Property Overview & Key Characteristics
This 1947-built, one-storey home at 241 Ridgecrest Avenue sits on a generous 5,720 sqft lot in Winnipeg's Riverbend neighbourhood. Its primary appeal lies in its balance of a sizable, established lot with a very modest property tax base, as reflected in its low assessed value of $24,500. The home itself is compact at 836 sqft with an unrenovated basement, positioning it as a true blank canvas or a potential redevelopment opportunity.
The property suits specific buyer profiles: first-time buyers or investors seeking an entry point into a stable neighbourhood with a low carrying cost, or builders/renovators who see value in the land and the potential to either significantly update the existing structure or rebuild. A less obvious perspective is its appeal to those seeking simplicity; the small living footprint can be a deliberate choice for downsizing or minimalist living, with the large yard providing outdoor space without the burden of maintaining a large house. Notably, while the home is among the oldest and smallest on its street, it offers a relative rarity—a lot size well above the neighbourhood average, suggesting more privacy and space than typical for the area.
Frequently Asked Questions
1. What does the low assessed value mean for property taxes?
A low assessed value typically results in lower municipal property taxes compared to neighbouring homes, which is a key financial advantage. However, a significant renovation or rebuild would trigger a reassessment and likely increase the tax bill.
2. Is the basement finished or usable?
The listing specifies the basement exists but is "not renovated." Buyers should assume it is in original, utilitarian condition and budget for any desired improvements, such as moisture-proofing, insulation, or finishing.
3. How does the lot size compare to others nearby?
At 5,720 sqft, the lot is notably larger than average. It ranks in the top 22% for size within the wider Riverbend neighbourhood, offering more outdoor space than many modern lots.
4. The home is older and smaller than others on the street. Is this a concern?
This defines the property's character. It is not a move-in-ready, modern family home but a property where value is derived from the land and potential. It ranks as the oldest and has the smallest living area on its specific street, which is factored into its pricing.
5. What type of renovation or rebuild potential exists here?
The large lot and one-storey structure provide flexibility. Potential ranges from a comprehensive renovation and addition to the existing home to a full teardown and rebuild, subject to local zoning bylaws. The low current value primarily reflects the existing structure, not the land's potential.