Property Overview: 322 Keenleyside Street, East Elmwood, Winnipeg

Section 1: Key Characteristics & Appeal

This one-storey home, built in 1955, presents a compelling case for value-focused buyers, particularly those who prioritize land over living space. Its key appeal lies in the significant disconnect between its modest 867 sqft living area and its generous 5,759 sqft lot, which is notably larger than most in the immediate area and East Elmwood. The home features a renovated basement and a detached garage.

The property’s assessed value ranks well above average for its street and neighborhood, suggesting official recognition of its underlying value, likely tied to its substantial lot size. This creates a distinct profile: a smaller, older house on a larger-than-average parcel. It would suit a practical buyer looking for an entry point into homeownership with clear future potential—someone comfortable with a cozy living space but who sees value in the possibilities a large lot provides for expansion, gardening, or outdoor living. It’s also a sensible fit for investors or renovators who view the existing structure as a foundation to build upon, where the land itself is a primary asset.

Section 2: Frequently Asked Questions

1. Is the house too small?
At 867 sqft, the living area is below average for the city and the street. It’s a compact layout suited for individuals, couples, or small families who prioritize efficient living. The renovated basement provides additional functional space.

2. Why is the assessed value high for the neighborhood given the home's size?
The assessed value is likely elevated because it accounts for the entire property package, most significantly the land. The lot is substantially larger than area averages, which is a major factor in property assessment.

3. What is the potential here for a future addition or rebuild?
The large lot is the key feature that enables this potential. While subject to local zoning, the parcel size provides more flexibility than typical area lots for expanding the existing footprint, adding a garage suite, or considering a future rebuild—options often not available on standard lots.

4. How does the sale history inform the current value?
The home last sold in August 2021 for $33,700. This historical price is not a direct indicator of current market value but underscores the property’s long-standing status as a value-oriented opportunity. Any current listing price would reflect significant market appreciation since that time.

5. What are the trade-offs of this property?
The trade-off is clear: you are acquiring a larger land asset with a smaller, older home on it. This means immediate compromises on interior space and modern features (the home is 71 years old) in exchange for the long-term utility and value of the land itself. Maintenance and updates on an older home should be anticipated.