Property Overview
This well-situated one-storey home at 603 Waterloo Street in Central River Heights presents a compelling opportunity defined by its generous lot and established neighbourhood. Built in 1952, the home features a renovated basement and a detached garage. Its primary appeal lies in the substantial 7,601 sqft lot, which ranks within the top 10% for size on its street and the top 3% within the desirable Central River Heights area. This offers significant space for gardens, recreation, or future expansion. The living area is above average for the neighbourhood, and the property’s assessed value consistently ranks above average across all comparison levels.
The home would suit a buyer who values land size and location over a large existing footprint. It’s ideal for someone looking for a solid foundation in a prime area, with the potential to update or expand the living space over time. The renovated basement adds functional living area, making it practical for families or those needing flexible space. A thoughtful perspective is that this property represents a strategic entry into a high-demand neighbourhood where the land itself is a key asset, often appreciating independently of the structure.
Frequently Asked Questions
1. How does the sale price compare to the assessed value?
The home sold for $61,500 in April 2024, which is above its last assessed value of $53,900. This indicates strong market demand, particularly for properties in Central River Heights with above-average lot sizes.
2. Is the lot size typical for the area?
No, it is exceptional. At 7,601 sqft, the lot is significantly larger than the averages for Waterloo Street (5,833 sqft), Central River Heights (5,581 sqft), and Winnipeg overall (6,570 sqft), placing it in the top tier locally.
3. What does the "renovated basement" entail?
The listing confirms the basement has been renovated, but the specific scope and finishes are not detailed. This would be a key point for a home inspection and discussion with the selling agent to understand the quality and permits.
4. Who might this property not suit?
Buyers seeking a modern, move-in-ready home with a large, open-concept main floor may find the 1952 layout requires updating. The appeal here is more oriented toward the lot potential and location rather than a recently built structure.
5. How does it compare to the nearby reference property at 589 Niagara Street?
While in the same neighbourhood and of a similar vintage, 589 Niagara has a larger living area (1,940 sqft vs. 1,624 sqft) but a lower assessed value ($50,400 vs. $53,900). This highlights how 603 Waterloo’s superior lot size and position on Waterloo Street contribute to its valuation.