Set at the end of a private drive, this Waubay Lake estate offers privacy, extensive waterfront improvements, and direct access to the lake. A private concrete boat ramp and dock let you launch from the property onto Waubay Lake, without trailering to a public access. The home looks across open water, with a shoreline setting shaped by the lake's historic rise.The property includes 140 deeded acres across three parcels. About 40 acres are upland around the home site; roughly 100 acres are under water and contiguous with the lake. The submerged acreage is not usable upland, but the open water in front of the home helps preserve the expansive lake views. Directions: From Pereboom's in Webster, travel 5.5 miles east on Hwy 12. Turn north on 440th Avenue and continue 2 miles. Turn east on 139th Street and travel 1 mile. Turn north on 441st Avenue and continue 1 mile. Then turn west on 138th Street for 1 mile, which leads directly to the property. GPS coordinates: 45.3876, -97.41145 The property is in Racine Township and the Webster Area School District 18-5. Engineered rock shoreline protection, terraced retaining walls, custom patios, and landscaped grounds make the most of the lake setting. These improvements were built to work with the changing shoreline and create outdoor spaces for gathering and taking in the water views. The open-concept great room features vaulted ceilings, exposed timber beams, a stone fireplace, and floor-to-ceiling windows overlooking Waubay Lake. The adjoining kitchen offers ceiling-height custom cabinetry, generous workspace, and a large center island. The dining area connects naturally to both spaces. A spacious loft overlooks the great room and lake. It can serve as a game room, office, reading area, or extra sleeping space. The private primary suite is set apart in its own wing, with an ensuite bathroom, sitting area, lockable owner's space, and a two-stall garage. The walkout lower level is set up for family and guests. Each of its two bedrooms has space for a queen bed and built-in bunk nooks that sleep three more. The level also includes a bathroom, family room, wet bar with refrigerator and microwave, and access to the outdoor entertaining areas. The loft has a bed for two and room for an additional air mattress. Other features include a heated shop/garage with a bathroom, mud room, fiber internet, underground utilities, a large underground propane tank, hidden gun storage, lake-fed irrigation, and room to turn around and park trucks, boats, and trailers. There is also room to add features such as kennels, a bird-cleaning station, or additional freezer capacity. Waubay Lake is a large natural lake with about 15,500 surface acres, a maximum depth of roughly 31 feet, and a mean depth near 13 feet. Walleye, yellow perch, smallmouth bass, northern pike, white bass, black crappie, bluegill, rock bass, and cisco are among the fish found in the lake. South Dakota Game, Fish and Parks publishes lake-specific fisheries information for anglers. Blue Dog State Fish Hatchery is about six miles away on Blue Dog Lake. The hatchery produces walleye and yellow perch, among other species, for stocking across South Dakota, and the state is raising funds for hatchery improvements. The private launch and dock make it easy to get onto the lake without trailering to a public access. In winter, you can walk from the house to the shoreline to fish through the ice. Nearby lakes include Enemy Swim, Blue Dog, Pickerel, Bitter, and Rush. The property is in South Dakota's Prairie Pothole Region, a major breeding area for ducks. The Prairie Pothole Joint Venture estimates that the U.S. region can sustain up to 10 million ducks in a typical year and supported nearly 14 million during a very wet period. Waubay National Wildlife Refuge, established in 1935, is about six miles away and includes 4,650 acres. The refuge has recorded 245 bird species. Since 1959, more than 40,000 acres have been purchased for Waterfowl Production Areas in the Waubay Wetland Management District; those areas are open to public hunting. Waubay is also a big-water roost. The lake can stay open after surrounding sloughs freeze, drawing birds to the water and creating morning and evening movement between roosts and feeding areas. Divers include canvasbacks, redheads, ring-necked ducks, lesser scaup, buffleheads, goldeneyes, and mergansers. Mallards, gadwall, wigeon, pintails, shovelers, wood ducks, and blue- and green-winged teal are found in the region as well. Canada geese and white-fronted geese move through in fall, with snow and Ross's geese among the spring migrants. The surrounding area offers several types of waterfowl hunting, including big-water divers, puddle ducks on sloughs, field hunting, and pass shooting. Field access depends on permission from the landowner. Pheasants and whitetail deer are present in the area, and the upland around the home offers space to walk a dog and enjoy the outdoors. With about 40 upland acres, this is better suited to lake recreation, fishing, and waterfowl use than to being marketed as a stand-alone pheasant property. The sale does not include deer tags or guarantee hunting access on neighboring land. From the launch and dock to the shoreline, house, and guest spaces, this property is built around using Waubay Lake through the seasons.
For sale
Price cut: $300K (10/16)
$2,200,000
43998 138th St, Webster, SD 57274
4beds
0baths
--sqft
Single Family Residence
Built in ----
140 Acres Lot
$2,087,300 Zestimate®
$--/sqft
$-- HOA
What's special
Stone fireplaceEngineered rock shoreline protectionOpen-concept great roomLarge center islandExposed timber beamsMud roomPrivate drive
- 89 days
- 509
- 12
Zillow last checked:
Listing updated:
Listed by:
Kasey Wipf 605-281-9808,
Hayden Outdoors Real Estate
Source: My State MLS,MLS#: 11873253
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 4
- Bathrooms: 0
Features
- Basement: Full
- Has fireplace: No
Interior area
- Total structure area: 0
- Finished area above ground: 0
Video & virtual tour
Property
Lot
- Size: 140 Acres
Details
- Parcel number: 16104250
- Lease amount: $0
Construction
Type & style
- Home type: SingleFamily
- Property subtype: Single Family Residence
Condition
- New construction: No
- Year built: 0
Community & HOA
HOA
- Has HOA: No
Location
- Region: Webster
Financial & listing details
- Tax assessed value: $378,731
- Annual tax amount: $3,446
- Date on market: 7/22/2026
- Date available: 06/19/2026
- Listing agreement: Exclusive
Estimated market value
$2,087,300
$1.98M - $2.19M
$1,725/mo
Price history
| Date | Event | Price |
|---|---|---|
| 10/16/2026 | Price change | $2,200,000-12% |
Source: My State MLS #11873253 Report a problem | ||
| 7/22/2026 | Listed for sale | $2,500,000 |
Source: My State MLS #11873253 Report a problem | ||
| 7/22/2026 | Listing removed | $2,500,000 |
Source: NY State MLS #11873253 Report a problem | ||
| 7/7/2026 | Listed for sale | $2,500,000+900% |
Source: NY State MLS #11873253 Report a problem | ||
| 7/18/2014 | Sold | $250,000 |
Source: Agent Provided Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | $3,446 +0.9% | $378,731 |
| 2024 | $3,415 -10.4% | $378,731 |
| 2023 | $3,811 +26.7% | $378,731 +28% |
| 2022 | $3,009 +15.4% | $295,884 +20% |
| 2021 | $2,607 | $246,570 +6.6% |
| 2020 | -- | $231,391 +26.3% |
| 2016 | -- | $183,207 |
| 2014 | -- | $183,207 +26.6% |
| 2013 | -- | $144,751 +15% |
| 2012 | -- | $125,871 |
Find assessor info on the county website
Monthly payment
Est. payment
Payment breakdown
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Neighborhood: 57274
Nearby schools
Schools provided by the listing agent
- District: 000000
Source: My State MLS. This data may not be complete. We recommend contacting the local school district to confirm school assignments for this home.