Property Overview
This one-storey home at 545 Montrose Street in Winnipeg's Central River Heights presents a specific and compelling opportunity. Its key appeal lies in the combination of a desirable, established neighbourhood and a property profile that suggests significant potential. The 5,170 sqft lot is generous for the area, offering valuable outdoor space in a mature community. While the 896 sqft living area is notably compact, the home features a renovated basement, adding functional space. A detached garage provides practical storage or workshop potential.
This property is ideally suited for a specific buyer: those looking to enter the River Heights area at a more accessible point, with an eye toward future expansion or redevelopment. It's a solid match for a handy buyer comfortable with a smaller footprint who values location and land over immediate move-in perfection. It could also serve as a strategic investment property in a high-demand neighbourhood. The appeal is less about the current structure and more about the underlying value of the lot in a prime location.
Frequently Asked Questions
1. Is this a small house?
Yes. With 896 sqft of living space, it is significantly smaller than most homes on its street and in Central River Heights. The renovated basement provides additional usable area.
2. Why is the assessed value so much lower than the city-wide average for comparable homes?
The assessed value reflects the property's current state and smaller size. The value is largely anchored by the land value in a sought-after neighbourhood, rather than the existing structure.
3. What does the land size mean for a potential buyer?
The 5,170 sqft lot is a key asset. It is larger than many lots on the same street, offering ample yard space and future potential, such as an addition, garden, or redevelopment (subject to zoning).
4. The home was last sold in 2021. What does that indicate?
The relatively recent sale suggests the property may have seen turnover, possibly as an investment or after the basement renovation. It's advisable to inquire about the scope and permits for the renovation work done at that time.
5. Who would this property not suit?
It would not suit buyers seeking a large, move-in-ready family home without renovation plans. The small main-floor living area and the property's value being land-heavy make it less ideal for those not considering future modifications or who need substantial space immediately.