564 Washington Avenue

Property Overview

This one-storey home at 564 Washington Avenue in Winnipeg's Chalmers neighbourhood presents a practical and well-situated opportunity. Built in 1959, it sits on a notably generous 4,402 sqft lot, which is larger than most in the immediate area and neighbourhood. The home itself is compact at 964 sqft of living space, but it features a renovated basement. A detached garage completes the property.

Its primary appeal lies in the combination of a sizable, potentially versatile lot and the updated basement space within a mature community. The home’s assessed value ranks highly for its specific street and neighbourhood, suggesting it is viewed favorably in a local context, even if it sits below the city-wide average. This property would suit a first-time buyer, an investor, or someone looking for a manageable footprint with room to potentially expand or enjoy outdoor space. It’s a home that offers more potential than prestige, with value rooted in its land and location rather than its square footage.

Frequently Asked Questions

1. How does the lot size compare to others?
The land area of 4,402 sqft is significantly above average for both Washington Avenue and the broader Chalmers neighbourhood, placing it in the top 30% and 19% respectively. This is one of the property's standout features.

2. What does the "renovated basement" include?
The listing confirms the basement is renovated but does not specify the extent or finish. This would be a key point to clarify with the seller or agent to understand if it’s a finished living space, a modernized utility area, or something in between.

3. Is the assessed value a reliable indicator of the sale price?
Not directly. The assessed value for municipal taxes is $28,300, but the home last sold in 2016 for $230,000. Assessed value is used for tax calculations and can differ greatly from current market value, which is influenced by broader market conditions.

4. The living area is noted as "below average" city-wide. How does the home feel?
At 964 sqft, the main floor living space is compact. However, the renovated basement likely provides additional functional space. The home may appeal to those seeking efficient, low-maintenance living, with the large lot offering a sense of openness the interior footprint does not.

5. What is the context of the 2016 sale price?
The property sold for $230,000 eight years ago. This figure provides a historical benchmark, but it is not a predictor of current value. Market trends, property condition updates since then, and interest rates have all changed significantly.