389 Amherst Street

Property Overview: 389 Amherst Street, Winnipeg

Key Characteristics & Appeal

This one-storey home on Amherst Street presents a specific and compelling value proposition. Its key characteristic is the balance between a modest, renovated living space and a significantly larger-than-average lot. At 676 sqft, the house itself is compact, ranking below average for size both on its street and in the wider King Edward neighbourhood. However, it sits on a 4,701 sqft lot, which is notably larger than most properties nearby, placing it in the top 8% for land area on its street.

The appeal lies in this unique structure-to-land ratio. It suits a buyer looking for an affordable entry into the market with immediate indoor-outdoor potential. The renovated basement adds functional living space, and the detached garage offers utility or storage. It would be ideal for a first-time homeowner comfortable with a cozy interior who values private outdoor space for gardening, recreation, or future expansion. It also appeals to an investor or builder who sees the underlying value in the substantial lot within an established neighbourhood. The assessed value is consistent with area averages, suggesting a stable, grounded valuation rather than a premium price.

Frequently Asked Questions

1. Is the house too small for practical living?
While the living area is compact, the renovated basement effectively doubles the usable space. The layout efficiency and the significant outdoor area help offset the smaller main-floor square footage, making it functional for a small household.

2. What does the lot size actually allow for?
The nearly 4,700 sqft lot is a standout feature. It provides ample yard space, far beyond what’s typical for the area, allowing for gardening, outdoor living, and significant privacy. It also presents a long-term opportunity, as the lot could potentially accommodate additions or redevelopment, subject to zoning.

3. How does the age of the home (built 1946) affect it?
The home is older than many on its street, which can mean character but also requires due diligence. A renovated basement is a positive update, but a thorough inspection for foundational, electrical, and plumbing systems common to era is essential.

4. The last sold price range shows $20.5k-$23.5k in 2020, but the assessed value is now $27.4k. Why the difference?
The sold price is historical data, while the assessed value is the city’s current valuation for tax purposes, which can differ from market value. The increase suggests the property’s assessed worth has risen, but the actual market price is determined by current buyer demand and condition.

5. Who are the most likely buyers for this property?
This property best suits pragmatic first-time buyers prioritizing land over square footage, downsizers seeking a manageable home with a large garden, or value-oriented investors attracted by the lot’s potential in a central neighbourhood. It’s less suited for those needing substantial interior space without renovation plans.