Property Overview: 365 Washington Avenue, Winnipeg

Section 1: Key Characteristics & Appeal

This one-storey home, built in 1922, presents a straightforward opportunity centered on its land. The house itself is modest, with 640 sqft of living space that is notably smaller than most in the area and city. It features a detached garage and a basement that is present but not renovated. The primary asset is the 4,503 sqft lot, which is above average for both Washington Avenue and the broader Chalmers neighbourhood. This creates a clear value proposition: you are purchasing a sizable, well-located parcel of land with a liveable, older home on it.

The appeal lies in potential and flexibility. For a buyer comfortable with a smaller footprint or looking for a starter home with room to grow outdoors, it offers immediate utility. More significantly, it suits those with a vision for the future—whether that’s extensive renovations, an addition, or eventual redevelopment of the land itself. The assessed value is very low compared to the Winnipeg average, suggesting a lower property tax burden and an accessible entry point into the market. It’s a practical choice for hands-on buyers, investors eyeing the lot’s potential, or anyone whose priority is land over a turn-key living space.

Section 2: Frequently Asked Questions

1. Is the house in livable condition?
The listing confirms the home is liveable but notes the basement is not renovated. Given the age (104 years), a thorough inspection is essential to understand the condition of major systems like wiring, plumbing, and the foundation.

2. Why is the assessed value so much lower than the last sale price?
The home last sold for $170,000 in 2019, but its current assessed value is only $20,200. Municipal assessments for tax purposes often lag behind market values and use different formulas. The sale price is typically a better indicator of current market value.

3. What can I do with a lot of this size?
The above-average lot size offers more outdoor space than typical neighbouring properties. This allows for larger gardens, recreational space, or parking. Future possibilities could include a significant addition or, subject to zoning bylaws and approvals, building a new home.

4. How does this property compare to others on the street?
The data shows this home has a larger lot than 85% of properties on Washington Avenue. However, its living area is smaller than 87% of them, and it is older than about half. It’s a unique offering on the street, trading interior space for land.

5. Are the low taxes a permanent advantage?
While the current assessed value suggests lower property taxes, any significant renovation, addition, or new construction would trigger a reassessment, which would likely increase the taxable value and the associated taxes.