Property Summary: 420 Elmhurst Road
Section 1: Overview & Appeal
This is a classic 1950s one-storey home in the established Varsity View neighbourhood, offering a rare and significant lot size of over 14,300 sqft. Its primary appeal lies in this exceptional land parcel, which ranks in the top 2% of all properties in Winnipeg for size, providing immense potential for expansion, gardening, or outdoor living. The house itself is a modest 944 sqft bungalow with an unfinished basement and a detached garage, representing a solid, no-frills structure on a premier piece of land.
The property is ideally suited for two main types of buyers: first, the visionary owner-occupant who sees the long-term value in the land and is prepared to renovate or eventually rebuild to create a custom home in a sought-after location. Second, it would appeal to investors or developers who recognize the unique redevelopment potential of such a large lot in a central neighbourhood. It’s less suited for those seeking a modern, move-in-ready home without future projects in mind.
Section 2: Frequently Asked Questions
1. What does the high land ranking actually mean?
It means the lot size is exceptionally large compared to almost all other properties in Winnipeg. This is the defining feature of the home, offering privacy, space, and options that are very difficult to find in the city.
2. The house seems small and older. What would I be buying?
You are primarily purchasing the land and location. The existing home provides a functional footprint but should be viewed as having value either as a cozy, simple dwelling or as a candidate for significant renovation to match the lot's potential.
3. Is the unfinished basement a drawback?
It depends on your plans. For some, it’s a blank slate to finish as they wish. For others, it means immediate living space is limited to the main floor's 944 sqft. It’s a factor in the current price and represents both a cost and an opportunity.
4. The "neighbourhood rank" for the building's age and size is low. Is that a concern?
Not necessarily. These rankings compare the existing house to others. In an older neighbourhood like Varsity View, many homes have been expanded or fully rebuilt. This property’s lower ranking on house size confirms it is one of the original, un-renovated properties—which is precisely what creates its redevelopment appeal.
5. How should I interpret the assessment value?
The municipal assessment of $299,000 is for tax purposes and reflects the property's current state as an older home on a large lot. The market value is typically influenced by the premium buyers are willing to pay for the rare land opportunity, which may differ from the assessed value.