Property Overview: 699 Elm Street, Central River Heights, Winnipeg
Section 1: Key Characteristics & Appeal
This one-storey home on a standard 5,183 sqft lot in Central River Heights presents a specific and compelling value proposition. Its key characteristic is the contrast between its modest, approximately 1,080 sqft living space and its generous, renovated basement, which significantly expands usable area. Built in 1953, it is notably newer than many homes on its street and in the established neighbourhood.
The primary appeal lies in its position as a land-value opportunity with modernized fundamentals. The renovated basement adds immediate functional space without the need for buyer investment, while the detached garage and above-average lot size for the area offer flexibility. It suits practical buyers looking for a foothold in a desirable neighbourhood without paying for premium above-grade square footage. This could be an ideal match for a first-time homeowner comfortable with a cozy main floor, an investor seeking a property with a strong land-to-structure ratio, or someone planning a future main-floor expansion who values the existing basement upgrade and location.
A less obvious perspective is that its below-average assessed value for the street may indicate a favourable tax position relative to neighbours, and its "newer" vintage for the area suggests potentially fewer immediate concerns with aging infrastructure common in much older homes.
Section 2: Frequently Asked Questions
1. Is the living area too small?
At just over 1,000 sqft, the main floor living area is compact. However, the renovated basement effectively doubles the functional space, making the total usable area more competitive. It's a layout that separates living and utility/rec spaces vertically rather than horizontally.
2. How does the value compare?
The home last sold in 2021 for $47.3k, a price that was above average city-wide but around average for its immediate street. Its current assessed value is below the street average, which may reflect its smaller above-grade size but could present a value opportunity relative to nearby properties.
3. What does the renovated basement include?
The listing confirms the basement is renovated but does not specify finishes or layout. This is a key detail to clarify with the listing agent to understand the quality and configuration of this significant added space.
4. What is the neighbourhood like for a home of this size?
Central River Heights is a mature, sought-after area. This property offers entry into that neighbourhood with a smaller, more affordable footprint than many larger character homes, appealing to those prioritizing location over a sprawling main floor.
5. What are the implications of the lot size?
At over 5,000 sqft, the lot is solid for the area. This provides good outdoor space and, importantly, potential for future additions like an extension, a larger garage, or landscaping projects, which is a valuable option not always available in central neighbourhoods.