Property Overview: 388 Brooklyn Street, Winnipeg
Key Characteristics & Appeal
This is a compact, one-storey home built in 1912, situated on a standard city lot in the King Edward neighbourhood. Its defining characteristic is its scale: with just 520 square feet of living space and an assessed value significantly below local and city-wide averages, it stands as one of the most modest and affordable properties in Winnipeg. The home has no basement, garage, or pool.
Its primary appeal lies in its extreme affordability and low carrying costs, particularly for its land value within the city. It represents a rare entry point into homeownership with minimal property tax liability. This property would suit a very specific buyer: an investor looking for a low-cost asset with redevelopment potential, a hands-on individual seeking an ultra-budget-friendly renovation project, or someone interested in minimalist living who values location over square footage. It is not suited for those needing space or move-in-ready conditions.
A less obvious perspective is that a home of this size and value offers a unique freedom. The financial risk is exceptionally low, allowing for creative approaches—whether as a experimental housing project, a studio, or a long-term hold for future land assembly. Its price history suggests it trades more as a parcel of land with a structure, rather than a conventional house.
Frequently Asked Questions
1. What is the actual selling price?
The most recent recorded sale was in May 2017, with a public price range of $7,500 to $10,500. For the exact historical sold price, you can request the information directly via email from the listing source.
2. Is this a "tear-down" property?
Given its age, size, and assessed value being heavily weighted toward the land, it is a prime candidate for redevelopment or replacement. However, its heritage (being built in 1912) should be checked for any potential character or regulatory considerations before making plans.
3. Who would finance a purchase like this?
Traditional mortgage financing can be challenging for properties at this price point. Buyers should be prepared to explore alternative financing methods, such as private loans or cash purchases.
4. What are the ongoing costs?
The annual property taxes will be very low due to the minimal assessed value. Insurance and utility costs may also be lower than average due to the home's small size, though the age of the structure should be factored into maintenance planning.
5. Why is the city-wide average assessed value comparison so high ($390k)?
The city-wide average includes all types of homes. This property is in the bottom 2% of all Winnipeg properties for assessed value, highlighting its unique position as an outlier in terms of affordability and scale, not a typical family home.