Property Overview
This is a compact, 374-square-foot unit at 110-411 Cumberland Avenue in Winnipeg's Central Park neighbourhood. Built in 1963, it is a no-frills property with no basement, pool, or garage. It sold recently for $60,000, which is significantly below both neighbourhood and city-wide averages. Its official assessed value is notably low at $6,700. The data reveals a clear profile: it is one of the oldest units on its street and in its immediate area, but also one of the smallest and most affordable in terms of both taxes and purchase price.
Key Characteristics & Appeal
The primary appeal of this property is its extreme affordability and low cost of entry into the Winnipeg market. It represents a minimal financial footprint, with correspondingly low property taxes. Its compact size translates to very low utility and maintenance costs. This isn't a property for those seeking space or modern amenities; instead, it suits a specific buyer looking for a pragmatic solution.
It would be ideal for a first-time investor seeking a cash-flow positive rental unit with a very low initial investment, or for an extremely budget-conscious individual who prioritizes minimal housing costs above all else. Its location within a larger building at 411 Cumberland Avenue may also appeal to someone seeking a degree of community or building services not found in a standalone house.
A less obvious perspective is that its "top 1%" ranking for age on its street isn't necessarily a drawback for the right buyer. It signifies a building with established character and potentially a stable, long-term tenant base. The low assessed value, while indicating modest finishes, also provides a buffer against property tax increases.
Frequently Asked Questions
1. Why is the sale price so much higher than the assessed value?
Assessed value for tax purposes often lags behind market value, especially in active markets or for unique properties. The sale price reflects what a buyer was recently willing to pay.
2. What does the "Top 1%" ranking for Year Built mean here?
In this context, it means this unit is among the very oldest (rank 1 out of 407) compared to similar properties on Cumberland Avenue. Its 1963 build date is older than 99% of its local peers.
3. Who is this type of property most suitable for?
It is best suited for an investor looking for an affordable rental property or a single occupant with minimal space needs and a primary goal of minimizing housing expenses.
4. What are the main trade-offs for the low price?
Buyers trade space, modern features, and potentially building amenities for the low purchase price and operating costs. The living area is significantly below average.
5. Is the low assessed value a positive?
It directly results in lower annual property taxes, which is a financial positive. However, it also generally reflects a lower valuation due to the unit's age, size, and condition compared to the broader market.