Property Overview

This one-storey home at 361 Berry Street in Winnipeg's King Edward neighborhood presents a specific and compelling opportunity. Its primary appeal lies in a rare combination of a very large, private lot in a central area with a home that offers a straightforward, functional layout. The house itself is modest at 850 sqft with an unfinished basement, reflecting its 1950 build date, and has an assessed value significantly below the city average. This isn't a move-in-ready showcase, but a property with clear fundamentals for the right buyer.

Key Characteristics & Ideal Buyer

The standout feature is the land. At over 7,600 sqft, the lot size is in the top 5% for the street and top 1% for the King Edward area. This offers exceptional outdoor space, privacy, and long-term potential that is increasingly hard to find centrally. The house is smaller and older than many area comparables, positioning it as an affordable entry point into the neighborhood. Its assessed value is consistent with nearby homes, suggesting it's priced for its current condition.

This property would suit practical buyers who see potential beyond the surface. It's ideal for a first-time buyer or an investor comfortable with a home that needs updates, who values massive outdoor space for gardens, pets, or future expansion over immediate interior luxury. It also suits a buyer looking for a land-value play in a well-established area, where the value is anchored more in the property's size and location than in the existing structure.

Frequently Asked Questions

1. Is this a "tear-down" property?
Not necessarily. While the home is modest and the land is the major asset, the 1950 structure appears viable. It would suit a buyer planning a gradual renovation, an addition to capitalize on the lot size, or simply one who values the large yard as-is.

2. Why is the assessed value so much lower than the city average?
The city-wide average includes all property types and newer areas. This assessment reflects the home's smaller size, age, and condition relative to the entire Winnipeg market. It is, however, directly in line with assessed values for similar homes on Berry Street and in King Edward.

3. What does the unfinished basement mean for living space?
The 850 sqft living area is all above ground. The basement offers storage and mechanical space, and presents future potential for additional living area, but would require a significant renovation to finish.

4. How does the lot size compare to a typical new subdivision lot?
It's substantially larger. Many modern suburban lots are between 4,000-5,000 sqft. This lot is over 50% larger than that, offering a level of space and privacy that is uncommon in central neighborhoods.

5. The home sold in 2017. What does that price history indicate?
The previous sale in the $22.5k-$25.5k range shows the assessed value has remained stable. This consistency suggests the property is not subject to speculative swings and is valued for its core attributes: land and location.