Property Overview: 468 Queen Street, Winnipeg
Key Characteristics & Appeal
This one-storey home at 468 Queen Street in the King Edward neighbourhood presents a unique value proposition centered on its land. Built in 1949, the 728 sqft living area is modest and below average for the city, but it sits on an exceptionally large lot of over 7,000 sqft. This lot size is in the top 2% for the King Edward area, offering rare potential for expansion, gardening, or outdoor space that is hard to find in the city core. The home features a renovated basement and a detached garage.
Its primary appeal lies in this land-to-structure ratio. For the assessed value, the property is priced more for its location and lot than for its interior square footage. It suits a specific buyer: someone looking for a footprint in a central neighbourhood who is comfortable with a smaller, older home and sees value in the land itself—whether for future renovation, adding a suite, or simply enjoying a large private yard. It’s a practical entry into homeownership in Winnipeg, where the value is anchored by the property’s potential rather than its current finished size.
Frequently Asked Questions
1. Is the house itself in good condition?
The listing notes a renovated basement, suggesting some updates. However, as a home built in 1949 with below-average living area, a prospective buyer should budget for a thorough inspection. The value here is significantly in the land, so the condition of the existing structure should be carefully evaluated.
2. Why is the assessed value relatively high for a smaller home?
The assessed value of $290k reflects the property as a whole, not just the house. The lot is exceptionally large for the area (top 2% in King Edward), which is a major driver of its value. It’s assessed more in line with its land potential than its current interior space.
3. What can I do with such a large lot?
The lot size offers flexibility that is uncommon in the city. Potential uses, subject to city zoning bylaws, could include a significant garden, adding a large addition, building a detached workshop or studio, or creating ample recreational space. It’s the property’s defining feature.
4. How does the recent sold price compare?
Public data indicates it sold for between $315,000 and $345,000 in September 2024. This sale price, above the assessed value, likely reflects market recognition of the lot's premium value and potential.
5. What is the King Edward neighbourhood like?
King Edward is a central, established Winnipeg neighbourhood. The property’s metrics show it is typical for the area in terms of age and assessed value, but the lot size is a standout feature. Buyers should explore the specific block and nearby amenities to see if the community feel aligns with their lifestyle.