Property Summary: 573 Cambridge Street, Winnipeg

Section 1: Key Characteristics & Appeal

This home at 573 Cambridge Street in North River Heights is a character property built in 1921, offering a blend of established neighbourhood charm and practical value. With 1,094 sqft of living space and a 5,406 sqft lot, it presents a manageable scale for a variety of buyers. Its assessed value of $407K positions it as a competitively priced entry into the area, notably below the neighbourhood average for similar homes.

The appeal lies in its balance. While the living area is more compact compared to many area homes, the lot size is generously above average for North River Heights, offering valuable outdoor space and potential. This creates an interesting dynamic: the home itself may require efficient use of space or thoughtful updates, but the property provides a solid foundation in a desirable location. It would suit a first-time buyer, a downsizer, or an investor looking for a character home in a prime area without the premium price tag of a larger, fully renovated property. The recent sale in late 2022 suggests a modern transaction history, providing a clear recent market benchmark.

Section 2: Frequently Asked Questions

1. How does the home’s age impact its value and condition?
Built in 1921, it is among the older homes on its street and in the area. This often means character details are present, but it also implies that the condition of major systems (roof, plumbing, wiring) and the scope of any past updates should be key inspection priorities.

2. The living space seems smaller than average. How does the layout work?
At 1,094 sqft, the living area is below the neighbourhood average. Prospective buyers should pay close attention to the floor plan to assess if the space is configured efficiently for their needs, as older homes can sometimes have compartmentalized layouts versus open-concept designs.

3. The lot is larger than average for the area. What are the implications?
The 5,406 sqft lot is a significant asset, ranking in the top 24% for lot size in North River Heights. This not only allows for more private outdoor space but also could offer future potential for additions or landscaping projects, subject to local zoning regulations.

4. How does the assessed value compare to its last sale price?
The property sold in October 2022 for an estimated $450K-$500K. Its current assessed value of $407K is notably lower. It’s important to understand that municipal assessments are for tax purposes and can differ from market value; consulting a real estate professional for a current market analysis is recommended.

5. What is the context of the sold price data provided?
The sold price range is based on publicly available data, not the MLS. To obtain the exact sale price and a verified transaction history, you must request it directly via the site’s email service, as per the provided notes.