Property Overview: 380 Queen Street, Winnipeg
Key Characteristics & Appeal
This is a modest, century-old home (built 1908) in Winnipeg's King Edward neighborhood. Its key characteristics include a one-and-a-half storey layout with 1,016 sqft of living space, an unrenovated basement, a detached garage, and a standard city lot of 3,883 sqft. The data reveals a property that is very typical for its immediate street and area in terms of size and land, but it stands out for its notably low assessed value, which is among the lowest 5-10% of homes both locally and citywide.
The primary appeal lies in its position as an entry-point opportunity. It suits a specific type of buyer: those seeking absolute affordability, who are comfortable with a project, or who value the potential of the land over the existing structure. It's a candidate for a long-term hold, a gradual renovation, or even a future rebuild (subject to zoning), given that the land value may represent a significant portion of the property's worth. A less obvious perspective is that a home with such a low assessment in a central area can offer a measure of insulation from sharp property tax increases, which is a practical financial consideration. It is not suited for someone seeking a move-in-ready home or modern finishes.
Frequently Asked Questions
1. Why is the assessed value so much lower than the citywide average?
The assessed value is based on the property's current state, age, and market conditions. For 380 Queen Street, its age (118 years), likely need for updates, and modest size result in an assessment that prioritizes the utility of the land and the existing structure's condition, placing it in the bottom tier of valuations.
2. What does "Top 42% for Living Area" on its street mean?
It means the home's interior square footage is larger than 42% of comparable homes on Queen Street. In practical terms, its size is fairly average for the immediate block—neither particularly small nor large in that specific context.
3. Is the unrenovated basement finished?
The listing specifies the basement is "not renovated," which typically indicates it is unfinished. This means the space is in a raw state (concrete floors, exposed beams/mechanicals) and would require significant work to become livable space.
4. The home last sold in late 2022. What does that recent sale indicate?
The sold price range from 2022 confirms the property transacted at a very low price point, consistent with its low assessment. This recent activity suggests it is seen as a value-play property, possibly purchased for investment, land banking, or as a foundational project.
5. Who would this property not be a good fit for?
It would not be a good fit for buyers who need immediate, modern living conditions without renovation work. It also may not suit those looking for strong comparative value in terms of finished square footage or those sensitive to the maintenance demands of a 118-year-old structure.