Property Overview

This single-storey home at 700 Montrose Street in Central River Heights presents a specific and compelling opportunity. Its primary appeal lies in the combination of a generous, above-average lot in a desirable neighbourhood with a home that has a recently renovated basement. The house itself, built in 1953, is more modest in size, which is reflected in its below-average assessed value for the immediate area. This creates a dynamic where the land holds significant value and potential.

The property would suit a pragmatic buyer who values location and land over immediate square footage. It's ideal for a first-time buyer looking to enter the River Heights area, an investor interested in the lot's future potential, or a downsizer seeking a manageable home with a modernized lower level and a large yard. The appeal is less about the current living space and more about the solid foundation and the possibilities the parcel presents.

Frequently Asked Questions

1. Why is the assessed value so much lower than the recent sale price?
The assessed value is primarily for municipal tax purposes and often lags behind market value, especially in active neighbourhoods. The sale price reflects what a buyer was willing to pay for the property's total package—location, lot size, and renovated features—in the current market.

2. The living space seems small. What is the home's layout like?
As a 1,120 sqft one-storey home, the layout is likely efficient and manageable. The key feature is the renovated basement, which effectively adds additional, modernized living space not fully captured in the main floor square footage, making the home feel larger than the metric suggests.

3. What does the lot size mean for me?
At nearly 6,000 sqft, the lot is larger than most in Central River Heights. This offers valuable outdoor space for gardening, recreation, or entertaining. From an investment perspective, it also represents a greater share of the property's value and could be a factor for future expansion or redevelopment, subject to zoning.

4. Is the detached garage a convenience or an inconvenience?
This depends on your priorities. A detached garage provides secure storage and parking but means a walk to and from your vehicle in winter. For some, it's a charming, classic feature; for others, an attached garage is a non-negotiable modern convenience.

5. The home is older. What should I be most concerned about?
While the basement has been renovated, a home from 1953 will have aging core components. A thorough inspection should focus on the original parts of the house: the roof, foundation, plumbing, electrical systems, and the main floor envelope. The renovation is a positive, but understanding the condition of the original structure is crucial.