Property Overview: 382 Queen Street, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, one-storey home built in 1918, situated on a standard-sized lot in the King Edward neighbourhood. Its key characteristic is its affordability, reflected in a well-below-average assessed value compared to the city. The living space of 770 sq ft is modest, ranking below average for the area, and the home features an unfinished basement and no garage.
The primary appeal lies in its position as a potential entry point into the Winnipeg market. It suits a very specific buyer: those seeking a low-cost property for land value, an investor looking for a rental opportunity with minimal upfront investment, or a hands-on buyer planning a significant renovation or rebuild. The lot itself offers the traditional possibility of future expansion. A less obvious perspective is its potential appeal to someone seeking to minimize property tax burdens or who values the established, quiet character of a mature street over modern square footage.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value is based on the property's current state, size, and market factors for similar homes. This valuation reflects the home's modest size, age, and condition relative to the broader Winnipeg market.
2. What does "below average" for living area mean practically?
With 770 sq ft of living space, this home is smaller than most in the city and the immediate area. It indicates a cozy layout, likely with fewer or smaller rooms, suitable for a single person, a couple, or someone comfortable with efficient use of space.
3. Is the unfinished basement a drawback or an opportunity?
It depends on the buyer's goals. It is not a finished living space, which affects the home's immediate livable square footage. However, it provides essential utility space and offers the potential for future development, adding value for a buyer willing to renovate.
4. How recent is the sale price data?
The most recent recorded sale was in April 2024. The provided price is a range based on public data; the exact sale price can be requested directly.
5. The home is over 100 years old. What should I consider?
While the building's age is around average for its street, it necessitates a thorough inspection. Potential buyers should budget for updates to older mechanical systems, insulation, and windows, and see the classic charm as balanced with a responsibility for ongoing maintenance.