Property Overview: 694 Oak Street, Central River Heights, Winnipeg
Key Characteristics & Appeal
This well-situated one-storey home in Central River Heights is defined by its generous, above-average lot size of over 8,400 sqft, placing it in the top tier of properties locally. Built in 1954, the house itself offers a renovated basement and attached garage, with a living area that provides comfortable space. The core appeal lies in its land value and location; the lot is significantly larger than most in this desirable neighbourhood, offering rare potential for expansion, gardening, or outdoor living. While the living space is functional, the property's standout metrics are its elite land area and its assessed value ranking, which suggest a solid foundation in a prime area.
This home would suit a buyer who values the established character and convenience of Central River Heights but prioritizes land over a large existing footprint. It's an ideal canvas for someone looking to fully customize their living space over time, whether through renovations, an addition, or simply enjoying one of the larger private yards in the area. It also represents a strategic entry point into a sought-after neighbourhood where the land itself is a key driver of long-term value.
Frequently Asked Questions
1. What does the "above average" lot size actually mean for me?
With a lot size in the top 8% on its street and top 1% in Central River Heights, you have substantially more outdoor space than the typical area home. This allows for greater privacy, larger gardens, significant landscaping projects, or the future potential to add structures like a sizable shed, deck, or even an extension.
2. The house was built in 1954. What should I consider?
While the basement has been renovated, the main structure is 70 years old. A thorough inspection is essential to understand the condition of core systems like plumbing, electrical, and the foundation. The newer-than-average build date for the street is a positive, but planning for updates typical of a mid-century home is prudent.
3. How does the assessed value relate to the likely sale price?
The assessed value for taxation purposes is distinct from market value. This home last sold in 2016 for $460k. Its current high ranking for assessed value in the neighbourhood indicates the city assesses it as a premium property for the area, which often correlates with strong market value, but a current market appraisal is necessary.
4. Is the living space sufficient for a family?
At 1,823 sqft, the living area is above average for Winnipeg and the neighbourhood. For a one-storey layout, this is a comfortable size. However, the single-level design means all living and sleeping spaces are on one floor, which is excellent for accessibility but may require creative use of the renovated basement for additional family or recreational space.
5. Why is this property considered a good "canvas" or strategic buy?
The combination of a premium lot in an elite neighbourhood with a modest, older home creates opportunity. You are purchasing location and land—assets that are scarce and appreciate. The existing house provides a liveable foundation while you plan and budget for renovations that can tailor the home to your specific needs, ultimately maximizing the investment in the lot.