Property Overview: 454 Parkview Street, Winnipeg
Key Characteristics & Appeal
This one-storey home on Parkview Street in King Edward presents a straightforward opportunity centered on its land and location. At 690 sqft, the living space is notably compact, ranking well below average for the street, neighbourhood, and city. However, the property is balanced by a generous 5,424 sqft lot, which is significantly larger than most in the immediate area. The home itself, built in 1954, is of average vintage for the community and features a renovated basement. Its assessed value is modest and in line with the local area.
The primary appeal lies in this land-to-building ratio. It’s a property where the value is more in the ground than in the structure, making it a potential long-term play for someone comfortable with a smaller footprint. It would suit a pragmatic first-time buyer, an investor looking for a land-hold, or someone seeking a low-maintenance base in a central Winnipeg neighbourhood. The recent sale in late 2024 suggests it’s a move-in ready home, but its true potential may be realized by a buyer who sees the large lot as future space for expansion, gardening, or simply as a rarity in the area.
Frequently Asked Questions
1. Is the house too small?
At 690 sqft, the living area is compact. It’s suitable for a single person, a couple, or someone who prioritizes efficient living and minimal upkeep over spacious interiors. The renovated basement provides additional functional space.
2. Why is the assessed value so much lower than the city-wide average?
The assessed value reflects the property's modest size, age, and its location within the King Edward neighbourhood. It is priced in line with local market norms, not with larger, newer homes in different areas of Winnipeg.
3. What is the significance of the large lot?
The 5,424 sqft lot is a standout feature, being larger than approximately 90% of lots in King Edward. This offers more outdoor space, potential for additions (subject to zoning), and a sense of privacy that is uncommon for properties at this price point.
4. How does the recent sale price compare?
The home sold for between $27.5k and $30.5k in September 2024. This placed it in the top 30% of sale prices for Parkview Street at that time, indicating strong demand for well-priced properties with its specific characteristics in the area.
5. What is the neighbourhood like?
King Edward is an established, central Winnipeg neighbourhood. The property’s direct context on Parkview Street consists of similar vintage, single-family homes. The data shows homes here are typically older and more modest in size, suggesting a stable, no-frills residential area.