Property Overview: 335 Borebank Street, North River Heights, Winnipeg
Key Characteristics & Appeal
This is a classic 1947 home in the established North River Heights neighborhood, offering a grounded opportunity in the Winnipeg market. Its key characteristic is a balance of a modestly-sized 966 sqft house on a generous and above-average 5,401 sqft lot for the area. This presents a classic "value in the land" scenario, where the property's appeal lies in its potential rather than its current footprint. The assessed value of $387k is notably below the neighborhood average, suggesting a more accessible entry point into this desirable area.
The home would suit a few specific buyer types. First, it's a candidate for a renovator or builder looking for a solid lot to update the existing home or explore future expansion, given the lot size. Second, it could appeal to a pragmatic first-time buyer prioritizing location over move-in-ready size, who is comfortable with a home that is smaller and older than the area norm. Finally, it represents a strategic purchase for an investor seeking a property in a stable neighborhood where the land itself forms a strong base of the asset's value.
A less obvious perspective is that its "below average" size and value within North River Heights might offer a buffer against market volatility, appealing to those seeking a sensible, long-term hold in a prime location without the premium price tag of the area's larger homes.
Frequently Asked Questions
1. Is the house in need of major updates?
Given its age (built in 1947), buyers should budget for updates consistent with a home of this era. The below-average assessed value compared to the neighborhood may reflect the need for modernization, so a thorough inspection is essential.
2. How does the lot size compare to others?
The land is a standout feature. At 5,401 sqft, it's larger than most lots in North River Heights, ranking in the top 25% for the area. This offers more outdoor space and potential than is typical.
3. What does the sold price history indicate?
Records show it last sold in May 2022 for between $400k and $450k. This recent sale price range, slightly above the current assessed value, provides a useful benchmark for recent market activity on the property.
4. Is this a good value for the neighborhood?
The data suggests it is priced accessibly for North River Heights. With an assessed value significantly below the neighborhood average, it represents one of the more affordable entry points into the area, though this is balanced by the home's smaller living area.
5. What is the immediate neighborhood like?
The listing shows several nearby properties on Borebank Street with similar vintage, indicating a streetscape of well-established, character homes. This consistency often contributes to stable property values and a cohesive community feel.