Property Overview: 508 Campbell Street, North River Heights, Winnipeg
Key Characteristics & Appeal
This home is a classic 1944-built bungalow on a standard-sized lot in the established North River Heights neighborhood. Its primary characteristic is its compact 808 sqft living area, which is notably smaller than most homes on its street and in the wider area. This results in a relatively low assessed value of $365k, which is below average for the immediate vicinity but aligns closely with the Winnipeg city-wide average.
The appeal lies in its position as an affordable entry point into a desirable, mature neighborhood. For the right buyer, the smaller size translates to lower property taxes, reduced maintenance, and manageable utility costs. It would suit a first-time homebuyer, a downsizer looking to stay in the area without excess space, or an investor seeking a rental property in a stable location. A thoughtful perspective is that this property represents the "bones" of the neighborhood—a chance to own a character home on a good lot, where the value is anchored more in location and land than in current square footage, offering potential for future expansion or renovation.
Frequently Asked Questions
1. Is the assessed value a reliable indicator of the likely selling price?
The assessed value of $365k is a municipal calculation for tax purposes. Notably, it sits below the street and neighborhood averages but is very close to the city-wide average. Market conditions, the home's interior condition, and recent upgrades will ultimately determine the sale price.
2. The home seems quite small. How does the lot size compare?
The living area is compact, but the 4,799 sqft lot is standard for the area. This is a key feature, providing generous outdoor space that is on par with neighboring properties and offers potential for gardening, recreation, or future additions.
3. What does the sold price history from 2016 tell us?
The home sold for between $250k-$300k in 2016. While this shows historical appreciation, it's more useful as a benchmark for the neighborhood's trajectory rather than a direct predictor of the current price, given the significant time elapsed and changes in the market.
4. How does the age of the home factor in?
Built in 1944, the home is older than the Winnipeg average but is actually newer than many in North River Heights. This suggests it's among the more recent builds in this historic area, though prospective buyers should still budget for maintenance and updates common to houses of this era.
5. Are there any obvious opportunities or drawbacks compared to nearby homes?
The data highlights a clear opportunity: you acquire a similar-sized lot as neighbors for a lower assessed value, primarily due to the smaller house footprint. A potential drawback is that the living area is significantly less than most comps, which could affect resale to families needing more space but is an advantage for those seeking a more efficient layout.