Property Overview: 311 Melrose Avenue W
Key Characteristics & Appeal
This home presents a distinct value proposition centered on space and location. Built in 1946, its 1,112 sqft living area is notably larger than many comparable homes on its street and in the broader Melrose area, placing it in the top 23% for size locally. This offers more room than typical for the neighbourhood. The lot is a standard 4,200 sqft, consistent with area norms.
The primary appeal lies in a significant contrast: while the home offers above-average living space for its immediate area, its assessed value of $190k is well below averages at every geographic level—street, area, and city-wide. This disconnect suggests potential value for a buyer willing to invest in updates. The last known sale was between $150k-$200k around 2020.
It would suit a practical buyer or investor looking for a larger footprint in an established neighbourhood without a premium price tag. It’s a candidate for a live-in renovation, offering the space to grow into, or a solid rental property basis given the lot size and square footage relative to its valuation.
Frequently Asked Questions
1. Is the low assessed value a concern?
Not necessarily. It primarily indicates the city’s valuation for tax purposes is low relative to other homes, which can mean lower property taxes. It often reflects the home’s age and condition rather than its market potential or land value.
2. How does the living area compare to a typical new home?
While above average for its 80-year-old neighbourhood, the living space is modest by modern city-wide standards, where averages are closer to 1,342 sqft. It offers more room than nearby peers but in a classic, older layout.
3. What does the sold price history tell us?
The 2020 sale range ($150k-$200k) and current assessed value ($190k) suggest a stable value bracket. The wide range indicates the final price is highly sensitive to the home’s condition and updates, more so than newer properties.
4. Are the nearby similar-value properties good comparables?
The listed comparables with the same assessed value are all apartment units, not single-family homes. This highlights that 311 Melrose Avenue W, as a house on a 4,200 sqft lot, represents a different type of asset entirely at this price point.
5. What’s the main takeaway from the neighbourhood rankings?
The data paints a picture of a home that is a standout for size within its local context but is priced (and assessed) like a much more modest property. This creates an opportunity centred on the existing structure and land, rather than the finish level.