Property Overview: 304 Queen Street, Winnipeg
Section 1: Key Characteristics & Appeal
This one-and-a-half storey home, built in 1918, presents a classic Winnipeg character property with significant value-focused potential. Its key appeal lies in its substantial 5,821 sqft lot, which is notably larger than most in the King Edward neighbourhood, offering rare space for gardens, expansion, or future development. The house itself, at 849 sqft with an unfinished basement and a detached garage, is modest in size and condition, reflected in its well-below-average assessed value.
This property is ideally suited for a specific type of buyer. It’s a prime opportunity for an investor or handy first-time buyer looking for an entry point into the market with a focus on land value and long-term potential, rather than immediate move-in readiness. The low financial barrier, combined with the generous lot size, makes it a canvas for renovation, a hold for land value appreciation, or a potential candidate for future redevelopment, subject to zoning. It’s less suited for those seeking a turn-key or modern living space without a willingness to undertake projects.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
The assessed value is based on the property's current state, size, and recent local sales. The modest, unrenovated condition of the 849 sqft home and its below-average finishes for the area result in a low assessment, which is a key factor in its affordability.
2. What does "Top 6%" for Land Area in King Edward mean?
It means this property's lot size is larger than 94% of comparable properties in the King Edward neighbourhood. This is its most standout feature, indicating you are getting significantly more land than is typical for the area.
3. Is the unfinished basement a drawback?
It depends on your goals. For a renovator, it’s a blank slate for adding living space, storage, or mechanical upgrades. For a buyer wanting immediate finished space, it represents a future project and cost. It has not been renovated, so any systems (like plumbing or electrical) may be original or dated.
4. The home sold in 2023 for a relatively low price. What does that indicate?
The recent sale price aligns with the low assessed value and suggests the market views it as a value-play property, likely purchased for its land potential or as a renovation project. It underscores the property's status as a foundation for future investment rather than a premium, updated home.
5. Who should be most interested in this property?
Primarily value-driven investors, renovation-minded buyers, or those with a long-term hold strategy who believe in the underlying land value. The numbers suggest you are paying primarily for the land within a established neighbourhood, with the existing house offering optionality.