481 Peavey Ln Wayzata, MN 55391
Estimated payment $8,118/month
Highlights
- 112,820 Sq Ft lot
- 1 Fireplace
- Cul-De-Sac
- Gleason Lake Elementary School Rated A
- No HOA
- 3 Car Attached Garage
About This Home
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 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.
Home Details
Home Type
- Single Family
Est. Annual Taxes
- $11,101
Year Built
- Built in 1981
Lot Details
- 2.59 Acre Lot
- Cul-De-Sac
- Irregular Lot
Parking
- 3 Car Attached Garage
- Parking Storage or Cabinetry
- Heated Garage
- Insulated Garage
- Garage Door Opener
Interior Spaces
- 1,583 Sq Ft Home
- 1-Story Property
- 1 Fireplace
- Utility Room Floor Drain
- Unfinished Basement
- Walk-Out Basement
Kitchen
- Built-In Oven
- Cooktop
- Freezer
- Dishwasher
- Disposal
Bedrooms and Bathrooms
- 2 Bedrooms
Laundry
- Laundry Room
- Dryer
- Washer
Utilities
- Forced Air Heating and Cooling System
- 200+ Amp Service
- Water Filtration System
Community Details
- No Home Owners Association
- Ferndale Woods Subdivision
Listing and Financial Details
- Assessor Parcel Number 0111723310010
Map
Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2023 | $9,808 | $883,400 | $534,200 | $349,200 |
| 2022 | $8,227 | $730,000 | $405,000 | $325,000 |
| 2021 | $7,215 | $662,000 | $387,000 | $275,000 |
| 2020 | $7,269 | $592,000 | $323,000 | $269,000 |
| 2019 | $6,485 | $577,000 | $312,000 | $265,000 |
| 2018 | $6,254 | $522,000 | $260,000 | $262,000 |
| 2017 | $6,031 | $480,000 | $260,000 | $220,000 |
| 2016 | $6,688 | $512,000 | $298,000 | $214,000 |
| 2015 | $6,477 | $484,000 | $280,000 | $204,000 |
| 2014 | -- | $436,000 | $238,000 | $198,000 |
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 09/02/2025 09/02/25 | Price Changed | $1,350,000 | -10.0% | $853 / Sq Ft |
| 07/31/2025 07/31/25 | For Sale | $1,500,000 | -- | $948 / Sq Ft |
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Warranty Deed | $500 | None Listed On Document | |
| Warranty Deed | $285,000 | -- |
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Previous Owner | $259,000 | Credit Line Revolving | |
| Previous Owner | $358,000 | New Conventional | |
| Previous Owner | $140,000 | Credit Line Revolving |
Source: NorthstarMLS
MLS Number: 6752865
APN: 01-117-23-31-0010
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