Property Overview: 693 Oak Street, Central River Heights, Winnipeg
Section 1: Key Characteristics & Appeal
This one-storey home on a generous 7,330 sqft lot in Central River Heights presents a compelling opportunity. Its primary appeal lies in the combination of a large, above-average lot size for the area and a recently renovated basement, offering immediate livable space. The detached garage adds practical utility.
The home suits two main types of buyers. First, it's ideal for a value-conscious buyer or investor seeking a foothold in a desirable, central neighbourhood, who is comfortable with the home's modest living area (1,419 sqft) and older vintage (built 1953) but sees potential in the land and renovated basement. Second, it could appeal to a long-term planner who views the property as a future redevelopment site, given that the lot size ranks in the top 4% for the elite Central River Heights area. The assessed value is notably below average for the immediate street and neighbourhood, which may indicate an opportunity, but buyers should investigate the reasons behind this valuation.
A less obvious perspective is that this property offers a balance of quiet potential and current functionality. While the main house is of average size for the city, the large lot provides rare outdoor space and future flexibility that is increasingly scarce in mature, central neighbourhoods.
Section 2: Frequently Asked Questions
1. Why is the assessed value so much lower than neighbouring properties on Oak Street?
The data shows the assessed value ranks in the bottom 11% on the street itself. This typically reflects the home's older age, smaller living area, or specific condition relative to updated neighbours. It's a key point for due diligence to understand if this represents a valuation discrepancy or reflects necessary investments.
2. Is the renovated basement a legal suite?
The listing states the basement is renovated but does not specify it as a legal secondary suite. This is a crucial question for buyers interested in rental potential, as creating a legal suite would require specific permits and modifications to meet city codes.
3. What is the significance of the large lot size?
At 7,330 sqft, the lot is significantly larger than the average for both Central River Heights and Winnipeg overall. This not only allows for more private outdoor space but may also provide future options like an addition, a garden suite (subject to zoning), or simply a premium of extra land in a sought-after location.
4. How does the 2019 sale price relate to the current assessed value?
The property sold for $37,100 in late 2019, and the current assessed value is $35,800. This close alignment suggests the assessment is closely tracking recent market activity for this specific property, but market conditions have likely shifted since 2019.
5. What are the implications of the home being a one-storey building?
This style, often called a bungalow, is popular for its accessible layout and typically simpler roof structure. For some, it offers easier living without stairs. For others, it may indicate an older design with a smaller footprint, which is reflected in the living area being average for the city but below the street's average.