406-511 River Avenue

Property Overview: 406-511 River Avenue, Winnipeg

Section 1: Key Characteristics & Appeal

This is a compact, 806 sqft condominium in Roslyn, built in 1913. With an assessed value of $209k, it sits at an accessible price point for the area, ranking around average for its street and neighborhood. Its primary appeal lies in value and location. It offers a foothold in a central Winnipeg neighborhood at a cost significantly below the average for a single-family home in the city. The unit is notably smaller than both the neighborhood and city averages, suggesting a efficient, low-maintenance layout suited for a minimalist lifestyle or as a practical starter home.

The property would best suit a first-time buyer, a downsizer, or an investor seeking an entry into the market with manageable carrying costs. Its 1913 construction date is a key consideration; it places the building among the older in the city, which can mean character and established, tree-lined streets, but also implies a need for diligence regarding potential maintenance or renovation needs compared to newer builds. A thoughtful perspective for a buyer is to see this not just as a small unit, but as purchasing a share in a well-located, historic building—where the value is derived more from the land and location than from the size of the interior space.

Section 2: Frequently Asked Questions

1. What are the condo fees, and what do they cover?
This information is not provided in the public data. A potential buyer must request the condo corporation’s financial statements, bylaws, and reserve fund study to understand monthly fees, included amenities (like heat, water, or building insurance), and the long-term health of the building’s finances.

2. How does the 1913 build date affect the property?
It indicates a character building with potential for original features. Crucially, it necessitates a thorough inspection to assess the condition of major systems (plumbing, electrical, building envelope) which may have been updated over time. The building’s age will also influence insurance costs and energy efficiency.

3. The sold price shows a range of $200k-$250k. Why the broad estimate?
The public data provided is not from the MLS and shows approximate bands. To get the exact sale price from August 2023, you must request a manual lookup from the site, as per their note. This is common for non-MLS data sources.

4. How does the living area compare practically?
At 806 sqft, it is smaller than the average Winnipeg condo. This emphasizes efficient use of space. Buyers should consider if the layout is open or segmented, and whether it meets their needs for living, working, and storage, as square footage alone doesn’t capture layout functionality.

5. The assessed value is below many nearby reference properties. Is that a concern?
Not necessarily. The nearby references include larger, detached homes on different streets. The assessment here is consistent with similar condo units in value. It primarily reflects the property’s characteristics (size, type, building age) rather than a negative outlier, and contributes to its relatively lower property tax burden.