536 Prosper Street

Property Overview

This 1939 one-storey home on a generous 3,298 sqft lot in Archwood presents a specific and compelling opportunity. Its key appeal lies in the combination of a renovated basement, a detached garage, and a lot size that ranks in the top 15% of the neighbourhood. The living space is compact at 624 sqft, which is notably smaller than most in the area, suggesting a home focused on efficiency or one where the finished basement significantly adds to the usable space. The consistent increase in sold price over recent years indicates a steady trajectory in a sought-after location.

This property would suit a first-time buyer looking for a manageable footprint in a mature neighbourhood, an investor seeking a home with rental potential (particularly with a separate basement suite, if legally conforming), or a downsizer wanting a low-maintenance yard and the character of an established area. It’s less suited for those requiring substantial above-ground living space without plans to expand.

Frequently Asked Questions

1. Is the home’s smaller living area a concern?
While the 624 sqft main floor is compact, the presence of a renovated basement substantially increases the total usable living space. This layout can be very efficient and may appeal to those seeking a cozy, low-maintenance home.

2. What does the lot size ranking mean for me?
The lot ranks in the top 15% of the neighbourhood for size, meaning you have more outdoor space than most homes in Archwood. This is a valuable asset for gardening, entertaining, or future expansion, and is often a key driver of value in mature areas.

3. How does the assessed value relate to the likely selling price?
The assessed value is for municipal tax purposes. The recent sold price from late 2023 ($231,000) is a more current and direct indicator of market value, showing a healthy increase from its previous sale.

4. The home was built in 1939. What should I be aware of?
While the basement has been renovated, a home of this age may have original components like wiring, plumbing, or windows that could require attention. A thorough inspection is essential to understand the condition of these older systems alongside the newer renovations.

5. How does this property compare to others in the area?
The data shows this home sits on a larger-than-average lot but has a smaller-than-average main floor living area. This unique combination differentiates it from typical listings, offering more outdoor space at the potential trade-off of indoor space, unless the basement is fully developed.