Property Overview: 878 Manhattan Avenue, East Elmwood
Key Characteristics & Appeal
This is a compact, one-storey home built in 1942, situated on a notably large lot for the area. With 583 square feet of living space, the house is significantly smaller than most in the neighbourhood and city, positioning it as a minimalist or entry-level option. Its assessed value is correspondingly low. The basement exists but is noted as not renovated, presenting potential for future development or simple utility storage. A detached garage is included.
The primary appeal lies in its generous 5,162 sqft lot, which ranks in the top 10% for size on its own street. This offers rare potential for expansion, gardening, or outdoor living in this established area. The low assessment and modest home size translate to lower property taxes, a key financial consideration.
This property would best suit a first-time buyer or an investor comfortable with a smaller footprint, who values land size over finished living space. It’s a practical choice for someone looking to enter the market with a focus on future potential rather than immediate move-in condition. The large lot also makes it a candidate for a long-term hold, with the option to significantly improve or rebuild in the future.
Frequently Asked Questions
1. What does "basement not renovated" typically mean?
It usually indicates a functional but unfinished space. Expect a concrete floor and walls, with utilities exposed. It’s suitable for storage and laundry, but not designed as living space.
2. Why is the assessed value so much lower than the last sale price?
Municipal assessed value for taxes is often based on mass appraisal techniques and may not reflect current market value, especially for unique properties or after recent renovations not yet captured by the assessor.
3. Is the large lot a benefit for future building?
Potentially, yes. The lot size is well above average for the immediate area, which could provide more flexibility for additions, a garage workshop, or even a future rebuild, subject to local zoning bylaws.
4. How does the small living area compare to nearby homes?
This home is considerably smaller. Nearby comparables show living areas ranging from approximately 800 to 1,200 sqft, making this one of the most compact options in East Elmwood.
5. What is the significance of the detached garage?
A detached garage offers valuable storage or workshop space separate from the house. For a smaller home, this provides crucial extra space for vehicles, tools, or hobbies that won’t encroach on the primary living area.