Property Overview: 441 Union Avenue W

This one-storey home in Winnipeg's Chalmers neighbourhood presents a specific and practical opportunity. Built in 1917, it sits on a notably large lot (4,632 sq ft) that ranks within the top 2% for size on its street. The home itself is modest, with 938 sq ft of living space, an unrenovated basement, and a detached garage. Its most recent sale was in December 2021 for $18,500, and it carries a current assessed value of $16,800.

Key Characteristics & Appeal

The primary appeal of this property is its land. The lot size is significantly larger than most in the immediate area, offering rare potential for expansion, gardening, or outdoor use in a city setting. The home itself is a straightforward, no-frills structure, reflected in its very low assessed value and sale price. This combination makes it a clear candidate for a value-added project.

It would best suit a buyer looking for a land play or a foundational project. This includes developers eyeing the large lot, handy homeowners planning a major renovation or rebuild, or investors seeking an entry-level rental property with future upside. It is not a move-in-ready home, but a base for customization. A less obvious perspective is its appeal to those seeking minimal property tax or carrying costs, as the low assessed value translates to a low annual tax burden.

Frequently Asked Questions

1. Why is the assessed value so much lower than the city-wide average?
The assessed value is based on the property's current state, size, and recent sales of similar homes in its area. The modest, older home and the neighbourhood's market conditions result in a low assessment, not necessarily the potential value of the large lot.

2. What does "unrenovated basement" typically imply?
It likely means the basement is in original or rough condition, possibly with older finishes, limited ceiling height, and basic mechanical systems. It should be inspected for moisture issues, foundation integrity, and suitability for future development.

3. Is the large lot size a guarantee I can build an addition or new structure?
Not automatically. While the lot size is favourable, you must verify zoning bylaws (R1, R2, etc.) with the city to understand allowable building coverage, setbacks, and any heritage or district guidelines that may apply to this older home.

4. How does the 2021 sale price relate to today's asking price?
The 2021 sale price of $18,500 is a historical data point. The current market value will be influenced by today's market conditions, interest rates, and any changes to the property or area since that sale.

5. Are the nearby "similar value" properties actually comparable homes?
The listed properties with similar assessed values on Oakdale Drive appear to be condominium units, not single-family homes. This highlights that this property's value is in a different category—offering land ownership—which isn't directly comparable to a condo unit's value.