Property Overview
423 Montrose Street is a 1,008 sqft bungalow built in 1944, situated on a generous 5,997 sqft lot in Winnipeg's North River Heights neighbourhood. With an assessed value of $447,000, it presents a specific value proposition defined by its context.
Key Characteristics & Appeal
The primary characteristic of this home is its balance of a below-average living area with an above-average lot size for its established neighbourhood. At just over 1,000 sqft, the house is notably smaller than most in North River Heights, suggesting a cozy, efficient layout that may appeal to those seeking minimal upkeep. Its true standout feature is the land: the lot is larger than 82% of those in the local area, offering significant outdoor space rarely found with homes at this price point in the city.
Its appeal lies in this contrast. For the price, you are acquiring a prime piece of land in a desirable, central neighbourhood. The assessed value is above the Winnipeg city-wide average, reflecting the premium for the location and lot, while the home itself represents a renovation or redevelopment opportunity. It suits practical first-time buyers willing to grow into a home over time, downsizers who value location and yard space over square footage, or investors/ builders who see potential in the substantial lot. It’s a property where the land is the strategic asset, and the house offers functional entry into a sought-after community.
Frequently Asked Questions
1. Why is the assessed value relatively high for a smaller, older home?
The value is driven significantly by its location in North River Heights and the size of the lot. At nearly 6,000 sqft, the land is a substantial asset in a mature neighbourhood, which is reflected in the assessment.
2. How does the living area compare to nearby homes?
At 1,008 sqft, the living space is well below average for Montrose Street and the wider North River Heights area, where comparable homes average between 1,540 and 1,766 sqft. This indicates a more compact living arrangement.
3. What does the sold price history from 2018 indicate?
The home sold between $300,000–$350,000 in early 2018. The increase to the current $447,000 assessment highlights the significant market appreciation over the last several years, particularly for properties with valuable land.
4. Is this a candidate for a major renovation or rebuild?
Given the home's smaller size, older age (1944), and the premium lot, it is a strong candidate. The property data suggests the value is anchored in the land, making it a logical prospect for expansion or redevelopment, subject to local zoning.
5. How does the property rank within the city?
It presents a mixed profile. Its living area ranks in the bottom third city-wide, while its assessed value ranks in the top 29%, and its lot size ranks in the top 32%. This reinforces the narrative of a premium-priced lot with a modest home.