Property Summary: 611 Oak Street, Winnipeg
Key Characteristics & Appeal
This one-and-a-half storey home, built in 1950, sits on a standard 5,062 sqft lot in Central River Heights. Its key features include a renovated basement and a detached garage. The living space of 1,155 sqft is modest compared to others on Oak Street but is typical for the broader neighbourhood. The home’s assessed value is notably below average for the immediate area, which may present a value opportunity for the right buyer.
The primary appeal lies in its location within a sought-after neighbourhood and its move-in ready condition, highlighted by the renovated basement. It suits first-time buyers seeking an entry point into Central River Heights, or practical downsizers looking for a manageable home with modernized essentials. A thoughtful perspective is that the smaller living area, while not expansive, could mean lower utility costs and less upkeep, aligning with a simpler, more efficient lifestyle. The below-average assessment for the street suggests potential for equity growth as improvements are made.
Frequently Asked Questions
1. Is the renovated basement a legal suite?
The listing notes a renovated basement but does not specify it as a legal secondary suite. Buyers should verify its permitted use with the city.
2. How does the property’s value compare to recent sales?
The home last sold in 2016 for $31,800. Its current assessed value is $38,800, which is below the average for Oak Street, indicating it may be priced competitively within the context of the immediate block.
3. What is the typical maintenance for a home of this age?
Built in 1950, the home is older than most in Central River Heights. Prospective buyers should budget for and inspect age-related systems like plumbing, electrical, and the roof.
4. Is the lot size a pro or con?
At just over 5,000 sqft, the lot is average city-wide but smaller than many on Oak Street. It offers manageable outdoor space but may not suit those seeking extensive gardening or large private yards.
5. Who would this property not suit?
It may not fit families needing significant bedroom space or those prioritizing a large, modern floor plan. The smaller living area and vintage layout require efficient use of space.