parcel is a standout feature in an area where lots are typically smaller. The home last sold in April 2022 for $270k, a price that was above average for both the immediate street and the wider neighbourhood at that time, indicating a premium for its specific attributes.
The appeal here is largely for the practical buyer or investor. It suits someone looking for a lower entry point into the market with a clear value proposition: the land. It could be a fit for a first-time buyer comfortable with a smaller footprint, someone seeking a long-term hold with renovation potential, or an investor interested in the lot's future possibilities. The above-average assessed value for the street suggests the property is already recognized for its underlying value relative to its closest peers.
Frequently Asked Questions
1. Is the house in move-in condition?
The listing does not specify condition, but the home's age (1955) and modest living space suggest buyers should budget for updates or maintenance. A viewing and inspection are essential.
2. What makes the lot so valuable?
At 5,000 sqft, the lot is significantly larger than many in the immediate area. This provides more outdoor space, potential for additions, or future redevelopment options, which is reflected in its above-average sale price for the neighbourhood.
3. Why is the citywide assessed value so much lower than the recent sale price?
The citywide assessment comparison can be misleading as it includes all property types. The more relevant data points are the street and neighbourhood rankings, where its assessment is above average. The 2022 sale price of $270k is the clearer indicator of its market value.
4. Who would this property not suit?
It may not suit buyers seeking a modern, turn-key home or those needing significant interior space. The appeal is geared more towards the lot's potential than the current home's size or amenities.
5. How does the lack of a basement impact this property?
The listing notes "Basement: No," which is common for some one-storey designs. This means all living space is on the main floor, which can be a positive for accessibility, but it also reduces storage and potential for a developed lower-level living area.