Property Overview: 378 Queen Street, Winnipeg
Key Characteristics, Appeal & Ideal Buyer
This is a compact, one-storey home built in 1912, presenting a unique proposition in Winnipeg’s King Edward neighbourhood. Its primary characteristic is its modest 584 sqft living area, which is notably smaller than most homes locally and citywide. However, this is balanced by a surprisingly generous land area of 5,867 sqft, placing it in the top 5% of lots in King Edward. The home has a basement but it is not renovated, and there is no garage or pool.
The appeal lies in its potential and land value. The very low assessed value reflects the home’s age, size, and condition, positioning it as an entry-point opportunity. The true standout feature is the large lot, which offers significant future potential for expansion, garden space, or redevelopment, subject to zoning. This property would suit a pragmatic first-time buyer, an investor looking for a land-value play, or a hands-on individual willing to live in a character home while planning gradual updates or a future build. It’s less suited for those seeking move-in-ready space or modern amenities without a renovation project.
Frequently Asked Questions
1. Why is the assessed value so much lower than the citywide average?
The assessed value is based on the current state of the property. The combination of a very small, aged home in original condition and a neighbourhood with comparatively lower average values results in this assessment. The value is primarily in the land.
2. What does the "Elite" ranking for Land Area mean?
It means this property’s lot size is larger than approximately 95% of other properties in the King Edward neighbourhood. This is its most competitive and distinguishing asset.
3. Is this a "tear-down" property?
Not necessarily. While the existing home is small and dated, it is habitable. The large lot provides options: living in and gradually improving the existing structure, adding an addition, or eventually redeveloping the site. The choice depends on the buyer’s goals, budget, and local regulations.
4. How reliable are the past sold price ranges shown?
The ranges are derived from public data. For precise historical sale figures, you must request the exact data via email from the source. The ranges indicate a trend of increasing value over the past decade.
5. What are the main considerations for living in a home this size?
Efficient use of space is essential. The layout of a 584 sqft home and the functionality of the unrenovated basement will be key factors. Buyers should consider their storage needs and whether the floorplan suits their lifestyle. The large outdoor space can effectively extend the living area in warmer months.