Property Overview
This one-storey home at 408 Hampton Street in Winnipeg's King Edward neighbourhood presents a straightforward, value-oriented opportunity. Built in 1918, its key characteristics include 1,052 sqft of living space, an unrenovated basement, and a detached garage on a 2,790 sqft lot.
The appeal lies in its position as an affordable entry point into the market. The home's assessed value is consistently below average for its street, neighbourhood, and the wider city, suggesting a lower property tax burden and potential for value growth. While the living space is modest, it is competitively sized for the immediate area. The lot, though smaller than many city-wide, is typical for King Edward. This isn't a move-in-ready showhome; its character and potential are rooted in its basic, unpretentious condition, offering a canvas for personalization.
This property would suit a first-time buyer comfortable with a home that may require updates over time, or an investor looking for a practical rental property in a central location. It's for those who prioritize getting into the market at a lower price point over modern finishes and who see the value in a home's foundational structure and location.
Frequently Asked Questions
1. Is the basement finished or usable?
The listing specifies the basement exists but is "not renovated." Buyers should anticipate an unfinished space that may require work to be fully utilized or finished to modern standards.
2. How does the property's value compare to the area?
The assessed value is notably below average. When compared to similar homes on Hampton Street, in the King Edward neighbourhood, and across Winnipeg, it ranks in the bottom third for value. This indicates a relatively low municipal assessment, which typically correlates with lower property taxes.
3. What is the typical price history for this home?
Based on available data, the home sold in 2016 and again in 2024. In both cases, the sold price range was significantly below the average sold price for comparable properties in the city at those times, reinforcing its position as a value-priced option.
4. How does the lot size impact the property?
At 2,790 sqft, the lot is smaller than the Winnipeg city average but is generally in line with the neighbourhood. This means outdoor space is limited but manageable, and it may contribute to the home's lower assessment and price point compared to properties on larger lots.
5. What should I consider about the home's age?
Built in 1918, the home is older than the vast majority of properties city-wide. While systems like plumbing, electrical, and the foundation may have been updated over time, a pre-purchase inspection is highly recommended to understand the condition of these older components and any potential maintenance needs.