Property Overview: 55 Paddington Road, River Park South, Winnipeg
Key Characteristics & Appeal
This 1982-built home presents a distinct profile defined by its modest 624 sqft living area, which is notably compact compared to most homes on its street, in the River Park South neighborhood, and across Winnipeg. Its primary asset is the 5,301 sqft lot, which ranks in the top 4% on Paddington Road, offering significantly more outdoor space than the street average. With an assessed value of $369k—positioning it around the average for both its street and the city—the property represents an entry point into a stable area. Its appeal lies in this land-to-structure ratio, suggesting potential for expansion, gardening, or outdoor living that is rare for the price point in this locale.
This home would best suit a pragmatic, value-oriented buyer. This includes first-time purchasers or downsizers who prioritize land ownership and future flexibility over immediate square footage. It’s also a potential fit for investors or renovators who see the underlying value in the generous lot and are prepared to update or enlarge the existing structure. It is less suited for those seeking a move-in-ready home with ample interior space.
Frequently Asked Questions
1. Why is the living area so much smaller than nearby homes?
The data confirms this home’s living area is well below local averages. This typically indicates a more compact original design, possibly a bungalow or specific model built with a focus on efficient use of space, making the generous lot size a standout compensating feature.
2. Is the assessed value of $369k fair given the small size?
The assessment appears to balance the below-average living space with the above-average lot size for the street. Its value ranking is average on the street and city-wide, suggesting the official assessment has factored in both the limitation and the asset of the land.
3. What can I do with such a large lot relative to the house?
The lot is the property’s key feature. Owners often utilize such space for large gardens, adding a shed or garage, creating extensive outdoor entertainment areas, or, subject to zoning and permits, planning a future addition to the home.
4. How can I get the exact sale history for this property?
The site does not display full transaction histories publicly. You can request exact sold prices and history by emailing via the "Request exact figures by email" option on the property page. They provide this data manually.
5. How does the year built (1982) affect this home?
Built around the average for its street, the home is from an era of standard construction practices for Winnipeg. Buyers should budget for updates common to homes of this age, such as windows, roofing, or mechanical systems, while acknowledging it’s not a historic or brand-new build.