Property Overview: 227 Larsen Avenue, Winnipeg

Section 1: Key Characteristics & Appeal

This is a classic one-and-a-half storey home in the Chalmers neighbourhood, built in 1914. It sits on a lot that is notably larger than most on its street and in the local area, offering above-average outdoor space for the immediate vicinity. The home itself, with 912 sqft of living space and an unrenovated basement, presents as a straightforward, no-frills property. Its detached garage adds practical utility.

The primary appeal lies in its value as a land play or a foundational project. The lot size is a significant asset in this context, providing room for expansion, gardening, or future redevelopment potential. The very low assessed value and last sale price point to an entry-level opportunity, likely one of the most accessible single-family home options in the city. This property would suit a hands-on buyer looking for a footprint in the market—perhaps a first-time investor comfortable with a fixer-upper, a buyer prioritizing land over a move-in-ready home, or someone seeking a modest, uncomplicated property without the premium of modern finishes. It’s a practical choice for those who see potential where others might see only a project.

Section 2: Frequently Asked Questions

1. What does "unrenovated basement" typically imply?
It usually means the basement is in its original, functional state. Expect a concrete floor, basic walls (often painted block or plaster), and fundamental mechanical systems. It offers usable storage or workshop space but would require investment to become a finished living area.

2. How significant is the lot size here?
The lot is over 3,200 sqft, which is in the top 18% for Larsen Avenue. For the neighbourhood, this is a key advantage, providing more private outdoor space than many comparable properties and offering flexibility for additions, landscaping, or parking.

3. The assessed value seems very low. What does this mean for property taxes?
Yes, the assessed value is significantly below the citywide average. While taxes are based on the mill rate and this assessment, this typically results in lower annual property tax bills compared to homes with higher valuations, which is a ongoing cost advantage.

4. Who might this property not be suitable for?
It is likely not a match for buyers seeking a turn-key, modern home or those unwilling to take on incremental updates or maintenance inherent in a 110-year-old house. The living space is compact, so it may also not suit those needing multiple large bedrooms or open-concept living.

5. The last sale was in 2020 for $13,500. Is that relevant to today's value?
That sale price, well below typical market values, strongly suggests it was a non-arms-length transaction (such as between family members) or a sale of the property in distressed condition. It should not be used as a direct benchmark for current market value, which will be influenced by recent sales of similar, standard listings in the area.