Property Overview: 554 Oak Street, Central River Heights, Winnipeg
Section 1: Key Characteristics & Appeal
This well-situated one-storey home in Central River Heights sits on a generous 7,234 sqft lot, which is notably larger than most in both the immediate area and city-wide. Built in 1952, the house itself offers a comfortable 1,916 sqft of living space, which is significantly above average for the neighbourhood. Key features include an attached garage and a renovated basement.
The primary appeal lies in its combination of a prime location, substantial lot size, and spacious interior for the area. It represents a solid, grounded opportunity in a desirable community. The renovated basement adds modern livability, while the large lot offers valuable outdoor space and potential.
This property would best suit buyers looking for a established home in a mature neighbourhood without sacrificing interior space or yard size. It’s ideal for those who value location and land over a newer build, and it could appeal to families seeking room to grow or to individuals envisioning long-term value in a sizable, versatile lot.
Section 2: Frequently Asked Questions
1. How does the lot size compare to others?
The 7,234 sqft lot is a standout feature, placing it in the top 15% on its street and in Winnipeg overall. In Central River Heights specifically, it ranks in the elite top 5%, meaning very few homes in this desirable neighbourhood offer this much land.
2. Is the living space typical for the area?
No, it’s notably larger. With 1,916 sqft, this home offers significantly more living area than the average Central River Heights home, ranking in the top 8% for the neighbourhood. It provides above-average space in a community where many homes are more compact.
3. What does the assessed value indicate?
The assessed value is above average for both the neighbourhood and the city. This suggests the property is viewed as a substantial asset relative to its peers, likely influenced by its large lot and living area, though it remains around the average for its specific street.
4. The home was built in 1952. What should I consider?
While the build year is around the average for the area, a home of this age will have its character and potential needs. The key update mentioned is the renovated basement, which adds modern functionality. A thorough inspection is recommended to understand the condition of major systems and the main living areas.
5. How did it perform in its last sale?
It last sold in April 2022 for $61,500k. At that time, the sale price was well above average for the Central River Heights neighbourhood (top 5%), indicating strong demand and perceived value for this specific property.