Property Summary: 393 Union Avenue W, Winnipeg
Key Characteristics & Appeal
This one-and-a-half storey home, built in 1907, presents a straightforward opportunity in Winnipeg's Chalmers neighbourhood. Its primary appeal lies in its value proposition and potential. With a modest assessed value and a recent sale price of $26,500, it stands as one of the most accessible entry points into the market. The living area of 1,185 sq ft is notably above average for both its street and neighbourhood, offering more interior space than many comparable properties.
The home suits a specific type of buyer: the hands-on investor or the value-conscious purchaser willing to take on a project. It has an existing but unrenovated basement, presenting clear potential for additional living space or storage. The lot size is standard for the area, providing typical outdoor space. This property is less about move-in readiness and more about foundation and possibility. It would appeal to those looking to build equity through renovation, or who require a primary residence with a very low initial cost, accepting that updates will be part of the journey.
Frequently Asked Questions
1. What does "one-and-a-half storey" mean for this home?
Typically, this style features a full main floor and a second floor with sloping ceilings where the roofline begins, often creating cozy but character-filled bedrooms or spaces. Given the 1907 build date, expect classic layouts and original architectural details.
2. The assessed value is significantly lower than the city average. What does this indicate?
The low assessed value primarily reflects the home's age, condition, and market position in its area. It suggests the property is valued largely for its land and structure in its current state, not for updated finishes or amenities. This is common for older homes awaiting modernization.
3. How does the living area compare to nearby homes?
The living area is a strong point. At 1,185 sq ft, it ranks in the top 17% for the neighbourhood, meaning it offers more interior space than most similar homes in Chalmers. This provides a solid canvas for renovation.
4. What should I consider about the unrenovated basement?
An unrenovated basement means the core systems (like plumbing, electrical, and foundation) are likely in their original or older state. While it offers potential, any development will require proper permits, potential moisture mitigation, and significant investment to bring it to modern living standards.
5. The home sold recently in 2021. What does that recent sale history suggest?
The sale two years ago for $26,500 indicates a very active market for value-priced properties in the area. It suggests the property is seen as a viable project or holding asset. For a new buyer, it's worth investigating what, if any, changes have been made since that last sale.