Property Overview: 483 Campbell Street, Winnipeg
Key Characteristics & Buyer Profile
This home at 483 Campbell Street in North River Heights is a classic post-war bungalow, built in 1946. Its key characteristic is a clear value proposition centered on land and location rather than interior size. With a living area of 904 sq ft, the home is notably compact compared to most in the neighbourhood and city, placing it in the bottom 15-20% for size locally. However, it sits on a generous and above-average lot of nearly 4,800 sq ft for the area. The assessed value of $418k is very close to the street average and sits above the city-wide average, suggesting the price is anchored in the desirable North River Heights location.
The appeal lies in this balance. It offers an entry point into a well-established neighbourhood, primarily through the value of the land and the potential it holds. The lot size allows for garden space, expansions, or future redevelopment, which is a significant asset. It suits pragmatic first-time buyers or downsizers who prioritize location and lot potential over immediate square footage. It would also appeal to value-oriented investors or builders who see the underlying land value in a mature neighbourhood, viewing the existing structure as a foundation for renovation or redevelopment.
Frequently Asked Questions
1. Is the house too small for a growing family?
At 904 sq ft, the living space is compact. It would likely suit a couple, a small family, or someone looking to downsize without leaving the neighbourhood. The lot size does offer potential for an addition, subject to zoning and permits.
2. How does the assessed value compare to recent sale prices?
The home last sold in October 2024 for between $400k-$450k, which aligns closely with its current $418k assessment. This suggests the market price is stable and in line with municipal valuation.
3. What does the lot size mean for me?
The lot of 4,799 sq ft is a key feature. It's larger than many in North River Heights, providing more outdoor space than typical and offering tangible future potential, whether for personal enjoyment or property improvement.
4. Is the age of the home (80 years) a concern?
The year built (1946) is typical for the core of this neighbourhood. While it implies potential for older systems needing updates, it's actually newer than many area homes, ranking in the top 20% locally for year built.
5. How does this property represent value for North River Heights?
It offers a way into the neighbourhood at a price point often associated with smaller lots or less central areas. You are paying predominantly for location and land, with the home itself representing a functional starting point. This contrasts with paying a premium for a fully updated, larger home on a standard lot.