Property Overview: 214-3000 Pembina Highway, Fort Richmond, Winnipeg

Section 1: Key Characteristics & Appeal

This is a compact, 685 sqft condo unit in a well-established 1974 high-rise on Pembina Highway. Its most defining characteristic is its exceptionally low assessed value, which ranks in the bottom 2-4% compared to similar properties on its street, in Fort Richmond, and across Winnipeg. The living space is also notably below average for the area. The building itself is older than many comparable properties citywide.

The primary appeal lies in its position as one of the most accessible entry points into the Winnipeg condo market, particularly in the convenient Fort Richmond area near the University of Manitoba. It suits very budget-conscious buyers, such as first-time investors looking for a low-cost rental property, or minimalist owner-occupants (like a single person or a couple) whose priority is location and affordability over space. A less obvious perspective is that such a low-value unit in a larger building could represent a relatively stable investment in terms of property tax obligations, and its "as-is" condition might appeal to buyers seeking a straightforward canvas for cosmetic updates.

Section 2: Frequently Asked Questions

1. Why is the assessed value so much lower than nearby units?
While the exact reasons aren't specified, an assessment this far below average typically reflects factors like the unit's smaller size, its specific floor plan or placement within the building, its condition relative to others, and potentially higher condo fees or a need for significant building-wide capital projects.

2. What are the likely condo fees, and what do they cover?
This information is not provided in the data. You must request the condo corporation's financial statements, bylaws, and reserve fund study to understand the monthly fees, what utilities or amenities they include, and the health of the building's finances.

3. Is this a good option for a student rental investment?
Given the location near the university and the low entry price, it is a candidate. However, its suitability depends heavily on the building's rules regarding rentals, the projected cash flow after factoring in condo fees and taxes, and the condition of the unit for attracting tenants.

4. How does the recent sold price range compare to the assessed value?
The data shows it sold for an estimated $12.5k-$15.5k in July 2024, which is close to its $12.2k assessed value. This suggests the market price aligns with its official valuation, and it is not selling at a significant premium.

5. What should I investigate about the building's condition and future?
For any older building, especially one from the 1970s, it is crucial to review the status of the reserve fund and any recent or upcoming special assessments. Key questions would concern the age and condition of major systems like the roof, windows, elevators, and plumbing.