Property Overview
This home at 3 Riverbend Avenue presents a specific value proposition centered on its lot and location. Built in 1962, it is a 1,038 sqft bungalow on a 6,910 sqft lot in Winnipeg's Minnetonka neighbourhood. The data reveals a clear profile: the living space is modest and below the local average, while the lot size is notably larger than the Winnipeg citywide average. Its assessed value is significantly below averages for the street, area, and city, indicating a lower property tax base. It last sold between 200k-250k in 2017.
Key Characteristics & Ideal Buyer
The primary appeal lies in its land-to-building ratio. You are acquiring a larger-than-average city lot with a modest, older home. This suits buyers with a clear vision for the property's potential. The appeal is not in move-in-ready luxury but in opportunity—whether as an affordable entry into the neighbourhood for a hands-on owner, a long-term land play, or a project home for renovation or expansion. It would suit a practical first-time buyer comfortable with updates, an investor looking for a land-value asset, or a downsizer seeking a single-level living arrangement on a private lot without paying for excess interior space. The low assessed value is a double-edged sword: it suggests manageable property taxes, but also that the home is likely dated and requires modernization.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city average?
Assessed value is for municipal tax purposes and is based on factors like home size, age, condition, and recent sales. This low assessment strongly suggests the home is dated and may require significant updates compared to the average Winnipeg property.
2. Is the larger lot a benefit for future expansion?
Potentially, yes. The lot size is above the city average, providing more outdoor space and possible options for additions, a garage, or landscaping. However, any expansion would require checking local zoning bylaws and obtaining proper permits.
3. How does the living area compare to nearby homes?
At 1,038 sqft, the living space is below the average for both Riverbend Avenue (1,331 sqft) and the wider Minnetonka area (1,439 sqft). Buyers should expect a cozier floor plan typical of its era.
4. What does the 2017 sale price tell us about current value?
The 200k-250k sale price eight years ago is a historical data point. Current market value will be determined by present market conditions, any changes made to the home since then, and how its specific characteristics (lot size, condition) are valued today.
5. Are property taxes here likely to be low?
Based on its significantly below-average assessed value, the municipal property tax portion should be relatively low. However, the total tax bill includes other levies, so prospective buyers should verify the most recent annual tax amount.