Property Overview
This one-storey home at 360 Washington Avenue in Winnipeg's Chalmers neighbourhood presents a specific and practical opportunity. Built in 1946, its key characteristic is a generous 3,934 sqft lot that is above average for the local area, paired with a modest 676 sqft living footprint. The home features a detached garage and a renovated basement. Its most recent sale was in December 2021 for $240,000.
Section 1: Key Characteristics & Appeal
The primary appeal of this property lies in its land-to-building ratio. The lot size is substantial for the neighbourhood, offering valuable outdoor space, potential for expansion, or gardening in a city where larger lots are increasingly rare. The renovated basement adds functional living space, compensating for the compact main floor. With an assessed value that is above average for Chalmers but below the city-wide norm, it sits in a unique value position.
This home would best suit a pragmatic buyer—perhaps a first-time homeowner, downsizer, or investor—who prioritizes land potential over immediate square footage. It’s for someone comfortable with a cozy main living area who sees value in the flexibility a large lot and a finished basement provide. It’s less suited for those seeking a move-in-ready home with ample above-ground rooms.
Section 2: Frequently Asked Questions
1. Is the house too small?
At 676 sqft, the main living area is compact, well below neighbourhood and city averages. The renovated basement provides crucial additional space, making the total usable area more functional. Buyers should view it as a bungalow with significant below-grade living space.
2. Why did the price jump from $20,600 in 2016 to $240,000 in 2021?
The 2016 sale price is characteristic of a nominal, likely non-arms-length transaction (such as between family members) and does not reflect market value. The 2021 sale of $240,000 is the relevant, market-based purchase price.
3. What can I do with such a large lot?
The lot is the standout feature. It offers room for additions like a shed, workshop, or expansive garden. Future expansion of the home itself may also be a possibility, subject to local zoning regulations.
4. How does the assessed value relate to market value?
The assessed value for taxation ($23,900) is not an indicator of market value. Market value is better reflected by the 2021 sale price of $240,000 and current local comparables. Assessments are typically lower and used for calculating property taxes.
5. What is the neighbourhood like?
The Chalmers area features homes of similar vintage, offering established community character. The property's lot size and assessed value rank above average within this specific neighbourhood, suggesting it is a solid holding within its immediate context.