Property Overview
This one-storey home at 385 St Charles Street in Winnipeg's Glendale neighbourhood presents a specific and straightforward opportunity. Its key appeal lies in its exceptionally low price point and a land area that is above average for the city. The house itself, built in 1954, is notably compact at 648 sqft and features a detached garage and an unrenovated basement. Its assessed value is significantly below averages for the street, area, and city.
This property would suit a very particular buyer: an investor looking for a land-value play, a hands-on individual seeking the most affordable entry into homeownership with plans to eventually rebuild or extensively renovate, or someone looking for a minimalistic living situation where the land itself is the primary asset. Its value is not in its current condition or size, but in its potential and its positioning as one of the most accessible priced properties in the market.
Key Details & FAQs
Key Characteristics & Ideal Buyer
The defining characteristic of this home is its scale. At 648 sqft, it is among the smallest houses listed, ranking at the very bottom for living space on its own street. This is paired with an assessed value that is also in the lowest percentiles, creating a uniquely low barrier to entry. The less obvious appeal is the lot size—at over 6,700 sqft, the land parcel is actually larger than the citywide average, suggesting future potential that isn't reflected in the current structure. The home requires a vision beyond its present state, suiting a buyer who sees the property as a foundation for future investment rather than a move-in-ready solution.
Frequently Asked Questions
1. Why is the assessed value so much lower than the averages shown?
The assessed value reflects the current state and size of the improvement (the house) as well as the land. Given the home's very small size, age, and unrenovated condition, the assessment is weighted heavily toward the land value, resulting in a figure far below typical area homes.
2. Is this a teardown property?
While not explicitly marketed as such, the combination of a very small, older home on a larger-than-average lot makes it a candidate for eventual redevelopment. Any buyer should investigate zoning bylaws and renovation feasibility with the city.
3. What does "basement, not renovated" typically mean?
This indicates the basement exists but is in original or utilitarian condition. It is likely unfinished or partially finished without modern updates, and may be suited for storage or basic laundry facilities rather than living space.
4. How useful are the sold price ranges from 2016?
They provide historical context, showing the property transacted at a very low price point nearly a decade ago. For a current market valuation, they are less relevant than recent comparable sales and the current assessed value, but they reinforce the property's long-standing position as an entry-level asset.
5. Who would this property not suit?
It would not suit buyers seeking a turn-key home, growing families needing more space, or anyone unwilling to undertake significant future projects. Its value is in its affordability and lot potential, not in immediate comfort or modern amenities.