Private 2.5 Acre Setting in Wayzata: Remodel or Rebuild Opportunity Tucked at the end of a quiet cul-de-sac, this 2.5-acre property offers a rare combination of privacy, space, and potential minutes from downtown Wayzata. The existing all-brick walkout rambler has been well maintained by the current owner and offers a smart layout with main level primary bedroom, and generous room sizes throughout. The lower level is a walkout with high ceilings, ready to be finished to suit your needs. The oversized 3-car garage is extra deep, heated, and fully equipped with hot and cold water, drains, and a built-in air compressor system. The lot is wide and deep, with mature trees and a stream running through the back of the property. Whether you’re considering a remodel, an expansion, or a full rebuild, the site offers flexibility and long-term upside. Blueprints are available.
Closed
$882,000
481 Peavey Ln, Wayzata, MN 55391
2beds
1,583sqft
Single Family
Built in 1981
2.59 Acres Lot
$941,200 Zestimate®
$557/sqft
$3,546 Estimated rent
Home value
$941,200
$894,000 - $988,000
$3,546/mo
Zestimate® history
Owner options
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$3,546/mo
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$3,546/mo
Rent Zestimate®
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$5,571/mo
Est. payment
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$5,571/mo
Est. payment
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List your homeWhat's special
Generous room sizes throughoutAll-brick walkout ramblerMature trees
Zillow last checked:
Listing updated:
Listed by:
Fritz 952-215-8951,
Hale Properties, Inc
Bought with:
NON-RMLS
Non-MLS
Source: NorthstarMLS as distributed by MLS GRID,MLS#: 7014977
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 2
- Bathrooms: 2
- Full bathrooms: 1
- 3/4 bathrooms: 1
Bathroom
- Description: 3/4 Primary,Main Floor 3/4 Bath,Main Floor Full Bath,Rough In
Dining room
- Description: Breakfast Area,Separate/Formal Dining Room
Heating
- Forced Air
Cooling
- Central Air
Appliances
- Included: Cooktop, Dishwasher, Disposal, Dryer, Microwave, Refrigerator, Stainless Steel Appliance(s), Trash Compactor, Wall Oven, Washer, Water Softener Owned
Features
- Basement: Block,Unfinished,Walk-Out Access
- Number of fireplaces: 1
- Fireplace features: Family Room, Gas
Interior area
- Total structure area: 3,166
- Total interior livable area: 1,583 sqft
- Finished area above ground: 1,583
- Finished area below ground: 0
Property
Parking
- Total spaces: 3
- Parking features: Attached, Driveway - Other Surface, Electric, Floor Drain, Garage, Garage Door Opener, Heated Garage, Insulated Garage
- Attached garage spaces: 3
- Has uncovered spaces: Yes
- Details: Garage Dimensions (31.5 x 30.5), Garage Door Height (7), Garage Door Width (12)
Accessibility
- Accessibility features: None
Features
- Levels: One
- Stories: 1
- Patio & porch: Composite Decking, Deck
Lot
- Size: 2.59 Acres
- Dimensions: Appro x imately 400 x 280
Details
- Foundation area: 1583
- Parcel number: 0111723310010
- Zoning description: Residential-Single Family
Construction
Type & style
- Home type: SingleFamily
- Property subtype: Single Family
Materials
- Block, Brick, Frame
- Roof: Age Over 8 Years,Asphalt
Condition
- New construction: No
- Year built: 1981
Utilities & green energy
- Electric: 200+ Amp Service, Power Company: Xcel Energy
- Gas: Natural Gas
- Sewer: City Sewer/Connected
- Water: City Water/Connected
Community & neighborhood
Location
- Region: Wayzata
- Subdivision: Ferndale Woods
HOA & financial
HOA
- Has HOA: No
Price history
| Date | Event | Price |
|---|---|---|
| 7/1/2026 | Sold | $882,000-11.4%$557/sqft |
Source:  NorthstarMLS as distributed by MLS GRID #7014977 Report a problem | ||
| 5/4/2026 | Pending sale | $995,000$629/sqft |
Source: NorthstarMLS as distributed by MLS GRID #7014977 Report a problem | ||
| 4/17/2026 | Price change | $995,000-9.5%$629/sqft |
Source: NorthstarMLS as distributed by MLS GRID #7014977 Report a problem | ||
| 1/30/2026 | Listed for sale | $1,100,000-18.5%$695/sqft |
Source: NorthstarMLS as distributed by MLS GRID #7014977 Report a problem | ||
| 12/26/2025 | Listing removed | $1,350,000$853/sqft |
Source: NorthstarMLS as distributed by MLS GRID #6752865 Report a problem | ||
| 9/2/2025 | Price change | $1,350,000-10%$853/sqft |
Source: NorthstarMLS as distributed by MLS GRID #6752865 Report a problem | ||
| 8/1/2025 | Listed for sale | $1,500,000+426.3%$948/sqft |
Source: NorthstarMLS as distributed by MLS GRID #6752865 Report a problem | ||
| 2/9/1998 | Sold | $285,000$180/sqft |
Source: Public Record Report a problem | ||
| 12/2/1997 | Sold | $285,000$180/sqft |
Source: Agent Provided Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | $11,101 +13.2% | $1,050,600 +10.3% |
| 2024 | $9,808 +20.3% | $952,600 +7.8% |
| 2023 | $8,151 -0.9% | $883,400 +21% |
| 2022 | $8,227 +14% | $730,000 +10.3% |
| 2021 | $7,215 -0.7% | $662,000 +11.8% |
| 2020 | $7,269 +0.7% | $592,000 +2.6% |
| 2019 | $7,215 -0.7% | $577,000 +10.5% |
| 2018 | $7,269 +16.2% | $522,000 +8.8% |
| 2017 | $6,254 +3.7% | $480,000 -6.3% |
| 2016 | $6,031 -9.8% | $512,000 +5.8% |
| 2015 | $6,688 +3.3% | $484,000 +11% |
| 2014 | $6,477 +4.1% | $436,000 -5.6% |
| 2013 | $6,223 -14.6% | $462,000 -16.2% |
| 2012 | $7,290 +5.5% | $551,000 |
| 2011 | $6,912 +2.2% | $551,000 -4.7% |
| 2010 | $6,765 +1.7% | $578,000 -2.9% |
| 2009 | $6,654 +8% | $595,000 +11% |
| 2006 | $6,159 +14.9% | $536,000 +13.6% |
| 2005 | $5,362 +7.1% | $472,000 +14.2% |
| 2004 | $5,005 +8.3% | $413,300 +12% |
| 2002 | $4,623 -36.5% | $369,100 |
| 2001 | $7,281 | -- |
Find assessor info on the county website
Neighborhood: 55391
Nearby schools
GreatSchools rating
- 9/10Gleason Lake Elementary SchoolGrades: K-5Distance: 2 mi
- 9/10Wayzata West Middle SchoolGrades: 6-8Distance: 0.9 mi
- 10/10Wayzata High SchoolGrades: 9-12Distance: 5.4 mi
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Estimated market value
$941,200
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Estimated market value
$941,200
- Minnesota
- Hennepin County
- Wayzata
- 55391
- 481 Peavey Ln
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