Property Overview
This one-storey home on Cambridge Street in Central River Heights is defined by its generous, nearly 5,000 sqft lot, which stands out as its primary asset. Built in 1949, the house itself is compact at 735 sqft of living space, placing it well below average size for the area. A key modern update is the renovated basement, adding functional space, and the property includes a detached garage. Its assessed value is aligned with city-wide averages. The appeal here is less about the existing footprint and more about the potential. The combination of a large lot in a central, established neighbourhood with a small, older home presents a clear value proposition for a specific buyer: either as a modest, low-maintenance starter home with room to garden and expand outdoors, or as a prime redevelopment opportunity down the line. It suits buyers looking for a land-play in a desirable area, or those seeking an affordable entry into River Heights without needing extensive interior space immediately.
Frequently Asked Questions
1. Is the house livable as-is, or is it a teardown?
The home is functional with a renovated basement, making it livable for someone with modest space needs. However, its significantly below-average living area suggests it's ideally suited for either a simple lifestyle or future expansion/replacement to maximize the lot.
2. How does the lot size compare to others nearby?
The lot is approximately 4,918 sqft. This is above average for Cambridge Street itself and notably larger than many lots in Central River Heights, offering more private outdoor space than most neighbouring properties.
3. What is the neighbourhood like?
Central River Heights is a mature, well-established neighbourhood known for its tree-lined streets, central location, and proximity to amenities like parks, schools, and shopping. This property offers an affordable entry point into this sought-after area.
4. What are the implications of the last sale price being much lower than the current assessed value?
The property last sold for $26,100 in 2017. The sharp increase to the current $340,000 assessment reflects significant market-wide appreciation over seven years and likely accounts for the basement renovation. It underscores how dramatically property values in the area have risen.
5. What type of future potential does this property have?
The large lot is the key. Potential includes building additions, constructing a garage suite (subject to zoning), or eventually redeveloping the site with a new, larger home that better utilizes the land, which is common in this neighbourhood.