Property Overview: 566 Oak Street, Central River Heights, Winnipeg
Key Characteristics & Appeal
This two-storey home, built in 1950, sits on a well-sized lot in the established Central River Heights neighbourhood. Its key features include a renovated basement and a detached garage. The living space of 1,350 sq ft is typical for the area and city, offering a manageable footprint. The property’s appeal lies in its location within a sought-after community and its updated basement, which adds functional space. The lot size is generous for the street, providing good outdoor potential.
This home would suit a first-time buyer or downsizer looking for a lower-maintenance property in a prime location without the scale of a larger modern house. It’s also a pragmatic fit for an investor or handy buyer who values the neighbourhood fundamentals over a turn-key finish, as the main living areas may present an opportunity for personal updates. The assessed value aligns with city averages, suggesting a stable, market-ready property rather than a fixer-upper bargain or a premium showcase home.
Frequently Asked Questions
1. How does the lot size compare to others?
The land area of 4,823 sq ft is larger than many lots on Oak Street itself (ranking in the top 64%), offering more yard space than some immediate neighbours, though it is slightly below the average for the broader Central River Heights area.
2. Is the home smaller than others nearby?
The living area is below the average for Oak Street but is very close to the typical size for both the Central River Heights neighbourhood and the city of Winnipeg as a whole. It represents a standard, efficient layout for the area.
3. What does the "renovated basement" include?
The listing confirms the basement is renovated but does not specify the scope. Viewing the property is essential to see the quality of the renovation, determine if it includes a legal suite or additional living space, and check for any moisture issues common in older homes.
4. Why was the last sale price so much lower than the assessed value?
The property sold for $37,200 in late 2022, which is significantly below its current $400k assessment. This typically indicates a non-arms-length transaction, such as a transfer between family members, and does not reflect the market value at that time.
5. How does the year built affect this home?
Built in 1950, the home is older than most in the city but is actually newer than many on its street and in the Central River Heights neighbourhood. Buyers should budget for maintenance consistent with a home of this age, while appreciating the character and established streetscape it contributes to.