Property Overview & Key Characteristics
This 1978 two-storey home in Winnipeg's River East neighbourhood presents a practical and value-conscious opportunity. Its primary appeal lies in a combination of established community setting and specific comparative strengths. The property sits on a larger-than-average lot (3,295 sq ft), ranking in the top 6% of the neighbourhood for land area, which offers valuable outdoor space and potential. While the living area is a modest 1,152 sq ft, it is notably spacious for its immediate street, ranking in the top 14%. A key feature is the renovated basement, adding functional living space.
The home’s assessed value positions it favorably against many city-wide and local comparables, suggesting a solid foundation of value. It would suit first-time buyers seeking an entry into a stable neighbourhood with room to grow, or practical-minded investors looking for a property with a strong land-to-value ratio and a renovated element. Its appeal is less about high-end finishes and more about foundational equity, space, and the quiet stability of a mature area.
Frequently Asked Questions
1. How does the lot size compare to nearby homes?
The 3,295 sq ft lot is a standout feature, larger than approximately 94% of lots in the broader River East neighbourhood. This provides more private outdoor space than is typical for the area.
2. What does the "renovated basement" entail?
The listing confirms the basement is renovated but does not specify the scope. This would require clarification on the finish quality, permitted uses (e.g., legal suite, recreation room), and the year of renovation.
3. The home was built in 1978. What should I consider?
As a home from the late 1970s, a buyer should prioritize inspections for era-specific components like the roof, original windows, plumbing, and electrical systems, which may be nearing or due for updates despite the basement renovation.
4. There is no garage. How does parking work?
The property has no garage. Parking would be limited to driveway and/or street parking. Checking local bylaws for on-street parking restrictions is advisable.
5. The assessed value seems low relative to some comparables. Why?
Municipal assessed value for taxation purposes often differs from market value. Its assessment being in the top 23% city-wide indicates it is not undervalued by the city’s metrics. Market value is determined by current sale prices, condition, and specific buyer demand.