255 Bowman Avenue

Property Overview

This one-storey home at 255 Bowman Avenue in Winnipeg's Chalmers neighbourhood is a property defined by its land and potential. Built in 1913, its key characteristic is a 3,003 sqft lot that is notably larger than most city lots, ranking in the top third for size on its own street. The house itself is modest, with 616 sqft of living space and an unrenovated basement, and it does not include a garage or pool.

The primary appeal lies in its value as a land play or a foundational project. The sizable lot offers room for expansion, gardening, or future outdoor amenities in a well-established area. With a very low assessed value and a last recorded sale price of $8,500 in 2019, it presents an exceptionally low entry point into the market. This property would suit a hands-on buyer looking for a blank-canvas investment, such as a builder, an investor planning a hold-and-develop strategy, or a DIY homeowner with the vision and budget to renovate or rebuild over time. It is less suited for those seeking a move-in-ready home or conventional amenities.

Frequently Asked Questions

1. What is the true condition of the home?
The listing notes an unrenovated basement, and given the home's age (1913) and very small living area, buyers should budget for significant updates or assume the value is primarily in the land. A thorough inspection is essential.

2. Why is the assessed value so much higher than the last sale price?
The last sale in 2019 was at a very low price point, likely reflecting the home's condition. The current assessed value, while still low for the city, may better represent the municipal valuation of the property, which heavily considers the lot size and location.

3. What are the possibilities for expanding or rebuilding on the lot?
The lot size is a major asset. Buyers should consult directly with the City of Winnipeg’s planning department to understand zoning bylaws, setback requirements, and the feasibility of building an addition or a new structure.

4. How does the property rank compared to others?
The data shows a mix: its lot size is above average for the street, but its living space is well below average in every category (street, neighbourhood, and city). This highlights the property's profile as a land-strong holding with a very small existing footprint.

5. Is this a good investment for a first-time buyer?
It could be, but with major caveats. The low cost provides a unique entry opportunity, but the potential for immediate, high-cost repairs is significant. It is best for a first-time buyer who is financially prepared for a project, values outdoor space over indoor square footage, and has a long-term improvement plan.