Property Overview: 355 Parr Street, Winnipeg

Key Characteristics & Appeal

This one-and-a-half storey home, built in 1912, presents a unique profile defined by significant contrasts. Its primary appeal lies in its exceptionally generous living space of 2,190 sq ft, which ranks in the top 1% for size both on its street and in the Inkster-Faraday neighbourhood. This makes it a standout for buyers seeking ample room in this area. The property sits on a 3,142 sq ft lot that is above average for Parr Street.

However, this is balanced by its very low municipal assessed value of $9,10k, which is among the lowest in the entire city. This, combined with an unrenovated basement and no garage, indicates a property with foundational solidity but requiring modernization. It last sold for an estimated $13.5k–$16.5k in 2021.

This home would suit a specific type of buyer: an investor or hands-on homeowner with a vision for gradual improvement, who prioritizes interior square footage over move-in-ready finishes. It’s a canvas for creating value, appealing to those comfortable with a project and attracted by the potential of a large, character home in a central neighbourhood, with the understanding that its condition is reflected in its price and assessment.

Frequently Asked Questions

1. Why is the assessed value so much lower than the city average?
Municipal assessments are based on market value and property characteristics. The very low assessment reflects the home’s age, unrenovated state, and the economic conditions of its recent sale, providing a correspondingly low property tax basis.

2. What does "unrenovated basement" typically imply?
This usually means the basement retains its original or very dated finishes, mechanical systems, and layout. It may be suited for storage and utilities but would require significant work to be converted into modern living space, presenting both a cost and an opportunity.

3. Who would be the most likely buyer for this home?
Given the data, the most likely buyers are value investors looking for a hold-and-renovate project, or owner-occupants with the skills, time, and budget to incrementally upgrade a large but dated home. It is less suited for someone seeking a turn-key property.

4. How significant is the lack of a garage?
On a lot of this size in this neighbourhood, the absence of a garage is common for the era. Buyers should factor in the cost and feasibility of adding off-street parking or a garage if needed, subject to local bylaws.

5. The home sold recently in 2021. What does that suggest?
The quick resale could indicate an investor’s flip, a change in circumstances for the owner, or a property being moved through an estate. Reviewing the exact sale price (available by request) would help clarify the recent market activity and any potential change in value.