Property Summary: 615 Cambridge Street, Winnipeg
Section 1: Key Characteristics & Appeal
This one-and-a-half storey home, built in 1949, is situated on a standard-sized lot in Central River Heights. Its key features include a renovated basement and a detached garage. The home’s primary appeal lies in its location within a sought-after neighbourhood, offering a more affordable entry point due to its modest living space of approximately 900 sqft. This creates a value proposition for specific buyers: the lot size is consistent with the area, presenting potential for future expansion or garden space that larger, more modern homes on smaller lots may not offer.
It would best suit a first-time homebuyer or an investor looking to enter the River Heights market at a lower price threshold. It’s also a practical fit for those who prioritize location and land over a large interior footprint, or for someone planning a custom renovation who values the established neighbourhood character and the solid foundation of an older home. A less obvious perspective is that its "below average" size for the area could mean lower utility costs and less maintenance, appealing to those seeking a simpler, more efficient footprint without sacrificing the community benefits.
Section 2: Frequently Asked Questions
1. Is the house particularly small?
Yes. At 900 sqft, the living area is below the average for both Cambridge Street and the broader Central River Heights neighbourhood. This is reflected in its accessible price point.
2. What does the "renovated basement" include?
The listing confirms the basement is renovated but does not specify the scope. A buyer should inquire about the finishes, ceiling height, permits, and whether it includes a separate entrance or additional living space like a bedroom or bathroom.
3. How does the assessed value relate to the sale price?
The property’s assessed value is $36,300. It last sold in July 2023 for $37,500, indicating the assessed value is closely aligned with recent market activity. A previous sale in 2018 was for $270,000, highlighting significant market shifts or unique conditions at that time.
4. What is the potential for adding on or expanding the house?
The lot is over 4,900 sqft, which is around the city average. For Central River Heights, this lot size is below average but still provides reasonable outdoor space and potential for an addition, subject to local zoning bylaws and setback requirements.
5. Are older homes like this a concern?
Built in 1949, the home is older than most in Winnipeg but is actually newer than many on its own street. While this suggests some updated infrastructure may be in place, a thorough inspection is essential to evaluate the condition of the roof, wiring, plumbing, and foundation.