Property Overview
This is a compact, 572-square-foot unit at 403-411 Cumberland Avenue in Winnipeg's Central Park neighbourhood. Built in 1963, it is a no-frills property with no basement, pool, or garage. Its primary appeal lies in its exceptionally low financial barrier to entry, evidenced by a most recent sale price of $7,800 and a current assessed value of $8,600. This makes it one of the most affordable property entries in the city. While its size and amenities are modest, it ranks above average for living area within its immediate area and street, indicating it is typical for the local context of older, smaller units.
The property would suit a very specific buyer: an investor looking for an ultra-low-cost addition to a portfolio, possibly for rental in a high-demand area, or a hands-on buyer seeking the absolute minimum entry point into property ownership. It is not suited for those requiring space, modern amenities, or who are not prepared for the realities and potential challenges of a building from the 1960s in an urban core neighbourhood.
Frequently Asked Questions
1. Why is the price so low?
The price reflects the property's compact size, age, lack of extra features (like a garage or basement), and its assessed value, which is in the bottom 1% citywide. It represents a baseline entry point into the market.
2. What type of building is this?
The listing does not specify a building type (e.g., apartment, condo, townhouse). Given the address format and unit size, it is likely a small unit within a larger multi-residential complex. Prospective buyers must verify the exact property type and strata/condo fees, if any.
3. Is this a good investment?
For an investor, the very low capital requirement is the main draw, potentially offering a high yield relative to the initial cost. However, investment quality depends entirely on factors like rental income potential, operating costs, building condition, and management—all of which require thorough due diligence.
4. How does it compare to other homes in the area?
The data shows a contrast: while its living space is slightly above average for Cumberland Avenue and Central Park, its assessed value is below average for those same groups. This suggests it is priced in line with (or below) other small, older units in the neighbourhood but is vastly more affordable than the Winnipeg average overall.
5. What should I research before considering this property?
Essential research includes: determining the exact ownership structure (condo, co-op, freehold), uncovering any monthly maintenance or condo fees, investigating the building's condition and pending special assessments, and understanding the rules of the corporation or association governing the property.