Property Overview

This 1953 one-storey home at 688 Montrose Street in Central River Heights presents a specific and compelling opportunity. Its primary appeal lies in its generous 6,241 sqft lot, which ranks within the top 8% for size on Montrose Street itself. This significant outdoor space is the standout feature, offering rare potential for gardens, expansion, or recreation in a mature, central neighbourhood. The home itself is modest, with 1,098 sqft of living space, and comes with a detached garage and a renovated basement. It last sold in September 2020 for $350,000.

This property is well-suited for a specific buyer: someone who values land over square footage, such as a first-time buyer or downsizer looking for a manageable home with excellent outdoor potential in a prime location. It also appeals to the visionary buyer or investor who sees the underlying value in the lot itself, considering the home’s assessed value is below the street average. It’s less suited for those seeking a large, move-in-ready house without future renovation or expansion plans.

Frequently Asked Questions

1. Is the lot truly large for the area?
Yes. The property’s lot size of over 6,200 sqft is significantly above the average for both Montrose Street and the wider Central River Heights neighbourhood, placing it in the top 13% of the area.

2. The living area seems small. What’s the condition like?
The provided data notes the living area is below average for the immediate street. However, it highlights a key renovated feature: the basement. This suggests additional finished space not reflected in the main floor square footage, which could add functional living area.

3. Who would this property not be a good fit for?
It may not suit a growing family needing substantial immediate indoor space without undertaking renovations. Similarly, buyers seeking a modern, recently built home may find the 1953 build date and modest main floor layout less appealing.

4. The assessed value seems low. Does that indicate a problem?
Not necessarily. The assessed value is for municipal tax purposes and often lags behind market value. Its below-average ranking on the street can sometimes reflect the modest size of the home itself relative to its land, which could represent an opportunity for value appreciation.

5. What is the potential here beyond the current house?
The combination of a large lot in a central, established neighbourhood with a one-storey footprint presents clear long-term potential. This could range from extensive landscaping to creating a spacious backyard oasis, or even future expansion (subject to permits and zoning). The value is anchored in the land and location as much as the existing structure.