401 Union Avenue W

Property Summary: 401 Union Avenue W, Winnipeg

Key Characteristics & Appeal

This is a compact, one-storey home built in 1907 on a 2,265 sqft lot in the Chalmers neighbourhood. Its primary appeal lies in its position as an entry-point property with significant value-add potential. The 576 sqft living area is modest, ranking it among the smaller homes in the area, which suggests a manageable scale for renovation. Notably, the home possesses a basement (unrenovated) and last sold in early 2022.

The data reveals a compelling contrast: while the living space is small, the lot size ranks in the top quarter of its street, offering valuable outdoor space or future expansion potential relative to the home's footprint. The assessed value is notably low, which typically indicates a lower property tax burden but also reflects the home's current condition and size. This combination—a smaller, older home on a decent lot with a low tax assessment—creates a clear opportunity for a hands-on buyer. It would suit a first-time buyer, an investor looking for a renovation project, or someone seeking a minimalist footprint with room to customize. The appeal is fundamentally pragmatic, centered on land value and potential rather than immediate move-in readiness.

Frequently Asked Questions

1. What does the sales history and assessed value tell me?
The home sold for $150,000 in January 2022. Its current assessed value for tax purposes is $12,700. This large gap is common; assessed value is not market value. It primarily governs your property taxes, which would be relatively low here, but you should rely on a current market evaluation to determine its worth.

2. How does the size compare to nearby homes?
At 576 sqft, this is a notably compact home. Many comparable listings in Chalmers, like those on Martin or Harbison Avenue, show living areas from 841 to over 1,100 sqft. This confirms the home's status as a smaller, potentially more affordable option in the area.

3. What can I infer from the "rankings" provided?
The rankings compare this property to others on its street, in Chalmers, and across Winnipeg. Key takeaways: the lot size is above average for the street, the home itself is older than most in Winnipeg, and the living area is significantly smaller than the vast majority of homes city-wide. This highlights its as-is limitations and its land-based potential.

4. Is the neighbourhood trending?
The list of "often also viewed" homes includes several newly built properties (2020, 2024) on nearby streets like Jamison Avenue, with much higher assessed values. This suggests new development and investment are occurring in parts of Chalmers, which can be a positive indicator for long-term value.

5. What are the immediate next steps for a serious buyer?
Given the age, size, and mention of an unrenovated basement, a thorough inspection is essential to understand the true scope of work needed—from foundational and mechanical systems to potential insulation and layout updates. Budgeting for renovation costs on top of the purchase price will be crucial.