Property Overview & Key Characteristics
This one-storey home at 1003 Beach Avenue in East Elmwood presents a practical and value-oriented opportunity. Its key appeal lies in a combination of a generous, above-average lot size and a recently renovated basement, offering potential for flexible living space. While the 964 sqft living area is modest and typical for the immediate neighborhood, the property stands out with a land area of over 5,150 sqft, providing valuable outdoor space that is well above the local average. The home’s assessed value is notably strong for the East Elmwood area, suggesting it is viewed favorably relative to its peers.
This property would suit first-time buyers or downsizers looking for a manageable single-level layout in a stable neighborhood, with the renovated basement adding immediate utility. It’s also a sensible fit for a value-conscious buyer who prioritizes land size over a large interior footprint, seeing potential for future expansion or gardening. A less obvious perspective is that the significant difference between its strong local assessed value and its below-average citywide assessment highlights a property that is a standout in its specific community context, rather than the broader market.
Frequently Asked Questions
1. How does the living space compare to the neighborhood?
The living area is 964 sqft, which is around the average for both Beach Avenue and the wider East Elmwood area. It offers a comfortable size for the neighborhood but is below the citywide average.
2. What does the above-average assessed value indicate?
The home’s assessed value ranks in the top 21-24% for East Elmwood, meaning it is valued higher than most comparable local properties. This often reflects factors like lot size, condition, or recent improvements like the basement renovation.
3. Is the large lot size unusual for this area?
Yes. The lot of 5,155 sqft ranks in the top 20% for East Elmwood, making it a significant feature. It provides more private outdoor space than most nearby homes.
4. What might the sale history suggest?
The home sold in early 2019 and again in early 2023. The more recent sale can provide a concrete benchmark for current market value, while the two sales in a relatively short period may indicate a previous investor or quick turnover, worth investigating further.
5. Who might this home not suit?
Buyers seeking a move-in-ready, modern open-concept layout or substantial above-grade square footage may find the 1955-built, one-storey footprint limiting. It is better suited for those comfortable with a classic layout who value basement space and yard size.