Property Overview & Key Characteristics
This one-storey home at 367 Ottawa Avenue in Winnipeg's Chalmers neighbourhood presents a practical opportunity centered on land value and location. Built in 1947, its primary appeal lies in its above-average lot size (4,292 sq ft) for both the immediate street and the broader area, ranking within the top 20%. The home itself is modest at 760 sq ft of living space, but it features a renovated basement, adding functional space, and a detached garage.
Its strongest suit is for the value-conscious buyer or investor who prioritizes land over the existing structure. The property’s assessed value ranks highly within its local context, yet its recent sale price was significantly above that assessment, suggesting strong market demand for lots in this location. It would suit a first-time buyer comfortable with a smaller footprint, someone looking for a hold-and-renovate project, or an investor considering the long-term redevelopment potential of a sizable urban lot. A less obvious perspective is that, while the house is older and smaller than the city average, it outperforms most of its direct neighbours in key metrics like lot size and year built, indicating it's a relatively solid offering within its specific, established community.
Frequently Asked Questions
1. Is the smaller living area a drawback?
While the 760 sq ft home is below the Winnipeg average, it is typical for the Chalmers area. The renovated basement significantly expands usable space, making it more functional than the main floor square footage alone suggests.
2. What does the lot size ranking actually mean?
Ranking in the top 18% for land area on Ottawa Avenue means this property’s lot is larger than 82% of its direct neighbours. This is the home's standout feature, offering more outdoor space and potential than most nearby properties.
3. Why was the last sale price higher than the assessed value?
The sale price reflects what a buyer was willing to pay in the open market, likely factoring in the desirable lot size, the renovated basement, and location. Assessed value is for taxation purposes and often lags behind current market conditions for in-demand properties.
4. What is the neighbourhood like?
Chalmers is an established, mature neighbourhood. The data shows homes here typically have smaller lots and are older than the citywide average, suggesting a stable, community-focused area rather than a newer suburban one.
5. Who would this property not suit?
It may not suit buyers seeking a large, modern home without renovation work, or those who prioritize a high square footage main floor above all else. The value here is in the land and location, with the house offering functional but compact living.