Property Summary: 340 King Edward Street, Winnipeg
Key Characteristics & Appeal
This is a compact, one-storey home built in 1914, presenting a straightforward and affordable entry point into Winnipeg’s King Edward neighborhood. Its key characteristic is its modest scale: with a living area of 697 sqft, it is notably smaller than most homes locally and city-wide. This is balanced by a decently sized lot of just over 4,000 sqft, which is fairly typical for the immediate area.
The primary appeal lies in its low financial barrier to entry, as reflected in its well-below-average assessed value. It features a detached garage and a basement, though the basement is noted as not being renovated. This is not a move-in-ready modern home, but a property with clear fundamentals—land, location, and a basic structure. It would suit a pragmatic first-time buyer comfortable with a project, an investor looking for a low-cost rental property, or someone seeking the absolute minimum footprint and property tax burden. Its age and condition suggest it rewards a buyer who values potential and location over immediate comfort or square footage.
Frequently Asked Questions
1. Is this a "tear-down" property?
While its small size and age might suggest that, its assessed value is significantly lower than the land-only value of many lots. This indicates the existing structure still holds measurable value, making it more likely a candidate for renovation or expansion rather than a complete rebuild, depending on a buyer's goals and budget.
2. How does the low assessed value impact property taxes?
A lower assessed value typically results in lower municipal property taxes, which is a tangible, ongoing financial benefit. This can make the cost of ownership more manageable, especially for a budget-conscious buyer.
3. What does "basement, not renovated" imply?
This typically means the basement is in original or utilitarian condition. Buyers should anticipate a space that is functional for storage or mechanical systems but not finished as living space. It may require attention to moisture proofing, insulation, or updating.
4. The home sold recently in 2024. Why is it back on the market?
Without specific disclosure, common reasons for a quick resale can include an investor flipping the property, a change in the buyer's circumstances, or the completion of a planned short-term hold. It’s a point for due diligence regarding any work done during that ownership.
5. How usable is the large lot for a small house?
The lot size is a significant asset. It offers ample outdoor space for gardening, recreation, or storage, and provides crucial flexibility for future projects like an addition, a new garage, or landscaping that a smaller lot would not permit.