Property Overview: 475 Paddington Road, River Park South, Winnipeg
Key Characteristics & Appeal
This 1984-built home in River Park South presents a specific value proposition centered on its lot and location. At 866 sqft, the living space is notably compact, ranking below average for the street, neighborhood, and city. However, its assessed value of $398k is above the street average, suggesting the value lies elsewhere. The lot size of 4,178 sqft is typical for Paddington Road but is below the wider neighborhood and city averages. The home last sold between $300k-$350k in early 2017.
The primary appeal is likely for value-conscious buyers seeking entry into a stable neighborhood like River Park South, where they pay more for the land and location than for the size of the house itself. It suits a first-time buyer, downsizer, or investor comfortable with a smaller footprint who views the property as a foundation—whether for future expansion, long-term land value appreciation, or simply as an affordable way to secure a home in the area. A less obvious perspective is that this property may represent a "value anomaly" on its street, commanding a higher assessment than many neighbors, which could indicate desirable lot features, upgrades, or a premium position.
Frequently Asked Questions
1. Why is the assessed value above the street average when the house is smaller than average?
The assessed value reflects more than just living area. It accounts for the lot, location, building condition, improvements, and market trends. The higher assessment here suggests the property holds value through other attributes, such as its specific lot or updates not detailed in the basic metrics.
2. How does the lot size compare to nearby properties?
At 4,178 sqft, the lot is very close to the street average (~3,908 sqft) but is smaller than the typical lot in both River Park South and Winnipeg overall. This indicates Paddington Road features more compact lot sizes compared to the broader neighborhood.
3. When was it last sold and for how much?
Records show it sold in January 2017. The public price range is between $300,000 and $350,000. For the exact sale price, you can request a manual lookup via the website.
4. What does the "Below Average" living area ranking mean for me?
With 866 sqft, this home offers less interior space than most comparable homes on the street, in the neighborhood, and across Winnipeg. Buyers should be comfortable with a compact layout or consider the potential for renovations to expand.
5. Is the year built a concern?
Built in 1984, the home is slightly newer than the average on its street and significantly newer than the Winnipeg city average. While not new, it falls within a common era for the area, and major components may be due for inspection or updates based on their age and maintenance history.