Property Overview
This one-storey home at 412 Ottawa Avenue in Winnipeg's Chalmers neighbourhood is a property defined by its land and potential. Built in 1922, its primary appeal lies in its 3,001 sqft lot, which is a generous size for the immediate area and street. The home itself is modest, with 523 sqft of living space and an unrenovated basement, placing it well below average in size compared to nearby homes. Its very low assessed and recent sale value reflects this compact footprint and the need for modernization.
The property suits a specific buyer: an investor, builder, or hands-on homeowner looking for a land opportunity or a straightforward renovation project in a mature neighbourhood. Its value is anchored in the lot, offering room for expansion, a garden, or future redevelopment. It’s not a move-in-ready home but a canvas, appealing to those whose vision or calculations go beyond the existing structure.
Key Questions & Considerations
1. Why is the assessed value so much lower than the city-wide average?
The assessed value is primarily based on the existing structure's size, condition, and features. With very compact living space and an unrenovated state, the value is significantly lower than the Winnipeg average, which includes newer and larger homes. The lot size contributes value, but the current dwelling limits the overall assessment.
2. Is the small living area a major drawback?
It depends on your goals. For a single occupant or as a minimalist base, it may be sufficient. However, for most families, it is notably small. The significant lot size presents a clear opportunity to address this through a future addition, which is a key consideration for many buyers of this property.
3. What does the lot size ranking actually mean for me?
Ranking in the top 53% in Chalmers and 69% on Ottawa Avenue means the lot is larger than many in the local area. In a mature neighbourhood, this is a valuable asset, offering more outdoor space and flexibility than you might typically find on the street, which can be a long-term advantage.
4. The home sold recently in 2023. What should I take from that?
The recent sale indicates active interest in this type of property. It’s worth investigating what, if any, work was done since that purchase to understand its current state and potential motivation for the resale.
5. Are the nearby "For Reference" and "Worth Viewing" listings relevant comparisons?
They provide useful context. Listings like 374 Ottawa Avenue show a nearly identical assessed value and size, confirming the local market for such properties. The "Worth Viewing" listings, like 398 Jamison Avenue, highlight the dramatic value increase that comes with new construction or full renovation in the same neighbourhood, illustrating the potential upside.