Property Overview
This one-storey home at 381 Bowman Avenue in Winnipeg's Chalmers neighbourhood presents a specific and straightforward opportunity. Built in 1913, it sits on a 2,640 sqft lot with a modest 620 sqft living area and a detached garage. The home has a basement, but it is not renovated. Key metrics show its lot size is above average for its immediate street, while the living area is notably compact compared to most local and city-wide benchmarks. Its most recent sale was in January 2023.
Key Characteristics & Appeal
The primary appeal of this property lies in its land and location, rather than the existing house. The lot is larger than many on the same street, offering valuable outdoor space or future expansion potential in a settled neighbourhood. With a very modest assessed value and sale price, it represents one of the most accessible entry points into homeownership in Winnipeg. This is not a move-in-ready dream home; it’s a pragmatic base for a specific buyer.
It would best suit a hands-on buyer looking for a long-term project, such as a first-time purchaser with renovation skills or an investor planning a gradual overhaul. Its low financial barrier makes it a candidate for a "land value" purchase, where the existing structure is maintained affordably while equity builds, or eventually replaced. It’s less suited for those needing immediate, modern living space or who are unwilling to undertake updates.
Frequently Asked Questions
1. What is the true condition of the house?
The listing explicitly notes the basement is "not renovated," which often signals it may require significant work. Given the age (1913) and compact living area, prospective buyers should budget for thorough inspection, focusing on foundational, electrical, and plumbing systems common in century-old homes.
2. Why is the living area so much smaller than average?
At 620 sqft, the home is significantly smaller than most in the area. This reflects its older design and suggests a layout with fewer rooms. It highlights that the property's value is disproportionately tied to its lot rather than its interior square footage.
3. Is the lot large enough to consider building a new home?
At 2,640 sqft, the lot is a good size for the street. While subdividing is unlikely, the lot could potentially accommodate an addition or a full rebuild, subject to City of Winnipeg zoning bylaws and setback requirements. This is a key question for a buyer viewing this as a long-term redevelopment project.
4. How does the assessed value compare to the sale price?
The assessed value is $15.80k, and it last sold for $15.30k in early 2023. This close alignment is uncommon in hotter markets and indicates the market price is closely tied to its official valuation, not speculative potential. Taxes would be correspondingly low.
5. What is the neighbourhood like for investment or living?
Chalmers is an established neighbourhood. The "for reference" comparable sale at 396 Bowman Avenue (a larger home on the same street) had an assessed value of $21.30k, suggesting a stable, low-value market. It's a community where value accrues slowly, appealing to those seeking affordability over rapid appreciation.