Property Overview & Key Characteristics
This one-storey home at 470 Queen Street in Winnipeg's King Edward neighbourhood presents a distinct value proposition centered on its land. Built in 1918, the 730 sqft house is modest and functional, featuring an unrenovated basement and a detached garage. Its assessed value is around the average for its immediate area.
The primary appeal lies in its exceptionally large lot of over 11,600 sqft, which ranks in the top 1% of properties on its street and in the wider neighbourhood. This offers rare potential for expansion, gardening, or future redevelopment in a city where such sizable parcels are uncommon. The home suits a practical buyer looking for an entry point into the market with a clear long-term asset—the land. It would appeal to those comfortable with a smaller, character home as-is, or to vision-oriented purchasers who see the property as a foundation for a future custom build or significant renovation project. Its average assessment for the area on such a large lot also suggests a potential value opportunity for the right buyer.
Frequently Asked Questions
1. Is the house in move-in condition?
The listing notes the basement is "not renovated," suggesting the home is functional but likely requires updates and personalization. Buyers should budget for modernizations.
2. What makes this property special compared to others?
The standout feature is the land size. At over a quarter of an acre, the lot is exceptionally large for a city property, offering privacy and rare future potential that most standard lots do not.
3. How does the assessed value compare?
At approximately $250k, the assessment is average for King Edward and Queen Street, but is below the Winnipeg city-wide average. This indicates you are paying primarily for the location and land size rather than for the existing structure.
4. What is the neighbourhood like?
King Edward is a mature, established neighbourhood. The "Elite" ranking for lot size among local peers suggests the area consists of generally smaller lots, making this property an outlier for space and privacy.
5. Who would this property not suit?
It would not suit buyers seeking a large, modern, or turn-key home. The living space is below average in size, and the age of the home implies higher maintenance. It's best for those with a plan for the land or a willingness to renovate over time.