Property Overview

This 1953 one-storey home on Waterloo 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 prime central neighbourhood with a recently renovated basement, all at an assessed value that sits below the average for the street. The home itself is modest in size at just over 1,000 sqft of living space, which is reflected in its value ranking. This creates a distinct profile: a property where the land and location are the standout features, not the current footprint of the house.

It would suit a few key buyer types perfectly. First, it's an entry point into a sought-after neighbourhood for a first-time buyer or downsizer comfortable with a smaller main-floor layout. Second, it's a strategic purchase for a long-term investor or homeowner with renovation or expansion plans, where the large lot provides valuable future potential. The renovated basement adds immediate functional living space, making it livable while planning for the future.

Frequently Asked Questions

1. Is the assessed value the same as the market value?
No, the assessed value is for municipal tax purposes. Market value is determined by what a buyer is willing to pay in the current market, which can be significantly higher, especially for a large lot in Central River Heights.

2. The living area is noted as below average. How does the renovated basement factor in?
The reported living area (1,098 sqft) typically refers to above-grade, finished space. The renovated basement adds additional functional square footage, but it may not be fully reflected in the official living area metric, offering more usable space than the ranking suggests.

3. What does the "above average" land ranking mean for me?
With a 6,025 sqft lot ranking in the top 24% on its street, you own more land than most comparable properties in the immediate area. This provides more outdoor space, greater privacy from neighbours, and potential for additions, a garage, or landscaping.

4. The home was built in 1953. What should I be aware of?
While the building age is above average for the street, the basement has been renovated. A thorough inspection is crucial to understand the condition of core elements like the roof, wiring, plumbing, and foundation, which may be original or updated.

5. There's no garage. Can one be built?
The large lot size certainly makes adding a garage or carport a feasible possibility, subject to City of Winnipeg zoning bylaws and permitting. This is a key advantage over properties on smaller lots where expansion isn't an option.