Property Overview: 379 Queen Street, Winnipeg
Key Characteristics & Buyer Profile
This one-and-three-quarter storey home, built in 1914, presents a unique opportunity in Winnipeg's King Edward neighbourhood. Its key characteristic is a pronounced contrast: the living space (1,258 sq ft) is notably above average for both its immediate street and the broader area, offering more room than most comparable local homes. However, this is paired with an assessed value that is among the very lowest in the city, indicating a property with significant functional space but likely in need of substantial modernization. The unfinished basement and lack of a garage or pool underscore its as-is, foundational nature.
The appeal lies squarely in its potential. It suits a specific type of buyer: the value-driven renovator, investor, or builder looking for a large canvas in a central location. This isn't a move-in-ready home but a project property. Its low entry cost and generous interior dimensions allow for creative freedom—whether that's a full renovation, a legal suite conversion (subject to zoning), or even a future redevelopment on its 3,823 sq ft lot. A less obvious perspective is its appeal to those seeking to minimize their property tax base while controlling a substantial asset, as the taxes are tied to the very low assessment. It’s a strategic purchase for someone focused on long-term equity building through sweat equity or strategic investment, rather than immediate convenience.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
The assessed value reflects the property's current state as perceived by the municipal assessor. A value this far below averages typically indicates a home that has not been renovated for a long time and may require significant repairs or modernization, affecting its market valuation for tax purposes.
2. What does "one & 3/4 storey" mean for the layout?
This style, common in older Winnipeg homes, usually features a full main floor and a second floor where the roofline slopes into the walls, creating some rooms with partial-height or sloped ceilings. It often provides more character and usable space than a strict bungalow but with a different feel than a full two-storey.
3. The last sale price range shows $14.5k-$17.5k. Is that accurate?
The displayed range is an estimate based on publicly available data. For the precise, verified sale price from July 2021, you must request it directly via the provided email service. This step ensures accuracy, as exact sale prices are not always publicly disclosed in Manitoba.
4. Given the low assessment, what should I budget for renovations?
Budgets can vary widely based on scope, from essential system updates to a full gut renovation. Given the home's age (1914), you should prioritize inspections for foundational, electrical, and plumbing systems. A thorough professional inspection is essential to understand the true starting point before estimating renovation costs.
5. Are the nearby properties with similar assessed values good comparables?
The listed properties with similar assessed values are primarily condo units in a large building on Pembina Highway. They are not direct comparables for a single-family house on Queen Street. They are shown because assessment value is the matching metric, but they differ drastically in property type, land ownership, and lifestyle offered. True comparables would be other older, unrenovated houses in central Winnipeg neighbourhoods.