Property Overview: 495 Niagara Street, North River Heights, Winnipeg
Key Characteristics & Appeal
This 1,344 sqft home, built in 1948, sits on a 4,524 sqft lot in the established North River Heights neighbourhood. Its core appeal lies in a strong value proposition within a desirable area. The home’s assessed value of $516k consistently ranks in the top 25-30% when compared to similar homes on its street, in the neighbourhood, and across Winnipeg, suggesting it is viewed as a above-average asset. Interestingly, while the living space is modest compared to some local peers, the property commands a premium assessment, which often points to factors like lot value, specific location, or quality of construction.
The home would suit practical buyers looking for a solid foothold in a mature neighbourhood. It’s ideal for someone who values a character home from the mid-century era but may prioritize the financial metrics and lot potential over having the largest house on the block. The data indicates it’s a property that has held its value well relative to the market, making it a candidate for buyers with an eye on long-term stability and equity.
Frequently Asked Questions
1. How does the assessed value compare to recent sale prices?
The home last sold in April 2021 for an estimated $450k-$500k. Its current assessed value of $516k is higher, which is common as assessments aim to reflect market value over time. It’s important to get verified sale figures and a current market evaluation.
2. Is the living area smaller than average for the area?
Yes, at 1,344 sqft, it is somewhat below the average for both Niagara Street (~1,491 sqft) and North River Heights (~1,540 sqft). This suggests a more compact or efficiently designed floor plan compared to some neighbouring homes.
3. What does the "above average" ranking for Year Built in North River Heights mean?
In this context, being newer is considered "better." Built in 1948, this home is newer than many in North River Heights, where the average comparable home was built around 1937. This could imply potentially fewer issues with very old infrastructure.
4. How does the lot size impact value?
The lot of 4,524 sqft is slightly below the street and neighbourhood averages. However, the strong assessed value indicates the lot’s location and utility in North River Heights are significant value drivers, possibly offering good outdoor space and redevelopment potential relative to city-wide norms.
5. Where can I find more detailed comparative data?
The listing references a neighbourhood analysis page that maps nearby properties, allowing for direct comparison of year built, living area, assessed value, and lot size. This can provide clearer context for how this specific property fits into its immediate surroundings.