Property Overview: 420 Brooklyn Street, Winnipeg
Key Characteristics & Buyer Profile
This is a compact, one-storey home built in 1918, situated on a notably generous lot for its King Edward neighbourhood. With 640 sqft of living space, it is significantly smaller than most Winnipeg homes, placing it in the bottom 2-3% citywide for size. Its assessed value is correspondingly low, ranking in the bottom 3% of the city. The appeal here is fundamentally about the land—at 3,590 sqft, the lot size is well above average for both the immediate street and the broader area, offering rare potential in a central location. The home itself represents a straightforward, low-cost entry into the market.
This property would suit a specific buyer: a hands-on individual or investor looking for a land-value play or a foundational project. It’s ideal for someone with renovation or rebuilding plans who is motivated by lot size and location over move-in-ready condition. Given the modest scale and assessed value, it could also serve as an ultra-affordable starter home for a buyer comfortable with a cozy footprint and willing to make gradual improvements.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
The assessed value reflects the home's very small size (640 sqft) and age. It is primarily based on the existing structure's value, not the potential of the large lot, making the official assessment low compared to newer or larger homes.
2. What can I do with such a large lot for a home of this size?
The generous lot is the key feature. It provides ample outdoor space, rare for the area, and creates significant potential for future expansion, additions, or even redevelopment, subject to local zoning bylaws.
3. How does the recent sale history inform the current price?
The home sold in 2019 for a price range between $9.5k and $12.5k. This historical price, combined with the current low assessed value, underscores its position as a property where value is tied to the land and future potential rather than the existing structure.
4. Are there any major concerns with a home built in 1918?
While the year built is around average for its street, a home of this age will likely require updates to mechanical systems, insulation, and wiring. A thorough inspection is essential to understand the condition and any needed repairs.
5. Who are the most likely neighbours or comparable properties?
The immediate neighbours are similar-sized homes on Brooklyn and Berry Streets. Interestingly, properties with a similar assessed value citywide are often condominium units, highlighting that this is one of the few detached homes available at this price point, albeit with a project-ready condition.