Property Overview: 401 Melrose Avenue W
Key Characteristics & Appeal
This home presents a compelling value proposition centered on space and location. Built in 1955, its primary standout feature is its generous 1,350 sqft living area, which ranks in the top 9% for size on its street and in the immediate Melrose area. This means you get significantly more interior space than most neighbouring homes, which average around 980 sqft. The lot size of 3,299 sqft is typical for the local area, offering a standard urban yard.
The appeal lies in this "more house for the money" dynamic within a mature neighbourhood. Its assessed value is consistent with local averages, suggesting it is priced in line with the immediate community rather than city-wide trends. A sale in the 2021-2025 period for an estimated $300k-$350k supports this positioning. It would suit practical buyers—perhaps young families, space-seeking downsizers, or value-oriented investors—who prioritize interior square footage over a large lot or a newer build. It’s a home for those who see the potential in a well-located, older character property where the space inside is the real advantage.
Frequently Asked Questions
1. How does the home’s size compare to others nearby?
Very favorably. With 1,350 sqft, it is substantially larger than the average home on Melrose Avenue W (approx. 980 sqft), placing it in the top 10% for living area in the immediate vicinity.
2. Is the assessed value high for the area?
No, it is quite typical. The assessed value of $29,800 is around the local average for both the street and the broader Melrose area, indicating it is not an outlier in terms of municipal valuation.
3. What should I consider about a home built in 1955?
While the building’s age is average for the neighbourhood, a home from this era may have original systems, wiring, or plumbing that could require updating. A thorough inspection is essential to understand the condition and any modernizations already completed.
4. Why is the city-wide ranking for lot size lower?
The lot is a standard size for its established inner-city neighbourhood. The "below average" city-wide ranking reflects that newer suburban developments typically have larger lots, which skews the overall city average upward.
5. Can I get the exact historical sale price?
The precise sale price is not publicly listed. The listing service offers to provide the exact figure manually via email upon request, with the noted last sale occurring between 2021 and 2025 in the $300,000 to $350,000 range.