Property Overview
This one-storey home at 413 Harbison Avenue W in Winnipeg's Chalmers neighbourhood presents a straightforward, value-oriented opportunity. Built in 1914, it sits on a 2,316 sqft lot and offers 858 sqft of living space, with an unrenovated basement and no garage. Its most defining characteristic is its position as a below-average assessed value property within its local context, suggesting a lower entry point compared to many nearby homes.
Key Characteristics & Appeal
The primary appeal of this property lies in its land value and potential. The lot size is above average for the immediate street and represents a significant portion of the home's worth. This is a classic "value in the land" scenario, well-suited for a buyer with renovation plans, or an investor looking for a hold in an established neighbourhood. The home itself is modest and dated, meaning any offer should account for immediate updates to systems and livability.
It would suit a practical, hands-on buyer—perhaps a first-time purchaser comfortable with a project, or an investor seeking a rental property with a low initial assessment. Its below-average sale history and assessed value relative to the area indicate it’s not a move-in-ready showhome, but a base for adding value. A less obvious perspective is that its older age (1914) is actually typical for the Chalmers area, so it doesn’t stand out negatively in that regard; the neighbourhood character is consistent. The compact living area may also appeal to those seeking to minimize ongoing utility and maintenance costs.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value is based on the property's specific characteristics—including its age, size, and condition—within its market area. This home's value is below average for its street, neighbourhood, and city, reflecting its more modest specs and likely need for updates compared to newer or renovated homes.
2. What does "Top 81%" for assessed value on its street mean?
This ranking means the property's assessed value is higher than 81% of comparable homes on Harbison Avenue W. In this context, a higher percentage means a lower value. So, it's in the bottom 19% of values on its own street, indicating it is one of the more affordable properties on the block.
3. Is the basement finished or usable?
The listing specifies the basement exists but is "not renovated." This typically means it is unfinished (concrete floors, exposed beams) and used for utilities and storage. It would require significant work to be converted into livable space.
4. How does the lot size compare to nearby properties?
At 2,316 sqft, the lot is larger than about two-thirds of properties on the same street. This is a relative strength, offering more outdoor space than many immediate neighbours, though it is below the average lot size for the broader Chalmers area and Winnipeg.
5. What are the implications of the home being built in 1914?
A home of this age requires a diligent inspection. Buyers should budget for potential updates to foundational elements, wiring, plumbing, and insulation. However, its age is very typical for the Chalmers neighbourhood, where many homes were built in the early 20th century.