398 Elmhurst Road

Property Overview

This 1915-built one-and-a-half storey home in Varsity View offers a rare combination of a central location and substantial outdoor space. Its primary appeal lies in its expansive 10,042 sqft lot, which is significantly larger than most in the area, providing exceptional privacy and potential for gardens, recreation, or expansion. The home itself, with 1,583 sqft of living space, ranks above average for size within its community and across Winnipeg. While the house is over a century old and features an unfinished basement, it presents a solid foundation for customization. This property is ideally suited for buyers who value land size over turn-key condition—specifically, those looking for a long-term family home with room to grow, or investors/renovators who see value in the lot's potential and the character of a well-located heritage-era property. Its strong rankings for lot and living space size, contrasted with its lower ranking for age, highlight a classic trade-off: the opportunity to shape a home to your tastes, anchored by a uniquely large parcel of land in a sought-after neighbourhood.

Key Questions for Consideration

1. What does the "one-and-a-half storey" design typically mean for this era of home?
   This style often features a main floor with principal rooms and a second floor under sloped rooflines, creating cozy bedrooms with character. Buyers should be prepared for potentially unique layouts and ceiling heights on the upper level, which are part of the home's historic charm.

2. The lot is exceptionally large. Are there any restrictions on how it can be used?
   While the data highlights the lot's size as a major asset, prospective buyers must verify zoning bylaws with the city to understand permissible uses, such as building additions, secondary suites, or other structures, to fully realize the property's potential.

3. How might the 2021 sale price compare to today's value?
   The 2021 sale at $393,000, above the current assessed value of $347,000, reflects a past market snapshot. Current value will be influenced by market conditions, the property's unchanged state, and its unique lot advantage. It serves as a reference point, not a current valuation.

4. The home ranks very low for age. What should I be prepared for?
   Ranking in the bottom 10% for age in Winnipeg means major systems (like plumbing, electrical, or the roof) may require inspection, updating, or imminent replacement. Budgeting for these updates is as important as planning for cosmetic renovations.

5. The basement is unfinished. Is it a full foundation and is it suitable for finishing?
   An unfinished basement in a 1915 home offers storage and mechanical space. A key question is the foundation type (stone, concrete), ceiling height, and moisture condition, which will determine the feasibility and cost of future development into living space.