Property Overview: 404-3030 Pembina Highway
Key Characteristics & Appeal
This is a 725 sqft condo built in 1977, located in the Fort Richmond neighbourhood. Its most defining characteristic is its affordability, reflected in an assessed value significantly below local and city-wide averages. The appeal lies in a straightforward, low-cost entry point into the Winnipeg market, particularly for Pembina Highway access. It ranks highly for value (top 7-12% most affordable in its comparison groups), meaning you pay less for the space.
The unit suits practical, budget-conscious buyers. It could be a fit for a first-time buyer prioritizing minimal carrying costs over size, an investor seeking a rental with a lower initial outlay, or someone looking to downsize with a focus on essential expenses. A less obvious perspective is that a smaller, older unit in a well-located building can offer financial resilience, with property taxes and condo fees likely more manageable than in newer, larger complexes. The trade-off is clear: you gain affordability but accept a living area below the neighbourhood average in a building approaching 50 years old.
Frequently Asked Questions
1. What does the "below average" ranking for size and value actually mean?
It means this unit is more affordable and smaller than most comparable properties. For example, it ranks in the top 84-93% for affordability (i.e., it's among the least expensive 7-16% of listings), and similar homes in Fort Richmond average about 894 sqft, making this unit notably compact.
2. Are there recent sale prices available for this specific unit?
Yes. The most recent sale was in May 2024, with a public price range of $12.5k to $15.5k. The exact, precise sold price is available by request from the listing source.
3. What should I consider about a condo built in 1977?
Prospective buyers should pay close attention to the building's reserve fund study and minutes from recent condo board meetings. These will reveal the financial health of the corporation and any planned major repairs (e.g., roofing, plumbing, windows, balconies) that could lead to special assessments.
4. How does the location on Pembina Highway impact livability?
Pembina Highway offers excellent transit access and convenience to amenities, shops, and the University of Manitoba. However, units facing the highway may experience traffic noise. Consider the unit's orientation within the building.
5. Who might this property not be suitable for?
It may not suit buyers who need more space, those seeking modern finishes and amenities, or anyone uncomfortable with the potential for higher maintenance issues common in older buildings. It is a value-driven choice that emphasizes cost-saving over premium features.