Property Overview: 380 Oak Street, North River Heights, Winnipeg
Key Characteristics & Appeal
This home at 380 Oak Street presents a distinct profile within the desirable North River Heights neighborhood. Built in 1927, it is a character home with a living area of 1,027 sq ft, which is notably compact compared to many area homes. Its assessed value of $390,000 sits below the neighborhood average, reflecting its smaller size. However, it sits on a decent 4,820 sq ft lot that is quite typical for the local area.
The primary appeal lies in its position as a potentially more accessible entry point into a well-regarded, established community. For the right buyer, its below-average price for North River Heights offers a trade-off: a smaller interior footprint in exchange for a coveted location and a standard-sized lot with potential for outdoor enjoyment or future expansion. This property would best suit a first-time buyer, a downsizer, or an investor seeking a character rental in a stable area, who prioritizes location over spacious living quarters and may see value in a home that offers room to grow outward rather than upward.
Frequently Asked Questions
1. Is the assessed value a reliable indicator of the likely selling price?
The assessed value of $390k is for municipal tax purposes. Notably, the home sold between $350k-$400k in July 2024, which aligns closely with this assessment and suggests it is a relevant benchmark for the current market.
2. How does the smaller living area impact daily life and value?
At 1,027 sq ft, the home is significantly cozier than the North River Heights average. This means efficient use of space is essential. It favors simpler lifestyles but may feel constrained for those needing multiple dedicated rooms or extensive storage. This size is a key factor in its more accessible price point for the neighborhood.
3. What are the implications of the 1927 build date?
As a nearly century-old home, it offers classic charm but likely requires a careful review of its major systems (roof, wiring, plumbing, foundation) and updates. Potential buyers should budget for maintenance and modernizations, while also appreciating the craftsmanship and character of the era.
4. The lot size is described as "around average" for the area. What does that mean?
With a 4,820 sq ft lot, you have a yard space that is very typical for North River Heights. This is a strong asset, providing good outdoor space for gardening, recreation, or the possibility of an addition, which can offset the smaller interior square footage.
5. How can I get the exact historical sold price instead of the range shown?
The site provides sold price ranges for non-members. To receive the exact sale figure from July 2024, you can use the "Request exact figures by email" function on the property page. The service is manual but provided without obligation.