Property Overview

This 1924 one-and-a-half storey home on a 4,606 sqft lot in Crescentwood presents a specific and compelling opportunity. Its key characteristic is its position as a land-value proposition in a prestigious neighbourhood. The home itself, with 1,469 sqft of living space and an unrenovated basement, is modest compared to area averages, but it sits on a desirable lot that is larger than many on its own street. It includes a detached garage.

The primary appeal lies in its location and potential. For a buyer with vision, it offers a foothold in Crescentwood at a relatively accessible price point, as reflected in its below-average assessed value for the area. It perfectly suits a buyer looking for a character home to restore, an investor considering a hold-and-renovate strategy, or a builder eyeing a potential redevelopment opportunity (subject to zoning). It’s less suited for someone seeking a move-in-ready or larger-sized home without a project ahead.

A thoughtful perspective is that this property represents the "bones" of the neighbourhood—a chance to own a piece of its history and shape its future, rather than simply buying a finished product. Its value is intrinsically tied to what could be, making it a strategic purchase rather than a conventional one.

Frequently Asked Questions

1. Is this a teardown property?
Not necessarily. While the home is older and the interior spaces are modest, it is a standing, functional house. Its future would depend on a buyer's goals, the home's condition upon inspection, and local heritage or zoning regulations. It can be seen as a renovation project as much as a land purchase.

2. Why is the assessed value so much lower than neighbouring averages?
The assessed value is likely lower because it reflects the current state and size of the home itself, not the premium land value of Crescentwood. This discrepancy is what creates the opportunity for buyers who see the underlying value of the location.

3. What are the main considerations for a renovation here?
Key focuses would be updating the main living areas for modern use, investigating and potentially developing the basement, and improving energy efficiency in a century-old structure. The detached garage also presents options for conversion or upgrade.

4. How does the lot size compare?
The lot is a strong feature. At 4,606 sqft, it is larger than the average lot on Mcmillan Avenue itself, offering more outdoor space than many immediate neighbours, though it is below the broader Crescentwood average.

5. The last sale was in 2020 for a very low price. What does that indicate?
That sale price is a historical data point and may not reflect current market value. It could have been a non-arms-length transaction, a quick sale, or simply a different market moment. Current value is better gauged by recent comparable sales and the assessed value trend.