Property Summary: 358 Elgin Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This is a historic one-and-three-quarter storey home in Winnipeg's Centennial neighbourhood, built in 1909. Its key appeal lies in its land value and potential, situated on a 3,276 sqft lot that is above average in size for the immediate area. The 1,239 sqft living space is also notably spacious compared to other homes on Elgin Avenue.
The property presents a clear value proposition for a specific type of buyer. The extremely low assessed and recent sale value (approximately $11,400) indicates a home in need of significant renovation or redevelopment. This makes it a candidate for investors, builders, or very hands-on homeowners looking for a footprint in a central neighbourhood. Its appeal is not in move-in readiness, but in the opportunity it represents—the chance to create new value on a well-sized lot in an established area. It's worth noting that while the home itself is older than most in the city, it is typical for its street, suggesting a neighbourhood with historic character.
Section 2: Frequently Asked Questions
1. Why is the assessed/sale value so low compared to other homes?
The value is primarily reflective of the current condition of the structure itself. At this price point, the value is likely anchored in the land, not the existing building, which is noted as having an unrenovated basement.
2. What does "One & 3/4 Storey" mean for this home?
This is a common historic Winnipeg style, typically featuring a full main floor and a second floor with sloping ceilings where the roofline begins, creating cozy but potentially limited upper-level space.
3. Is the lot size a good advantage?
Yes. The lot is larger than many on the same street and in Centennial, offering more outdoor space or future expansion potential than some neighbouring properties.
4. What should I budget beyond the purchase price?
Given the age, lack of noted renovations, and low valuation, buyers should budget for comprehensive updates. This includes essential systems (plumbing, electrical, heating), structural assessment, and modernization, or consider the cost of demolition and new construction.
5. How does the age of the home affect things?
Built in 1909, it offers classic charm but requires special attention. Considerations include potential for outdated materials (like knob-and-tube wiring or original plumbing), the need for insulation upgrades, and ensuring any renovations meet modern building codes while possibly preserving historical character.