401 Washington Avenue

Property Overview: 401 Washington Avenue, Winnipeg

Key Characteristics & Appeal

This one-storey home, built in 1930, presents a compelling opportunity centered on its generous interior space and lot potential. Its primary appeal lies in the significant living area of 1,544 sq ft, which ranks in the top 2-4% of homes on its street and in the Chalmers neighbourhood. This makes it a notably spacious option compared to most peers. The property sits on a 3,151 sq ft lot, which is around average for the area, and includes a detached garage and a basement (not renovated).

The home suits two main types of buyers: those seeking a spacious canvas for a renovation or expansion project, where the existing large footprint is a major advantage, and value-conscious buyers looking for more interior room than is typically available in this price segment. A less obvious perspective is its appeal to a multi-generational household or someone needing a home office/workshop, where the ample living area provides flexible layout options that are hard to find in similarly priced homes. The data suggests you are paying primarily for the building's size and potential, not for an updated finish or a large city-sized lot.

Frequently Asked Questions

1. Why is the assessed value significantly lower than the last sale price?
The assessed value is for taxation purposes and often lags behind market trends. The 2022 sale price of $29,900 is a more current market indicator and reflects a premium for the home's above-average living space.

2. What does the "not renovated" basement condition imply?
It typically means the basement is in original or functional condition, but not modernized. It presents both a cost-saving opportunity (if usable as-is) and future potential for finishing, but buyers should budget for any necessary updates or moisture-proofing common in homes of this era.

3. How does the lot size compare to others in Winnipeg?
While the lot is around average for the Chalmers neighbourhood, it is below average citywide. This highlights the neighbourhood's character of more compact, established lots compared to newer suburban areas.

4. Who might this property not suit?
It may not suit buyers seeking a move-in-ready home without any projects, as the basement condition suggests updates are needed. It's also less ideal for those prioritizing a very large private yard, as the lot is standard for the area.

5. What is the significance of the nearby comparable sale at 419 Washington Avenue?
That property, which sold for $29.90k, serves as a key benchmark. It has a similar assessed value but less living area (1,046 sq ft). This comparison underscores how 401 Washington Avenue commands value based on its substantially larger interior space.