Property Overview & Key Characteristics
This 931 sqft, one-storey home at 494 Queen Street in Winnipeg's King Edward neighbourhood presents a practical and value-oriented opportunity. Built in 1976, it is notably newer than many homes in the immediate area. Its key appeal lies in its above-average assessed value for the street and neighbourhood, suggesting a solid investment relative to its peers, and its generous 5,171 sqft lot, which is larger than typical for King Edward. The home features a renovated basement, adding functional living space. It suits first-time buyers seeking an entry point into the market with room to grow, or value-focused investors looking for a property with strong fundamentals in a mature neighbourhood. Its average living space but above-average lot size hints at potential for expansion or outdoor enjoyment, offering a balance between a manageable home and a substantial piece of land.
Frequently Asked Questions
1. How does the assessed value compare to recent sale prices?
The home was last sold in August 2024 for between $32.5k and $35.5k, which is consistent with its current assessed value of $31.8k. This alignment suggests the assessment is current and the market value is stable.
2. What does the "above average" assessed value ranking mean?
While the assessed value is modest in absolute terms, it ranks in the top 21% on Queen Street and top 18% in the King Edward neighbourhood. This indicates the property is viewed as more valuable than most comparable homes around it, which can be a positive signal for equity.
3. Is the living space sufficient for a family?
At 931 sqft, the living area is around the neighbourhood average. Combined with the renovated basement, it provides adequate space for a small family or couple. The lot size is a significant compensating feature, offering ample outdoor space that many newer homes lack.
4. What are the implications of the home being newer than area averages?
Built in 1976, the home is decades newer than the neighbourhood average (1945-1948). This often translates to fewer immediate concerns with outdated major systems (like wiring or plumbing) found in much older heritage properties, potentially reducing near-term renovation costs.
5. How can I get the exact historical sale price?
The exact sold price is not published publicly. You can request it directly via the "Get exact sold price history" feature on the listing page. The service provider manually sends the accurate figure by email, typically by the end of the same day, without using your email for marketing.