Property Overview: 554 Elm Street, Central River Heights
Key Characteristics & Appeal
This one-and-a-half storey home, built in 1949, sits on a generous, approximately 5,184 sqft lot in the established Central River Heights neighbourhood. Its key features include a renovated basement and a detached garage. The home’s primary appeal lies in its location and land. The lot size is above average for the immediate street and neighbourhood, offering valuable outdoor space and potential in a sought-after area. While the living area (1,188 sqft) is modest compared to some neighbours, it presents an opportunity for buyers looking for a manageable footprint or future expansion. The recent renovation of the basement adds functional, modernized space.
This property would suit a first-time buyer or downsizer seeking a lower-maintenance home in a prime location without a massive interior to upkeep. It’s also a compelling canvas for a buyer with renovation or expansion plans, where the value is anchored in the desirable lot and neighbourhood rather than a finished, large house. A thoughtful perspective is that its "around average" metrics city-wide for size and value suggest a stable, balanced investment without the premium or risk of extremes, offering a grounded entry into a mature community.
Frequently Asked Questions
1. Is the lot size typical for the area?
Yes, the lot is a standout feature. At over 5,000 sqft, it ranks in the top 39% on Elm Street itself and is larger than many comparable neighbourhood lots, offering more private outdoor space than typical.
2. How does the home’s size compare to others?
The living space is cozy. It's notably smaller than the average home on Elm Street but is very close to the average size for both Central River Heights and the city of Winnipeg as a whole, making it a comfortably sized bungalow-style home.
3. What does the "renovated basement" include?
The provided details confirm the basement has been renovated but do not specify the scope. A viewing or inquiry with the listing agent is necessary to determine the finish quality, layout, and permitted uses of this space.
4. How old is the home, and what might that mean for maintenance?
Built in 1949, the home is older than most in the neighbourhood and city. While charm and character are benefits, prospective buyers should budget for and investigate the age and condition of major systems like plumbing, electrical, and the roof.
5. How is the property valued compared to its last sale?
The home sold in December 2021 for $45,400 and currently holds an assessed value of $42,700. This suggests a stable value in line with recent market activity, but the final sale price is always determined by the current market.