Property Overview & Key Characteristics
This 1949 one-storey home at 174 Borebank Street sits on a generous 4,183 sqft lot in the established North River Heights neighbourhood. Its primary appeal lies in its solid location and the value represented by its lot size. With 872 sqft of living space, an unrenovated basement, and no garage, it presents as a classic post-war bungalow with clear potential.
The home’s standout feature is its land. The lot size ranks in the top 15% on its street and the top 8% in the entire neighbourhood, offering rare space for gardens, expansion, or future development in this sought-after area. While the living area is modest, it ranks well above average for the street, suggesting a relatively efficient use of space for its era. The property last sold in October 2023 for $350,000, which is notably higher than its $32,100 assessed value, indicating strong market demand for homes in this location.
This property would suit a practical buyer looking for entry into a prime neighbourhood, willing to live with the existing condition or undertake renovations over time. It’s also a candidate for land-value investors or those with plans for a significant future addition, given the premium lot size in a consistent and desirable community.
Frequently Asked Questions
1. Why is there such a large gap between the recent sale price and the assessed value?
Assessed value in Manitoba is primarily for municipal tax purposes and often lags behind current market values, especially in high-demand neighbourhoods. The sale price reflects what a buyer recently paid based on market conditions, location, and lot value.
2. What does the "unrenovated basement" typically imply?
This usually means the basement retains its original state, likely with concrete floors, basic finishes, and older mechanical systems. It presents both a blank canvas for finishing and a potential budget item for any necessary updates to plumbing, electrical, or moisture management.
3. The home has no garage. Is street parking a concern in this area?
North River Heights features primarily residential streets with a mix of driveways and street parking. While the immediate area shows many properties without garages, you should verify specific parking bylaws and observe daily parking availability to gauge convenience.
4. How does the age of the home (1949) affect maintenance?
Homes of this vintage have character but require attention to aging components. A prospective buyer should prioritize inspections for the original roof, windows, plumbing, electrical wiring, and insulation, as updating these can be significant expenses.
5. The lot is large, but are there restrictions on what I can build?
Any significant expansion or new structure would require checking with the City of Winnipeg’s zoning bylaws. This includes rules on floor area ratios, building setbacks, height restrictions, and possibly heritage or neighbourhood character guidelines that could influence a major renovation or rebuild.