Property Overview & Key Characteristics
This one-storey home at 872 Beach Avenue in East Elmwood is defined by its modest scale and significant lot size. The living space is compact at 595 square feet, placing it well below average for the street, neighbourhood, and city. The home, built in 1943, is older than most comparable properties and features a detached garage and an unrenovated basement. Its most notable asset is the land: at nearly 5,000 square feet, the lot is larger than most in the immediate area. The assessed value is notably low, consistent with its size and condition.
The primary appeal lies in its potential as a blank-canvas opportunity. It suits a specific buyer: an investor, builder, or hands-on homeowner looking for a land-value play or a complete renovation project. It is not a move-in-ready home but a foundation for one. A less obvious perspective is its potential for downsizers or minimalists who value a large outdoor space over a large interior, provided they are prepared for updates. Its low operating costs and taxes could also appeal to those seeking the most affordable entry into homeownership with a long-term vision.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value reflects the property's current state—specifically its very small, older living area and unrenovated condition—not the potential value of the land or a future renovated home.
2. What does "top 98%" for living area mean?
It means that 98% of comparable homes on Beach Avenue have a larger living area. This is a statistical ranking showing that this home's interior size is among the smallest on the street.
3. Is the large lot a benefit for future expansion?
Potentially, yes. The lot size is above average for the area, which could provide space for an addition, a garden, or outdoor living areas. Any expansion would require checking with the city's zoning bylaws and obtaining the necessary permits.
4. Who would this property be most suitable for?
It is best suited for an investor, a builder, or a homeowner with renovation experience looking for a project. It could also work for a buyer with a very tight budget who prioritizes land size and is willing to live in a small, dated space while planning gradual improvements.
5. How does the last sale price from 2020 relate to its current value?
The 2020 sale price of $16,500 is a historical data point. Current value is influenced by today's market conditions, the property's assessed value, and its unique characteristics as a small home on a large lot. It indicates the property has been seen as a value-oriented opportunity for some time.