Property Overview: 338 Queen Street, Winnipeg
Key Characteristics & Appeal
This one-storey home on Queen Street in the King Edward neighbourhood presents a distinct value proposition centered on its land. Built in 1920, the 746 sqft house is modest in size, ranking below average for living space both locally and city-wide. However, it sits on a 7,006 sqft lot, which is notably large—placing it in the top 2% of lots in King Edward and the top 17% city-wide. This significant lot size offers substantial potential for expansion, gardening, or outdoor living that is rare for the area. The home features a renovated basement and a detached garage.
Its appeal lies in this land-to-structure ratio. For the price of a smaller, older home, you are primarily acquiring a generous piece of property in a central location. It suits a practical buyer who sees beyond the current footprint—perhaps a first-time investor, a homeowner planning a future major renovation or rebuild, or someone who values extensive private outdoor space over a large interior. The assessed value is around the local average, suggesting the current price reflects the existing home, with the lot size representing a hidden asset.
Frequently Asked Questions
1. Is the house in move-in condition?
While the basement has been renovated, the main living area is in a smaller, older home (1920). Buyers should budget for updates to suit modern tastes and should consider a thorough inspection common for homes of this age.
2. What makes this property stand out in the neighbourhood?
The lot size is the key differentiator. At over 7,000 sqft, it is exceptionally large for King Edward, offering privacy and possibilities that most neighbouring properties do not have.
3. What type of buyer is this best for?
It's ideal for a buyer with a vision—someone comfortable with a project, whether that's a gradual renovation, a future addition, or valuing the land itself for long-term potential. It's less suited for those seeking a turnkey, spacious home immediately.
4. How does the assessed value compare to recent sales?
The home last sold between $145k-$175k in 2017. Its current assessed value is around $247k. This gap highlights the importance of obtaining the exact sale price history and understanding current market conditions for a fair offer.
5. Can the lot be subdivided or is there development potential?
This is a critical question. Buyers interested in the land's development potential must contact the City of Winnipeg's Planning Department to investigate zoning bylaws, heritage designations (if any), and subdivision feasibility before purchasing.