Property Overview
This is a compact, no-frills condominium unit at 501-411 Cumberland Avenue in Winnipeg's Central Park neighbourhood. Built in 1963, it offers 374 square feet of living space. The unit has no basement, garage, or pool. Its most defining feature is its exceptionally low financial barrier to entry, with a city-wide assessed value of $6,800 and recent sale prices between $6,900 and $7,500. While its size and assessed value rank in the bottom tiers city-wide, the building itself is among the oldest and most established on its street and in the immediate area.
Section 1: Key Characteristics & Appeal
Key Characteristics:
This is a minimalist, entry-level property defined by its small footprint (374 sq ft) and very low property value. It is part of an older, well-established building in Central Park. The data suggests it is a basic, functional space rather than a luxury offering.
Where Its Appeal Lies:
The appeal is almost entirely financial. It represents one of the most accessible points of entry into the Winnipeg housing market, with extremely low property taxes and purchase price. For the right buyer, it offers independence and equity building at a minimal cost. A less obvious perspective is its potential as a specific lifestyle choice: it forces a simplified, clutter-free way of living and could suit someone seeking an ultra-affordable private space in a central location, purely as a place to sleep and base themselves while living life elsewhere in the city.
Suitable Buyer Profile:
This property would suit a very budget-conscious first-time buyer, a single individual seeking absolute minimum overhead, or possibly an investor looking for a low-cost rental unit. It is not suitable for those needing space, amenities, or for families.
Section 2: Frequently Asked Questions
1. What does the "Top 1%" ranking for Year Built mean?
This means the building itself is among the oldest 1% of comparable properties on Cumberland Avenue and in Central Park. It indicates a well-established, mature building, not that it is new or recently renovated.
2. Why is the assessed value so much lower than the city average?
The assessed value is very low due to the combination of a very small square footage, the age of the building, and market factors in its specific location. It reflects the unit's position as a baseline, no-frills housing option.
3. Is this a good investment?
As an investment, it offers high affordability and likely a low-cost rental opportunity. However, potential buyers should carefully consider condo fees (not listed here), the building's reserve fund, and the very specific tenant market for a unit of this size and type. Its value appreciation may differ from the broader market.
4. What are the condo fees and what do they cover?
This information is not provided in the available data. This is a critical question to ask the listing agent or property manager, as fees can significantly impact the total monthly cost and may cover utilities, building insurance, or maintenance.
5. The sale price has increased slightly between 2017 and 2023. Is that a positive sign?
The modest price increase from $6,900 to $7,500 over six years shows some stability in its very niche market segment. It should not be interpreted as strong market growth, but rather a sign of sustained, baseline demand for ultra-affordable housing options.