Property Overview: 394 Kent Road, East Elmwood
Section 1: Key Characteristics & Appeal
This one-storey home, built in 1955, presents a practical opportunity in Winnipeg's East Elmwood neighbourhood. Its primary appeal lies in its generous 6,001 sqft lot, which ranks in the top 5% of the area, offering significant outdoor space and potential for expansion or gardening that is rare for the locale. With 989 sqft of living space, the house itself is modest and sits around the neighbourhood average for size and assessed value. It features a detached garage and no basement.
The property suits first-time buyers or practical investors looking for a solid entry point into the market with a standout lot size. Its value proposition is grounded more in the land than the structure, appealing to those with a vision for outdoor living, future additions, or who simply prioritize space and privacy over a modern, turn-key home. It’s a property where the long-term potential may outweigh its current condition, ideal for buyers comfortable with a home that reflects its 1955 origins.
Section 2: Frequently Asked Questions
1. Is the property fairly priced compared to the neighbourhood?
Based on the provided data, the home’s assessed value is around the neighbourhood average, suggesting its official valuation is in line with similar East Elmwood properties. The standout lot size, however, could justify a market price above the assessment for the right buyer.
2. What does "no basement" mean for storage and utilities?
The home has no basement, which limits traditional storage and mechanical space. Utilities like the furnace and water heater will be on the main floor, and storage solutions may require creative use of the main living area, the detached garage, or potential shed space on the large lot.
3. How does the lot size compare to nearby homes?
The lot is a key feature. At over 6,000 sqft, it is significantly larger than the East Elmwood average (~4,390 sqft) and ranks in the elite top 5% for the area, offering more privacy and yard space than most immediate neighbours.
4. What might the ranking data mean for future value?
The data shows the living area and year built are average for the area, while the lot is well above average. This suggests that while the house itself may appreciate at a typical rate, the premium lot could drive disproportionate value growth, especially if the neighbourhood sees renewed interest or if the home is later expanded.
5. Are the nearby reference properties a good indicator of value?
The listed nearby properties on Kent Road show a wide range in assessed values for similar-sized homes, from $24.2k to $300k. This indicates that factors beyond basic size and age—such as condition, updates, and specific lot advantages—heavily influence value on this street. A professional inspection and appraisal are essential.