Property Overview
This one-storey home at 415 Washington Avenue in Winnipeg's Chalmers neighbourhood presents a specific and compelling value proposition. Built in 1950, it sits on a 4,001 sqft lot, which is notably larger than many in the immediate area and neighbourhood. The home itself is modest in size at 728 sqft of living space and features a renovated basement and a detached garage. Its assessed value is consistently above average for its street and Chalmers, yet remains well below the citywide average, indicating a significant value opportunity rooted in its land and location rather than its structure.
Key Characteristics & Appeal
The primary appeal of this property lies in its land value and potential. The lot size is a standout feature, offering more outdoor space than most comparable local properties. This, combined with a recently renovated basement, suggests a solid foundation for future expansion or customization. The home would suit a pragmatic first-time buyer, an investor looking for a property with strong land value, or someone seeking a lower-cost entry into a mature neighbourhood with the vision to renovate or rebuild over time. It’s less suited for those seeking immediate move-in condition or ample above-ground living space. A thoughtful perspective is that this property represents a "blank canvas" opportunity in an established area, where the value is disproportionately held in the land itself, offering a hedge and future flexibility that smaller lots do not.
Frequently Asked Questions
1. Why is the assessed value so much lower than the Winnipeg average?
The assessed value reflects the home's modest size and age relative to the city's overall housing stock. Value here is driven more by the land size and neighbourhood comparables than by the building's attributes, which is typical for older, character neighbourhoods.
2. What does having a "renovated basement" typically include?
While specifics would require a viewing or disclosure statement, a renovated basement in a home of this era often means updated finishes, improved livability, and possibly a separate entrance. It's important to verify the quality of the renovation, permits, and its intended use (e.g., additional living space, rental suite).
3. How does the lot size compare practically to nearby homes?
At 4,001 sqft, the lot is larger than about 75% of homes in Chalmers. This provides more yard space, greater distance from neighbours, and potentially more flexibility for additions, landscaping, or parking than is typical for the area.
4. Is the detached garage a standard feature for the area?
Detached garages are common in neighbourhoods with homes from this era. It offers useful storage or workshop space but may require consideration for winter access and maintenance separate from the house.
5. What is the significance of the sale history?
The home sold for $20.4k in 2017, and its assessed value has since risen to $25.6k. This history indicates a stable and slowly appreciating asset in the local context, but it's essential to understand the specific circumstances and condition of the 2017 sale.