Property Overview
374 Campbell Street in Winnipeg's North River Heights presents a compelling mix of established character and practical value. Built in 1929, this home sits on a generous 5,699 sqft lot, which is notably larger than many in the immediate area. With 904 sqft of living space and a municipal assessed value of $395,000, it offers a specific value proposition in a desirable neighbourhood.
Key Characteristics & Appeal
The primary appeal of this property lies in its land value and location. The lot size is well above average for North River Heights, offering significant outdoor space and potential in a mature, central neighbourhood. While the home itself is more compact and older than many comparables, this translates to a lower assessed value relative to the area, creating an entry point into a sought-after community. Its value is very much in line with the Winnipeg city-wide average, suggesting a fair, stable assessment.
This home would suit a few specific buyer profiles perfectly. First-time buyers or downsizers seeking a manageable footprint in a prime location without a premium price will find it aligned with their goals. It’s also a candidate for a long-term value investor or a buyer with renovation plans, as the substantial lot provides room for future expansion or landscaping projects that a smaller lot would not. It’s less suited for those prioritizing modern, turn-key interiors or requiring substantial square footage immediately.
Frequently Asked Questions
1. Is the assessed value a reliable indicator of the likely selling price?
The assessed value of $395,000 is for municipal tax purposes. While it provides a benchmark, market conditions ultimately determine sale price. Notably, this assessment is "around average" city-wide but "below average" for North River Heights, which may indicate a value opportunity within the neighbourhood.
2. How does the lot size compare to others?
The 5,699 sqft lot is a key feature. It ranks in the top 20% for size within North River Heights, meaning it's significantly larger than most lots in this area. This is a considerable asset for privacy, gardening, or future outdoor living spaces.
3. The home was last sold in 2019. What does that history suggest?
The home sold between $250,000-$300,000 in late 2019. The increase to the current $395,000 assessment reflects broader market trends over the past five years. This history shows the property has appreciated, but a buyer should investigate what, if any, updates were made during that ownership period.
4. What should I consider about a home built in 1929?
A home of this age offers charm but requires diligent inspection. Key considerations will be the condition of major systems (plumbing, electrical, roof, foundation) and the level of updates made over time. Its older construction date is typical for the character of North River Heights.
5. The living area is noted as "below average." How will that impact daily life?
With 904 sqft, the home is cozy and efficient. It will suit a smaller household or those comfortable with less interior space. The appeal is balanced by the larger-than-average outdoor space, effectively extending your living area during warmer months. It encourages a simpler, more streamlined lifestyle.