Property Overview: 701 Niagara Street, Winnipeg
Key Characteristics & Appeal
This one-storey home in Central River Heights sits on a notably spacious, above-average lot for its immediate street and neighbourhood. Built in 1953, it is newer than many surrounding homes, offering a potential advantage in terms of foundational wear and update timelines. The property features a detached garage and a renovated basement, adding functional space. Its primary appeal lies in the land value and location within a desirable neighbourhood, coupled with a lower assessed value that may present an entry point into the area. The living area itself is compact compared to peers, suggesting a home best suited for efficient use of space or future expansion.
This property would suit a specific buyer: those prioritizing lot size and location over interior square footage. It's a strong candidate for first-time buyers seeking a foothold in Central River Heights, downsizers looking for manageable living with a generous yard, or investors/renovators who see potential in the solid lot and basement to increase the home's value over time. The recent sale price indicates the market premium for the location, even for a smaller home.
Frequently Asked Questions
1. Is the house small?
Yes. At 967 sqft, the living area is below average for the street, neighbourhood, and city. This confirms the home's focus is on its lot and location rather than interior size.
2. What does "renovated basement" mean?
The listing notes the basement is renovated, but the scope and quality are unspecified. A professional inspection is recommended to understand the finish, permits, and how it adds functional living or storage space.
3. Why is the assessed value so much lower than the recent sale price?
The assessed value ($40.8k) is for taxation purposes and often lags behind market value. The 2022 sale at $400k is a clearer indicator of its market price, reflecting the high demand for land in Central River Heights.
4. How does the lot size compare?
The lot is a key feature. At over 5,000 sqft, it ranks in the top 26% on Niagara Street, meaning it's larger than most direct neighbours. This offers more outdoor privacy and potential than typical for the area.
5. What are the implications of the home's age (1953)?
While newer than many area homes, a house from 1953 will still have age-related considerations. Key systems like plumbing, electrical, and the roof may be due for updates or inspection, which should be factored into planning.