Property Overview
123 Paddington Road in Winnipeg's River Park South neighborhood presents a specific value proposition. The home is a 872 sqft bungalow built in 1978 on a 3,403 sqft lot, with a current assessed value of $284k. Its key characteristic is its position as a more modest and affordable entry point within its immediate area. Compared to other homes on Paddington Road and in River Park South, it ranks below average in both living space and assessed value. This creates a clear dynamic: you are purchasing a smaller, older home in a neighborhood where most properties are larger and more valuable.
The appeal lies in accessible homeownership in a well-established neighborhood. For a buyer, it represents a chance to get into the area at a lower price point than typical, potentially offering a manageable project for a first-time buyer, downsizer, or investor. It suits those who prioritize location and lot ownership over square footage, and who may see potential in updating a home that hasn't kept pace with neighborhood values. A thoughtful perspective is that this price point could provide financial breathing room for renovations, allowing a buyer to incrementally increase the home's value in a community where even average homes are worth significantly more.
Frequently Asked Questions
1. Why is the assessed value so much lower than the neighborhood average?
The primary reasons are the home's smaller size (872 sqft vs. a neighborhood average of 1,410 sqft) and its age. Assessed value is based on property characteristics, and this home's modest proportions result in a lower valuation compared to larger, potentially updated homes in River Park South.
2. What type of buyer would this home be best for?
It's well-suited for first-time buyers seeking an entry into homeownership in a established neighborhood, or for downsizers looking for a manageable single-level living space. It could also appeal to an investor seeking a rental property in a stable area, given the strong demand suggested by the higher average values around it.
3. How does the lot size compare?
The lot is 3,403 sqft, which is around average for Paddington Road but below the broader neighborhood average. This means outdoor space is consistent with immediate neighbors but more compact than many other lots in River Park South.
4. Are sold prices available for this specific address?
Yes, the property sold in September 2021 and October 2017. For exact sale prices, you must request the information directly via email, as the public site shows only price ranges for privacy and compliance reasons.
5. Is the home older than others in the area?
Yes. Built in 1978, it is older than the average home on its street (1985) and in River Park South (1990). This is a factor in its valuation and may indicate that major components like the roof, windows, or mechanical systems are original or nearing their typical lifespan.