Property Overview: 365 Berry Street, Winnipeg

Section 1: Key Characteristics & Appeal

This one-and-a-half storey home on Berry Street is a classic Winnipeg character property, built in 1913. Its key features include a 904 sqft living area, a detached garage, and a full, unrenovated basement on a 4,519 sqft lot. The home’s assessed value is notably low compared to city-wide averages, reflecting its vintage and condition.

The primary appeal lies in its potential and location within the King Edward neighbourhood. It represents a genuine entry point into the market for a hands-on buyer or investor. The lot size is generous for the area, offering room for expansion, gardening, or outdoor space. While the living space is compact, the unrenovated state and lower price point allow a new owner to tailor updates to their own taste and budget over time.

This property would best suit a practical first-time buyer comfortable with a project, an investor looking for a hold-and-renovate opportunity, or someone seeking a modest footprint with a larger yard. Its value is more in the land and possibility than in immediate move-in readiness. A less obvious perspective is that its very low assessment, while indicating needed updates, could also present a relative tax advantage compared to more modernized homes in the short term.

Section 2: Frequently Asked Questions

1. What does "unrenovated basement" typically mean for a house of this age?
It generally indicates the original foundation and layout, likely with concrete walls and floors, and older mechanical systems (like the furnace or plumbing). It may be suited for storage and utilities but would require significant work to be finished as living space.

2. How significant is the difference between the assessed value and recent sold prices?
The assessed value for tax purposes is often lower than market value. This home sold for between $20.5k and $23.5k in 2024, which is close to its $18.5k assessment. This alignment suggests the market currently views the property’s value similarly to the city’s assessor.

3. The home is older than most on the street. Should I be concerned?
Its 1913 build date means it will require diligent maintenance and inspections for aging components like wiring, plumbing, and the roof. However, many character homes of this era were built with durable materials, and its established presence on the street is part of its charm.

4. Is the lot size a positive feature?
Yes. At over 4,500 sqft, the lot is above average for the King Edward neighbourhood. This provides more private outdoor space than many nearby properties and is a key asset for future enjoyment or potential expansion.

5. Who are the most comparable buyers or competitors for this property?
Given its condition and price point, your competition is likely to be other value-seeking buyers looking for a "blank canvas" project, or investors rather than families seeking a turn-key home. Its appeal is specific to those who see potential beyond the immediate need for renovations.