Property Overview: 552 Ash Street, Winnipeg
Key Characteristics & Appeal
This one-and-a-half storey home, built in 1948, sits on a generous 5,303 sqft lot in Central River Heights. Its key features include a renovated basement and a detached garage. With 1,388 sqft of living space, the home offers a practical footprint that is quite typical for the area.
The primary appeal lies in its location and lot size within a well-established neighbourhood. The property represents a notable value opportunity, as its assessed value is significantly below average for the street and area. This suggests potential for equity growth, especially for a buyer willing to invest in updates to the main living areas. The renovated basement adds immediate functional space.
This home would suit a value-conscious buyer, such as a first-time homeowner or an investor, who prioritizes land and location over a move-in-ready, modern interior. It’s a property where the investment is more in the land and the neighbourhood than in the current structure, appealing to those comfortable with a project or gradual improvements.
Frequently Asked Questions
1. Why is the assessed value so much lower than nearby homes?
A significantly lower assessment often reflects the home’s age and condition relative to updated neighbours. It can indicate a value-priced entry point into the area, but buyers should budget for potential renovations to bring the home in line with neighbourhood standards.
2. What does "one-and-a-half storey" mean for this home?
Typically, this style features a main floor with principal rooms and a second floor with sloped ceilings, often containing bedrooms. It’s a classic Winnipeg design that maximizes space efficiently but may have cozier upper rooms.
3. How does the lot size compare?
At over 5,300 sqft, the lot is above the city average and solid for Central River Heights. It offers good outdoor space, which is a premium in mature neighbourhoods, and provides flexibility for gardening, expansion, or adding a patio.
4. The home sold recently in 2024. What should I consider?
The recent sale indicates a quick turnover. It’s wise to investigate why—whether it was an investment flip, estate sale, or other reason—and have a thorough inspection to understand the current state of the property, especially the scope and quality of the basement renovation.
5. Is the detached garage a pro or a con?
This depends on preference. A detached garage provides flexibility for a workshop or separates vehicle fumes from the house, but it is less convenient in Winnipeg winters compared to an attached garage.