Property Overview
This 1922 one-and-a-half storey home at 433 Washington Avenue in Winnipeg's Chalmers neighbourhood presents a specific value proposition. Its key appeal lies in its land—a 3,001 sqft lot that is above average for the city—paired with a very modest 640 sqft living area and an unrenovated basement. The detached garage adds practical utility. With a historically low assessed and recent sale value, this property is fundamentally a land play with a liveable structure.
It would best suit a hands-on buyer looking for an affordable entry into the market, willing to live modestly while planning future expansion or redevelopment. It could also appeal to an investor seeking a low-cost holding property with redevelopment potential down the line. The data suggests you are purchasing a lot that is larger than most in Winnipeg, with a home that requires vision and investment to modernize or enlarge.
Frequently Asked Questions
1. Is this a "tear-down" property?
Not necessarily. The home is livable but very compact. The value is significantly in the land. A buyer could live in it as-is, renovate and possibly expand over time, or eventually redevelop the lot.
2. What does "below average" for assessed value really mean?
The assessed value is significantly lower than both neighbourhood and city averages. This typically results in lower property taxes, but it also strongly indicates the current structure adds minimal value compared to the land itself.
3. How usable is the unrenovated basement?
The listing notes it is "not renovated." Buyers should budget for professional inspection to understand its condition, potential for moisture issues, and the scope/cost required to make it a functional space.
4. The home sold for less than its assessed value in 2019. Why?
This isn't uncommon for unique, smaller properties where the market price is negotiated based on condition and specific buyer demand, rather than the city's mass appraisal model. It underscores the property's niche appeal.
5. What are the less obvious considerations with a property like this?
Consider future development potential: check the city's zoning bylaws for the lot to understand what you could eventually build. Also, while the lot is large for the city, it's average for the immediate street, so your future plans should be mindful of the existing streetscape character.