Property Overview
This one-and-a-half storey home, built in 1949, sits on a desirable street in Winnipeg's Central River Heights neighbourhood. Its key appeal lies in the combination of a prime location and a significant, well-sized lot. At just under 4,800 square feet, the property offers more outdoor space than most in the immediate area, presenting a notable opportunity for gardening, expansion, or future development. The home itself is modest in size at 900 square feet of living area, but it features a renovated basement and a detached garage.
The property would particularly suit a first-time buyer, an investor, or a downsizer looking for a foothold in a sought-after neighbourhood without the premium price of a larger, updated house. It’s a classic "value in the land" proposition, ideal for someone with a vision to renovate or expand over time, or for an investor considering a future infill project given the lot's dimensions and location.
Frequently Asked Questions
1. Is the house in good condition?
While specific interior condition details aren't provided here, the listing notes the basement has been renovated. Given the home's age and modest assessed value relative to the neighbourhood, buyers should budget for updates to the main living areas and systems.
2. Why is the assessed value so much lower than the sale price?
The assessed value is for taxation purposes and often lags behind market value, especially in active markets. The sale price reflects what a buyer recently paid, which is influenced by land value, location demand, and market conditions rather than just the assessed figure.
3. Is the lot large enough to build a new home or add a significant addition?
At 4,798 sq ft, the lot is larger than many in Central River Heights. While subject to zoning bylaws and permits, the lot size is a key asset that does create potential for additions or future redevelopment, which is a major part of the property's appeal.
4. What are the downsides of a smaller, older home like this?
The living space is compact, and utility costs can be higher if older windows, insulation, or mechanical systems haven't been updated. The layout may also feel dated compared to modern open-concept designs.
5. How does this property compare to others on the street?
The data shows this home sits on a larger-than-average lot for Cambridge Street but has a smaller living area and a lower assessed value than most neighbours. This indicates it may be one of the more original properties on the block, surrounded by potentially larger or more updated homes.