Property Overview: 531 Cambridge Street, North River Heights, Winnipeg
Key Characteristics & Appeal
This home at 531 Cambridge Street is a classic North River Heights property, built in 1943. With 1,367 square feet of living space on a 4,810 sqft lot, it presents a solid, mid-century offering in a sought-after neighbourhood. Its appeal lies in its established location and relative value. The assessed value of $351k is notably below the North River Heights area average, suggesting a potentially more accessible entry point into this mature community. While the home’s size and lot are fairly typical for the immediate street, they offer a comfortable scale for a small family or those looking to downsize without sacrificing yard space.
This property would suit a practical buyer who values location over sheer size. It’s ideal for someone seeking a character home in a prime neighbourhood who is comfortable with a property of this vintage and may see potential in its below-average assessment for the area. It could appeal to first-time buyers aiming for North River Heights or investors attracted by the stable, established rental market nearby.
A less obvious perspective is that its “average” metrics on the street indicate it fits seamlessly into the streetscape, avoiding the premium or challenges that can come with outlier properties. Its last known sale was between 2017-2022, which may indicate a longer-term owner, adding a layer of stability to its history.
Frequently Asked Questions
1. How does the assessed value compare to likely market value?
The assessed value of $351k is for municipal tax purposes. Market value is determined by current buyer demand. Given that this assessment is below the neighbourhood average, it may indicate a competitive listing price, but a professional appraisal or comparative market analysis is essential.
2. What should I consider with a home built in 1943?
While offering classic charm, a home of this age will likely have older major systems (like plumbing, electrical, and heating). A thorough home inspection is crucial to understand the condition and anticipate any needed updates or renovations.
3. Is the lot size sufficient for additions or a garage?
At 4,810 sqft, the lot is slightly smaller than the street average but may still allow for expansions like an addition or a detached garage, subject to Winnipeg’s zoning bylaws and setback requirements. A review of property surveys and city regulations would be necessary.
4. Why is the assessed value so much lower than the North River Heights average?
This can be due to several factors, including the home’s specific condition, interior updates, and the precise calculation model used by the assessor. It doesn’t necessarily reflect a problem, but it’s a key point to discuss with your real estate agent.
5. How can I find out the exact past sale price?
The site provides sold price ranges for transparency. To obtain the exact historical sale figures, you must request them directly via the email service provided, as this data is not sourced from the MLS and requires a manual lookup.