Property Overview
This one-storey home at 366 Washington Avenue in Winnipeg's Chalmers neighbourhood presents a specific and straightforward opportunity. Built in 1946, its key characteristic is a modest 572 sqft living area, which is notably compact compared to most homes in the city. It sits on a decently sized lot of nearly 4,000 sqft, which is above average for the local area. The property features a basement (not renovated) and no garage. Its recent sale price and assessed value are consistently low, hovering around the $19,000 mark.
The primary appeal lies in its land value and affordability. The lot size offers potential for expansion, gardening, or outdoor space that the house itself does not provide. It suits a very specific type of buyer: an investor looking for a land-hold or redevelopment project, a hands-on individual seeking an extremely affordable entry into homeownership with plans to substantially renovate or rebuild, or someone needing a minimal footprint without the burden of a large mortgage. It is not suited for those seeking a turn-key or spacious ready-to-live-in home.
A less obvious perspective is that this property represents a pure value play on the neighbourhood itself. With a value almost entirely tied to the land, it allows an owner to benefit from any broader appreciation in Chalmers with very little capital tied up in the building structure.
Frequently Asked Questions
1. Is this a live-in ready home?
No. With its very small living area and an unrenovated basement, it is best considered a project property. It would likely require significant updates and potentially an expansion to suit modern living standards for most buyers.
2. Why is the assessed value so much lower than the city-wide average?
The assessed value reflects the property's very small size, age, and basic condition. City-wide averages include much larger, newer, and more updated homes. Here, the value is driven more by the land than the existing structure.
3. What are the main opportunities with this property?
The main opportunities are the sizable lot for its area and the low entry cost. For the right buyer, this could be a long-term land investment, a foundation for a major renovation or addition, or a complete rebuild in the future.
4. How does it compare to other homes on Washington Avenue?
The data shows it has a larger-than-average lot for the street but a significantly smaller living area than most neighbours. Its value and age are generally around the street's average, indicating it fits the area's profile aside from its compact size.
5. What should I consider before viewing?
Prospective viewers should have a clear budget for immediate necessary repairs and a realistic plan for how they intend to use the space. It's essential to verify zoning bylaws regarding potential expansions or rebuilds and to get a thorough inspection to understand the full condition of the foundation, roof, and mechanical systems.