Property Overview: 394 King Edward Street, Winnipeg

Key Characteristics & Buyer Appeal

This property is defined by its exceptionally low municipal assessed value of $13,400, which places it in the bottom 1-2% of homes on its street, in the King Edward area, and citywide. The lot size of 2,701 sq ft is modest for the street but is above the citywide average, suggesting potential value lies in the land itself. Historical sold price ranges indicate it has consistently transacted at very low price points, most recently between $11.5k and $14.5k in late 2021.

Its primary appeal is to a very specific type of buyer: investors, builders, or extremely hands-on homeowners looking for a land opportunity or a complete renovation project at an ultra-low entry cost. It is not suited for someone seeking a move-in-ready home. A thoughtful perspective is that a property at this price point in an established neighbourhood could serve as a low-risk entry into real estate, allowing for a slow, self-managed rebuild or simply holding the land. However, it requires the financial capacity and patience to address what is likely a structure in need of significant work or possibly even redevelopment.

Frequently Asked Questions

1. Why is the assessed value so low?
A municipal assessed value this far below area averages typically reflects the condition of the structure rather than the land. It often indicates that the building requires major repairs, modernization, or may even be considered functionally obsolete, thus contributing minimal value to the overall property assessment.

2. What type of project would this be?
Given the price and context, buyers should be prepared for a major renovation, a full rebuild, or a land assembly project. It is essential to conduct thorough inspections and consult with the city regarding development bylaws and permissible uses before purchase.

3. Can I get a traditional mortgage for this property?
It is highly unlikely. Most lenders have minimum mortgage amounts and require properties to be habitable and insurable. Purchasing at this price point would likely require cash or alternative financing arrangements.

4. What are the ongoing costs?
While the purchase price is low, you are still responsible for annual property taxes, utility connections, and lot maintenance. It's crucial to budget for these holding costs during any planning or renovation period.

5. How do I find out the exact past sale prices?
The listing service notes that exact sold prices are not publicly displayed. They offer to provide this information manually via email upon request, stating they aim to reply by the end of the same business day.