Property Overview: 701 Cambridge Street, Winnipeg
Key Characteristics & Appeal
This one-and-a-half storey home in Central River Heights presents a classic, grounded opportunity. Built in 1949, it sits on a near 5,000 sqft lot that is notably spacious for the immediate street and desirable neighbourhood context. With 1,114 sqft of living space and a renovated basement, the home offers functional, move-in-ready space. Its detached garage adds practical utility.
The primary appeal lies in its established location and the value of its land. The lot size ranks well above average for Central River Heights, suggesting room for gardens, play, or future expansion in a mature, sought-after area. While the living area is modest by today's standards, the renovated basement effectively extends the usable space. This property suits first-time buyers seeking an entry into a stable neighbourhood, practical-minded individuals who value lot size over sheer square footage, or investors looking for a character home with solid fundamentals in a perennial location.
Frequently Asked Questions
1. How does the lot size compare to others in the area?
The 4,919 sqft lot is a key feature, ranking in the top 25% for size within Central River Heights. It is significantly larger than many neighbouring properties, offering more outdoor space than is typical for the neighbourhood.
2. What does "renovated basement" typically mean for a home of this era?
While specifics should be verified, in a 1949 home this usually indicates foundational updates like modern insulation, moisture management, and finished living space. It’s a major advantage, addressing a common concern with older properties and adding functional square footage.
3. The assessed value seems low. Why is that?
Property assessments in Manitoba are not equivalent to market value. They are used for municipal tax purposes. The sale history and current market conditions are more accurate indicators of the home's worth. The assessment does indicate the tax burden should be relatively moderate for the area.
4. Is the living space too small for a family?
At 1,114 sqft above grade, the layout will be more compact than a modern suburban home. However, the renovated basement provides additional flexible space for a family room, office, or play area, making it workable for a small or growing family.
5. What are the implications of the home's age?
Built in 1949, the home is older than most on its street but from a period known for solid construction. Buyers should prioritize a thorough inspection focusing on updates to major systems (roof, wiring, plumbing) and the quality of the basement renovation, while appreciating the character and mature landscaping that come with an older home.