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481 Peavey Lane, Wayzata, MN 55391

$882,000

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Property Type: Residential Bedrooms: 2 Baths: 2 Square Footage: 3,166 Lot Size (sq. ft.): 112,820 Status: Closed

Current Price: $882,000 List Date: 1/30/2026 Last Modified: 7/01/2026

Overview

Description

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.

Listing Details MLS# 7014977

General Property Information

Association Fee Frequency: N/A
Common Wall: No
Lot Measurement: Acres
Manufactured Home?: No
Multiple PIDs?: No
New Development: No
Number of Fireplaces: Yes
Waterfront YN: No
Year Built: 1981
Yearly/Seasonal: Yearly
Zoning: Residential-Single Family
Bath Full: Yes
Bath Three Quarters: Yes
Main Floor Total SqFt: 1583
Above Grd Total SqFt: 1583
Below Grd Total SqFt: 1583
Total SqFt: 3166
Total Finished Sqft: 1583.00
FireplaceYN: Yes
Style: (SF) Single Family
Foundation Size: 1583
Power Company: Xcel Energy
Garage Stalls: 3
Lot Dimensions: Approximately 400 x 280
Acres: 2.59
Assessment Pending: No
Bath Half: 0
Bath Quarter: 0
Association Fee: 0

Property Features

Accessible: None Air Conditioning: Central Air Appliances: Cooktop; Dishwasher; Disposal; Dryer; Microwave; Refrigerator; Trash Compactor; Washer Basement: Concrete Block; Unfinished Bath Description: Main Floor 3/4 Bath; Main Floor Full Bath; 3/4 Primary; Rough In Construction Materials: Block; Brick; Frame Construction Status: Previously Owned Dining Room Description: Breakfast Area; Separate/Formal Dining Room Electric: 200+ Amp Service Existing Financing: Free and Clear Exterior: Brick/Stone Family Room Characteristics: 2 Story/High/Vaulted Ceilings; Family Room Financing Terms: Conventional Fireplace Characteristics: Family Room; Gas Burning Foundation: Concrete Block Fuel: Natural Gas Heating: Forced Air Lock Box Type: Combo Parking Characteristics: Finished Garage; Floor Drain; Garage Door Opener; Heated Garage; Insulated Garage Road Frontage: City Street Road Responsibility: Public Maintained Road Roof: Age Over 8 Years; Asphalt Shingles Sellers Terms: Cash; Conventional; Conventional Rehab; VA Sewer: City Sewer/Connected Special Search: Main Floor Bedroom; Main Floor Primary Stories: One Water: City Water/Connected

Contract Information

Off Market Date: 2026-05-03
Contingency: None
Closed Date: 2026-07-01
Original List Price: 1100000
Sales Close Price: 882000
ListPrice: 995000
Owner is an Agent?: No
Auction?: No

Location Tax and Other Information

House Number: 481
Street Name: Peavey
Street Suffix: Lane
Postal City: Wayzata
County: Hennepin
State: MN
Zip Code: 55391
Complex/Dev/Subdivision: Ferndale Woods

Assessments

Tax With Assessments: 11101
Assessment Balance: 0

Basement

Foundation Dimensions: 52 x 30
Concrete Block: Yes
Unfinished: Yes

More Information

Building Information

Finished SqFt Above Ground: 1583

Insurance Fee

Insurance Fee Frequency: N/A
Insurance Fee: 0

Lease Details

Land Leased: Not Applicable

Miscellaneous Information

Homestead: No

Ownership

Fractional Ownership: No

Parking Characteristics

Garage Dimensions: 31.5 x 30.5
Garage Door Height: 7
Garage Door Width: 12
Garage Square Feet: 960
Finished Garage: Yes
Floor Drain: Yes
Garage Door Opener: Yes
Heated Garage: Yes
Insulated Garage: Yes

Public Survey Info

Range#: 23
Section#: 01
Township#: 117

Office/Member Info

Association: MAAR

Location, Tax and Other Information

AssocFeeYN: No
Legal Description: LOT 016 BLOCK 001 FERNDALE WOODS
Listing City: Wayzata
Map Page: 104
Municipality: Wayzata
School District: Wayzata
School District Phone: 763-745-5000
Zip Plus 4: 2698
Property ID Number: 0111723310010
Tax Year: 2025
Tax Amount: 11101
In Foreclosure?: No
Potential Short Sale?: No
Lender Owned?: No

Directions & Remarks

Public Remarks: 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.
Directions: Lake St W, South on Peavey Rd, West on Peavey Lane to home at end of cul-de-sac. Up paver driveway.

Accessible

None: Yes

Air Conditioning

Central Air: Yes

Appliances

Cooktop: Yes
Dishwasher: Yes
Disposal: Yes
Dryer: Yes
Microwave: Yes
Refrigerator: Yes
Trash Compactor: Yes
Washer: Yes

Bath Description

Main Floor 3/4 Bath: Yes
Main Floor Full Bath: Yes
3/4 Primary: Yes
Rough In: Yes

Construction Materials

Block: Yes
Brick: Yes
Frame: Yes

Construction Status

Previously Owned: Yes

Dining Room Description

Breakfast Area: Yes
Separate/Formal Dining Room: Yes

Electric

200+ Amp Service: Yes

Existing Financing

Free and Clear: Yes

Exterior

Brick/Stone: Yes

Family Room Characteristics

2 Story/High/Vaulted Ceilings: Yes
Family Room: Yes

Financing Terms

Conventional: Yes

Fireplace Characteristics

Family Room: Yes
Gas Burning: Yes

Foundation

Concrete Block: Yes

Fuel

Natural Gas: Yes

Heating

Forced Air: Yes

Lock Box Type

Combo: Yes

Patio, Porch and Deck Features

Composite Decking: Yes
Deck: Yes

Road Frontage

City Street: Yes

Road Responsibility

Public Maintained Road: Yes

Roof

Age Over 8 Years: Yes
Asphalt Shingles: Yes

Sellers Terms

Cash: Yes
Conventional: Yes
Conventional Rehab: Yes
VA: Yes

Sewer

City Sewer/Connected: Yes

Special Search

Main Floor Bedroom: Yes
Main Floor Primary: Yes

Stories

One: Yes

Water

City Water/Connected: Yes

Listing Office: Hale Properties, Inc

Last Updated: July - 01 - 2026

The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity SM Program of the Regional Multiple Listing Service of Minnesota, Inc. The information provided is deemed reliable but not guaranteed. Properties subject to prior sale, change or withdrawal. ©2024 Regional Multiple Listing Service of Minnesota, Inc All rights reserved.