705 Cordova Street

Property Overview: 705 Cordova Street, Central River Heights

Key Characteristics & Appeal

This is a compact, one-storey home built in 1953 on a 4,711 sqft lot in the established Central River Heights neighbourhood. Its key characteristic is its significant land size relative to its modest 832 sqft living area, presenting a clear value proposition centred on the lot itself. The home has an unfinished basement and no garage.

The primary appeal lies in its potential. The lot is larger than most in the immediate area, offering room for expansion, gardening, or outdoor living. For the price-conscious buyer, it represents a rare entry point into a desirable neighbourhood where land typically holds strong value. It would suit a practical first-time buyer willing to live modestly while planning future renovations, an investor looking for a land-value play with rental income potential, or someone seeking a lower-maintenance yard in a central location without the premium of a fully renovated home. A less obvious perspective is that its very modest assessed value could translate to relatively lower property taxes, an ongoing financial benefit that complements the affordable purchase price.

Frequently Asked Questions

1. Is this a teardown property?
While the living space is small and the interior is not renovated, the data does not explicitly state the home's condition. Its value is heavily weighted toward the land, making it a candidate for a significant renovation or eventual rebuild, but it is currently a functional dwelling.

2. How does the lot size compare?
The lot is 4,711 sqft. It is below the average for Cordova Street but ranks in the top quarter citywide, meaning it's a competitively sized lot for Winnipeg overall. In Central River Heights, it's notably larger than many neighbouring properties.

3. What is the neighbourhood like?
Central River Heights is a mature, sought-after neighbourhood known for its tree-lined streets, character homes, and proximity to amenities like parks, the Assiniboine River, and Corydon Avenue's shops and restaurants.

4. Why is the assessed value so much lower than the city average?
The assessed value reflects the property's current state—a smaller, older home without recent high-value renovations. It is significantly below average for its street and neighbourhood, aligning with its compact living area and unfinished spaces.

5. Was the last sale price similar to the assessed value?
Yes. The property sold for $32,600 in August 2021, which is virtually identical to its current assessed value of $32,300, suggesting a stable and consistent valuation over recent years.