Property Overview

361 King Edward Street is a one-storey home built in 1912, offering a practical footprint of 974 square feet on a 2,897 sqft lot. It features a detached garage and a basement that is noted as being unrenovated. The home’s key appeal lies in its position as an accessible entry point into the Winnipeg market. With an assessed value significantly below city-wide averages, it presents a clear opportunity for budget-conscious buyers or investors. Its living space is typical for the immediate street and neighborhood, suggesting it fits comfortably within the context of this established area.

This property would suit a first-time buyer comfortable with a home that requires updates, or an investor looking for a rental property with a lower entry cost. Its older character and smaller lot size compared to the broader city means it’s less about expansive space and more about securing a foothold in a community. A thoughtful perspective is that while its metrics rank below average city-wide, they are much more aligned with—or even above—the norms for King Edward Street itself. This indicates you’re purchasing a home that is typical for its specific, well-located enclave, not an outlier.

Frequently Asked Questions

1. Is the basement finished?
No, the basement is noted as being unrenovated. Buyers should budget for potential finishing or updates to make it a fully livable space.

2. How does the assessed value compare to nearby homes?
The home’s assessed value of $160k is below average for the city, but ranks in the top 10% for the King Edward neighborhood. This suggests the property is valued in line with or even higher than many immediate area comparables.

3. What is the typical lot size in the area?
The lot size of 2,897 sqft is around average for King Edward Street. It’s smaller than the Winnipeg city-wide average, which is common for older, central neighborhoods.

4. When was the home last sold?
Public records indicate a sale occurred in June 2023, with a price range between $16.5k and $19.5k. For the exact sale price, you can request details via email from the listing source.

5. What type of buyer is this home best suited for?
It is best suited for a pragmatic first-time homebuyer or an investor. The value is in the location and the structure, with the understanding that some modernization may be desired over time. It is less suited for those seeking a large lot or a move-in-ready home without any projects.