Property Summary: 707 Cambridge Street, Winnipeg
Key Characteristics & Appeal
This one-and-a-half storey home in Central River Heights is a property defined by its lot and location more than its living space. Built in 1949, it sits on a nearly 5,000 sqft lot that is above average for its specific street. The home itself is compact, with 900 sqft of living area, and features a renovated basement and a detached garage. Its recent sale price was closely aligned with its assessed value.
The primary appeal lies in the opportunity it presents. It suits a specific buyer: someone looking for a solid entry point into a desirable, established neighbourhood like River Heights, who is comfortable with a home that may require updates or an expansion over time. It’s a classic “value in the land” proposition. The renovated basement adds functional living space, making the smaller main floor more manageable. This isn’t a move-in-ready showcase home; it’s a practical foundation for a long-term investment, ideal for a handy first-time buyer, an investor, or someone looking to build equity in a prime location without the premium price of a larger, modernized home.
Frequently Asked Questions
1. Is the living space too small for a family?
While the 900 sqft main living area is below average for the neighbourhood, the renovated basement effectively doubles the usable space. It would suit a small family, a couple, or an individual who utilizes the basement as a recreation room, home office, or additional bedroom.
2. How does the assessed value compare to the sale price?
The home sold for $36,500, which was very close to its $34,100 assessed value. This suggests the sale was seen as fair and market-based, not inflated or distressed, providing a stable starting point for future value.
3. What does the lot size mean for me?
At 4,919 sqft, the lot is larger than many on Cambridge Street itself. This is a key asset, offering more outdoor space, better potential for gardening or landscaping, and future possibilities like an addition, a larger garage, or a deck, subject to local bylaws.
4. The home is older—what should I be concerned about?
Built in 1949, it’s older than most in Winnipeg but newer than many on its street. While the basement has been renovated, a thorough inspection for foundational integrity, roof condition, and updates to electrical, plumbing, and insulation is essential. Its age is typical for the character of River Heights.
5. Why is it considered "below average" for the Central River Heights neighbourhood?
The “below average” rankings primarily reflect the home’s smaller living area and lower assessed value compared to the wider neighbourhood, which includes many larger, more updated homes. This is what makes it an affordable option within a sought-after area, representing a trade-off between size/luxury and location/lot potential.