Property Overview: 114-3000 Pembina Highway, Fort Richmond, Winnipeg
Section 1: Key Characteristics & Appeal
This is a compact, 685 sqft condo unit in a well-established 1974 building on Pembina Highway. Its defining characteristic is its exceptionally low cost of entry. The assessed value is in the bottom 2-4% of comparable properties across the neighbourhood and city, and it last sold for an estimated $9.5k–$12.5k in late 2021. This positions it as one of the most affordable homeownership opportunities in Winnipeg.
The appeal lies squarely in its function as a minimal equity foothold in the market. It suits a very specific buyer: someone seeking the lowest possible barrier to entry, such as a first-time buyer prioritizing mortgage-free living, an investor looking for an ultra-low-cost rental property, or someone wanting to build equity with minimal capital outlay. Its location on a major transit and commercial artery offers convenience, though likely with associated traffic noise. The unit’s size and age mean it is a practical, no-frills option rather than a luxury purchase. A thoughtful perspective is that this property represents a calculated trade-off—accepting a smaller, older unit on a busy road in exchange for financial flexibility and freedom from a large mortgage.
Section 2: Frequently Asked Questions (FAQs)
1. Why is the price so low?
The low price reflects the unit’s below-average size (685 sqft), its age (built in 1974), and its location directly on a busy highway. The assessed value and recent sale history consistently rank it in the bottom percentiles for the area.
2. What are the monthly condo fees, and what do they cover?
This information is not provided in the public data. A critical next step is to contact the property manager or review the condo documents to understand the monthly fees, what they include (e.g., heat, water, building insurance, reserve fund contributions), and the financial health of the condo corporation.
3. Is this a good investment property?
Given the very low purchase price, the potential for positive cash flow as a rental could be strong, depending on the monthly condo fees and market rent. However, investors must carefully research the condo corporation’s rules on rentals, the adequacy of the reserve fund, and any pending special assessments.
4. How does living directly on Pembina Highway impact daily life?
Expect significant traffic noise, especially during peak hours. The trade-off is unparalleled access to buses, major retailers, and services. It is ideal for those who value convenience and transit access over quiet and privacy.
5. The data shows "Sold Price" as a range. What was the exact final price?
The exact sold price is not publicly listed in the database. You can request this information directly via the "Get exact sold price history" feature on the listing page, which will be provided by email.