Property Summary: 213 Niagara Street, Winnipeg
Key Characteristics & Appeal
This 1927 home in North River Heights presents a classic, grounded opportunity. With 1,258 sqft of living space and a 4,320 sqft lot, its size is comfortably average for both the immediate street and the broader neighbourhood. The home’s most defining characteristic is its assessed value of $325k, which is notably below average for Niagara Street and North River Heights, where comparable homes are assessed nearly $150k higher. This significant gap suggests a potential value proposition, whether due to the home’s condition, specific features, or simply its position in the market.
Its appeal lies in this very positioning. It offers entry into a well-established area at a lower assessed value point, which could suit buyers looking for a character home with renovation potential, or those seeking a footprint in a desirable neighbourhood without the typical price tag. The lot size provides a good canvas for gardening or outdoor space. It would suit pragmatic first-time buyers, value-conscious investors, or downsizers who prioritize location over a turn-key property. A thoughtful perspective is that its "below average" valuation on its street might offer more manageable property taxes compared to immediate neighbours, while still providing the benefits of the area.
Frequently Asked Questions
1. Why is the assessed value so much lower than neighbouring homes?
The assessed value is based on municipal evaluation, which considers factors like lot size, living area, age, and condition. A lower assessment can sometimes reflect a home that requires modernization or differs in features from higher-valued neighbours. It’s a key point to investigate through a viewing and potential inspection.
2. What does the sold price history indicate?
Records show it last sold between $300k-$350k in September 2022. This range aligns closely with its current $325k assessment, suggesting a stable, realistic market value rather than a speculative price.
3. Is a home from 1927 a concern?
While offering classic charm, a home of this age will likely have older infrastructure. Prospective buyers should budget for potential updates to wiring, plumbing, or insulation, and a thorough inspection is highly recommended to understand the home’s condition.
4. How does the living space compare for the area?
At 1,258 sqft, it is smaller than the neighbourhood average (~1,540 sqft). This means efficient use of space is key. It may be ideal for smaller households or those comfortable with a more compact, traditional floor plan.
5. What are the benefits of the North River Heights location?
North River Heights is a central, mature neighbourhood known for its tree-lined streets, character homes, and convenient access to amenities, parks, and major routes. This location offers stability and community appeal.