A rare gem in the heart of Medicine Lake, this exceptional owner-occupied duplex is a dream opportunity for both investors and homeowners alike. Featuring two generously sized units, each offering updated kitchens, three bedrooms, and two bathrooms, this property effortlessly combines comfort and practicality.
Set on a sprawling half-acre lot, you'll enjoy plenty of yard space, mature trees for added privacy, and the convenience of a three-car detached garage. Nestled in the prestigious Wayzata school district and surrounded by multi-million-dollar homes, this is the only single-owner duplex in Medicine Lake—a truly unique find.
Location is key, and this property shines with its proximity to the Luce Line Trail system, Medicine Lake Regional Parks, and a quick 15-minute drive to downtown Minneapolis. For investors, Unit 2 has been rented on a month-to-month basis since 2019 at $1,900 per month, with tenants covering separate utilities—making it a hassle-free income stream.
Don’t miss your chance to own this one-of-a-kind property in a highly sought-after community. Whether you're looking to invest or create your own tranquil retreat, Medicine Lake offers the lifestyle and location you’ve been waiting for.
Active
$699,900
115 Peninsula Rd, Medicine Lake, MN 55441
6beds
4baths
2,950sqft
Est.:
Multi Family
Built in 1961
-- sqft lot
$691,900 Zestimate®
$237/sqft
$-- HOA
What's special
Three-car detached garageTwo bathroomsSprawling half-acre lotPlenty of yard spaceThree bedroomsUpdated kitchensTwo generously sized units
- 15 days |
- 2,448 |
- 70 |
Zillow last checked: 7 hours ago
Listing updated: March 12, 2026 at 02:46pm
Listed by:
Jesse Swanson 612-840-0444,
Compass
Source: NorthstarMLS as distributed by MLS GRID,MLS#: 6811562
Tour with a local agent
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 6
- Bathrooms: 4
Heating
- Forced Air
Appliances
- Laundry: Lower Level
Features
- Basement: Block
Interior area
- Total structure area: 2,950
- Total interior livable area: 2,950 sqft
- Finished area above ground: 1,700
- Finished area below ground: 1,250
Property
Parking
- Total spaces: 3
- Parking features: Detached Garage, Asphalt, Multiple Garages, Shared Garage/Stall
- Garage spaces: 3
- Details: Garage Dimensions (33x25), Garage Door Height (7)
Accessibility
- Accessibility features: None
Features
- Levels: One
- Patio & porch: Patio
- Pool features: None
Lot
- Size: 0.57 Acres
- Dimensions: 120 x 200
- Features: Corner Lot, Irregular Lot, Tree Coverage - Light
- Topography: Sloped
Details
- Foundation area: 1700
- Parcel number: 2511822330040
- Zoning description: Residential-Multi-Family
Construction
Type & style
- Home type: MultiFamily
- Property subtype: Multi Family
Materials
- Roof: Age 8 Years or Less
Condition
- New construction: No
- Year built: 1961
Utilities & green energy
- Electric: Power Company: Xcel Energy
- Gas: Natural Gas
- Sewer: City Sewer/Connected
- Water: City Water - In Street, Well
Community & HOA
Community
- Subdivision: Medicine Lake Park 1st Div
Location
- Region: Medicine Lake
Financial & listing details
- Price per square foot: $237/sqft
- Tax assessed value: $619,300
- Annual tax amount: $8,306
- Date on market: 3/6/2026
Estimated market value
$691,900
$657,000 - $726,000
$1,851/mo
Price history
Price history
| Date | Event | Price |
|---|---|---|
| 3/6/2026 | Listed for sale | $699,900+68.7%$237/sqft |
Source: | ||
| 3/24/2021 | Listing removed | -- |
Source: Owner Report a problem | ||
| 11/20/2017 | Sold | $415,000+33.9%$141/sqft |
Source: Public Record Report a problem | ||
| 5/16/2017 | Listing removed | $1,650$1/sqft |
Source: Owner Report a problem | ||
| 5/8/2017 | Listed for rent | $1,650$1/sqft |
Source: Owner Report a problem | ||
| 7/26/2000 | Sold | $310,000$105/sqft |
Source: Public Record Report a problem | ||
Public tax history
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | $7,982 +6.2% | $619,300 -0.4% |
| 2024 | $7,517 +2.4% | $621,500 +3.2% |
| 2023 | $7,339 +9.8% | $602,300 +6% |
| 2022 | $6,687 +5.1% | $568,000 +22.7% |
| 2021 | $6,361 +4.8% | $463,000 +3.6% |
| 2020 | $6,073 -4.5% | $447,000 +9.3% |
| 2019 | $6,361 +4.8% | $409,000 +13.6% |
| 2018 | $6,073 +0.2% | $360,000 +10.4% |
| 2017 | $6,058 +12.8% | $326,000 +6.5% |
| 2016 | $5,368 +0.8% | $306,000 +0.7% |
| 2015 | $5,325 +29% | $304,000 +3.4% |
| 2014 | $4,130 -4.9% | $294,000 -3.3% |
| 2013 | $4,340 -3.1% | $304,000 -7.3% |
| 2012 | $4,478 -0.6% | $328,000 -2.4% |
| 2011 | $4,506 -4.6% | $336,000 -10.9% |
| 2010 | $4,722 -2.2% | $377,000 -6.2% |
| 2009 | $4,826 +10.8% | $402,000 +38.7% |
| 2006 | $4,354 +43.9% | $289,800 +15% |
| 2005 | $3,025 +9% | $252,000 +15.1% |
| 2004 | $2,776 +14% | $219,000 +17.7% |
| 2002 | $2,435 -27.5% | $186,000 |
| 2001 | $3,358 | -- |
Find assessor info on the county website
BuyAbility℠ payment
Est. payment
$4,103/mo
Principal & interest
$3421
Property taxes
$682
More affordability tools
Climate risks
Neighborhood: 55441
Nearby schools
GreatSchools rating
- 7/10Sunset Hill Elementary SchoolGrades: K-5Distance: 1.8 mi
- 9/10Wayzata East Middle SchoolGrades: 6-8Distance: 1.4 mi
- 10/10Wayzata High SchoolGrades: 9-12Distance: 5.7 mi
Local experts in 55441
- Minnesota
- Hennepin County
- Medicine Lake
- 55441
- 115 Peninsula Rd







