Property Overview: 362 Bowman Avenue, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, one-storey home built in 1913 on a standard city lot in the Chalmers neighbourhood. Its key characteristic is its modest scale, with a living area of 585 sqft that is notably smaller than most homes on its street and across Winnipeg. The lot size is average for the immediate area, and the home has a detached garage.
The primary appeal lies in its affordability and land value. With a very low assessed value and a last recorded sale price of $12,600 in 2019, it represents one of the most accessible entry points into homeownership in the city. This isn't a move-in-ready family home, but a property with potential. It would suit a specific type of buyer: an investor looking for a land-value play or a very hands-on, budget-conscious buyer willing to undertake a significant renovation or rebuild. The numbers suggest the value is primarily in the land, making it a candidate for a teardown or a major expansion project for someone seeking to customize their own space from the ground up.
Section 2: Frequently Asked Questions
1. Is this a liveable home in its current condition?
Based on the very small living area (585 sqft) and low assessed value, it is likely a very basic or dated property. Prospective buyers should budget for significant updates or a full rebuild and plan for a thorough inspection.
2. Why is the assessed value so much lower than other homes?
The assessed value reflects the property's current state. The combination of a very small, 113-year-old house on a standard lot results in a valuation driven largely by the land value rather than the structure.
3. Who would this property be best for?
It's best suited for an investor or a hands-on owner. An investor might hold it for the land value or develop it. An owner-user would need to see it as a long-term project, either planning a major renovation to expand the living space or considering a future rebuild.
4. How does the lot size compare?
The lot is 2,638 sqft, which is around average for Bowman Avenue but below the average for both the Chalmers neighbourhood and Winnipeg as a whole. It is a standard city lot, not an unusually large or small parcel.
5. The last sale price was $12,600 in 2019. What does that indicate?
This exceptionally low sale price strongly indicates the property was sold in as-is condition, likely requiring substantial work. It is not indicative of current area prices for standard, liveable homes, as shown by the higher assessed values of nearby reference properties.