Property Overview: 376 Parkview Street, Winnipeg
Section 1: Key Characteristics & Appeal
This one-storey home in King Edward presents a practical opportunity centered on its generous 5,424 sqft lot, which is notably larger than most in the immediate area and neighbourhood. The house itself is compact at 700 sqft of living space, with a renovated basement adding functional square footage. Built in 1947, it is typical for the area's vintage. A detached garage provides additional storage or workshop potential.
The primary appeal lies in the land itself. For a property with an assessed value that is average for the street, you are acquiring an above-average parcel of land. This creates a clear value proposition: the potential for expansion, gardening, or outdoor living in an established inner-city neighbourhood. The renovated basement also adds immediate utility.
This property would suit a first-time buyer or an investor looking for a manageable footprint with a low property tax burden, where future value may be driven by the land. It’s also a fit for someone who prioritizes private outdoor space over a large interior and is comfortable with a home that requires personalization. A less obvious perspective is that for a buyer interested in sustainable living, the large lot offers significant potential for urban gardening or landscaping that a newer, denser subdivision typically cannot.
Section 2: Frequently Asked Questions
1. Is the house in good condition?
The listing confirms a renovated basement, which is a positive sign. However, as a 79-year-old home, a thorough inspection is essential to understand the condition of major systems like the roof, wiring, and plumbing, which are not detailed in the data.
2. Why is the assessed value so much lower than the city-wide average?
The assessed value reflects the property's characteristics (smaller, older home) within its specific market context. It is aligned with averages for King Edward and Parkview Street, indicating it is priced for the local market, not the broader Winnipeg market which includes many newer, larger homes.
3. What can I do with such a large lot?
Beyond a spacious yard, the lot size offers future possibilities like adding an extension, a large garage, or a dedicated garden space. It’s important to first verify all local zoning bylaws and setback requirements with the city.
4. How does the sold history help determine current value?
The home sold in May 2020 for an estimated range of $21.5k-$24.5k. Comparing this to the current assessed value of $26.4k provides a benchmark for market movement over five years, but current local sales of similar homes are the most relevant indicator for today's value.
5. Are the property taxes low?
Yes, based on the assessed value being relatively low, the municipal property taxes would be correspondingly lower than for a higher-valued home, which is a key ongoing cost savings for the owner.