Property Overview
This one-storey home at 463 Ottawa Avenue in Winnipeg's Chalmers neighbourhood presents a specific and straightforward opportunity. Built in 1944, its key characteristic is a modest 572 sqft living area, which is notably compact compared to most homes in the city. It sits on a roughly 3,000 sqft lot, which is a typical size for the local area. The property includes a detached garage and a basement that has not been renovated. Its most recent recorded sale was in 2021 for $15,700, and its current assessed value is significantly below the Winnipeg average.
The appeal here lies almost entirely in the land and location, not the existing structure. It suits a very specific type of buyer: someone looking for a land value play, a tear-down candidate to build new, or an investor comfortable with a major renovation or holding property. It is not a move-in-ready home. A less obvious perspective is that its compact size and low assessed value could potentially translate to very manageable property taxes, which is a point for cost-conscious investors or builders.
Frequently Asked Questions
1. Is this a move-in-ready home?
No. The listing notes an unrenovated basement, and the living area is among the smallest in the city, indicating the existing house is likely very basic and in need of significant updates.
2. Why is the assessed value so much lower than the city average?
The assessed value reflects the current state and size of the property. With a very small, older home on a standard city lot, the value is driven by the land and location in Chalmers, not by the structure itself.
3. What kind of buyer would this property suit best?
It would primarily suit buyers interested in the land value, such as builders looking for a lot to develop, investors considering a future tear-down, or perhaps homeowners planning a extensive, ground-up renovation.
4. How does the lot size compare to the neighbourhood?
The land area of 3,061 sqft is around the average for both Ottawa Avenue and the wider Chalmers area, making it a standard-sized city lot for that community.
5. Can anything be inferred from the 2021 sale price?
The 2021 sale price of $15,700 is consistent with the property's low assessed value and suggests it has been valued as a land play for some time. It provides a recent benchmark for the property's market value in its current state.