Property Overview: 386 Cabana Place, Winnipeg
Section 1: Key Characteristics & Appeal
This one-storey home in Central St. Boniface is defined by its substantial, above-average lot size—over 6,200 square feet—which is its most standout feature. Built in 1953, the house itself is of average size for the area at just over 1,000 square feet, but it comes with a renovated basement and a detached garage. The appeal here is primarily in the land and location. It offers space for gardening, expansion, or simply enjoying a larger private yard than most city properties, all within a mature, established neighbourhood. The home last sold in 2018 for $220k, and its current assessed value is notably lower than the citywide average sale price, which may present an opportunity.
This property would best suit a practical buyer who values outdoor space over a large interior footprint. It’s ideal for a first-time homeowner willing to live in a modestly sized, updated home while holding a valuable asset in the land, or for a long-term investor who recognizes the potential in a sizable lot in a central neighbourhood. A less obvious perspective is that this home represents a "blank canvas" property: the renovated basement provides modern livability now, while the generous lot holds future potential, whether for a major renovation, an addition, or simply as a hedge against increasing land scarcity in the city core.
Section 2: Frequently Asked Questions
1. Is the lot size unusual for the area?
Yes. The property’s lot is in the top 12% for size within Central St. Boniface, meaning it’s significantly larger than most neighbouring properties. This is a key advantage.
2. What does the "renovated basement" include?
The provided details confirm the basement is renovated but do not specify the scope. A buyer would need to inquire about the finishes, legal egress, ceiling height, and whether it includes a separate entrance or rental potential.
3. Why is there a large gap between the 2018 sale price and the current assessed value?
Assessed value for tax purposes is not the same as market value. The assessed value is typically lower and used for calculating property taxes, while market value is determined by what buyers are currently willing to pay. The 2018 sale price is a historical data point, not a current valuation.
4. Who would this home not suit?
It may not suit buyers seeking a large, move-in-ready interior without future projects, or those who prioritize a modern, open-concept layout typical of newer builds. The living space is functionally average for the immediate area.
5. How does the age of the home (1953) affect things?
While the systems and structure are 70+ years old, the renovated basement suggests some updates. A pre-purchase inspection would be crucial to understand the condition of the original foundation, roof, wiring, and plumbing. Its vintage also means it was built during a period of solid construction, often on a desirable larger lot.