Property Overview: 481 King Edward Street
Key Characteristics & Appeal
This is a compact, one-storey home built in 1910, offering a straightforward and affordable entry point into Winnipeg’s King Edward neighbourhood. With 730 square feet of living space and a recently renovated basement, it prioritizes function and livability over size. Its assessed value is notably below averages for the street, area, and city, indicating a lower property tax burden and a accessible price point.
The appeal lies in its practicality and potential. The detached garage adds valuable storage or workshop space, while the lot size is fairly typical for the immediate area. This property would suit first-time buyers, downsizers, or investors seeking a manageable, low-maintenance footprint. It’s for someone who values character and location over square footage, and who sees the below-average metrics not as drawbacks, but as an opportunity for a cost-effective home base in the city. A thoughtful perspective is that a smaller, older home like this often comes with proportionally lower utility costs and less space to furnish and maintain, aligning with a simpler, more efficient lifestyle.
Frequently Asked Questions
1. How does the small living area compare to nearby homes?
At 730 sqft, the living area is below the average for King Edward Street (~953 sqft) and the wider city. This confirms the home’s compact nature, but it’s a trade-off for the notably lower assessed value and purchase price.
2. What does the "below average" assessed value mean for me?
A below-average assessed value generally translates to lower annual property taxes compared to other homes in the vicinity. It’s a key factor in the overall affordability of this property.
3. The home was built in 1910. Should I be concerned?
The age indicates potential for character but also means systems like wiring and plumbing may be older. The renovated basement is a positive update. A thorough inspection is essential to understand the condition and any needed updates.
4. Is the lot size a disadvantage?
The land area of 2,903 sqft is actually around average for the King Edward neighbourhood. While smaller than the citywide average, it is consistent with local lots, offering a manageable yard without excessive upkeep.
5. Where can I find the exact historical sold prices?
The listing provides sold price ranges based on public data. To obtain the exact sale figures, you must request them directly via the email button provided on the listing page, as this information is verified and shared manually by the site.