374 Martin Avenue W

Property Overview

This one-and-a-half storey home on a generous lot in Winnipeg's Chalmers neighbourhood presents a classic character property with clear value appeal. Built in 1907, it offers over 1,000 square feet of living space and a detached garage on a 2,264 sqft lot. Its assessed value is notably low, which can be attractive for certain buyers, but it also sold very recently in 2022, suggesting a potential quick turnaround or investment opportunity. The home ranks highly for its lot size within the city, indicating a rarity that could be leveraged for expansion or outdoor space. This property would likely suit a hands-on buyer, an investor comfortable with a character home, or someone seeking a lower entry point into the market with the land value being a significant component of the purchase.

Key Details & FAQs

Key Characteristics & Appeal
The appeal of this property lies in its substantial lot size, which is in the top 1% for Winnipeg, offering a relative rarity of space. The home itself is a historic character build with a practical detached garage. The recent 2022 sale and the significant gap between its low assessed value and typical market prices highlight it as a potential value-play or project property. It would suit a buyer or investor who sees potential beyond the current state, values larger outdoor space in the city, and is not deterred by an older home requiring updates. It's a property where the land is a primary asset.

Frequently Asked Questions

1. Why is the assessed value so much lower than the recent sale price?
Municipal assessed value for taxation purposes often lags behind current market values and is calculated using mass appraisal techniques. It is not intended to reflect the immediate selling price, especially in a dynamic market or for unique properties.

2. What does "one-and-a-half storey" mean for this home?
Typically, this style features a full main floor and a second floor with sloping ceilings where the roofline begins, often containing bedrooms. The usable space on the upper floor may be less than a full two-storey home.

3. The home sold recently in 2022. What does that indicate?
A quick resale can suggest a few scenarios: it was purchased as an investment/flip, the previous buyer's circumstances changed rapidly, or it was part of an estate or portfolio transaction. It warrants investigating the context of the previous sale.

4. Is the large lot a good opportunity for expansion?
Potentially, yes. The lot size is a standout feature. A buyer should verify local zoning bylaws (R1, R2, etc.) with the city to understand if the lot allows for additions, a laneway suite, or even future subdivision, which could enhance the property's long-term value.

5. What should I consider with a home built in 1907?
While offering charm, a home of this age will likely require careful attention to foundational integrity, wiring, plumbing, and insulation. A thorough inspection is essential to understand the scope of any needed updates or repairs to meet modern standards.