Lori Gustafson

168 Peninsula Road

Medicine Lake, MN
$ 999,900 Beds 5 Baths 3 Sq 3,778
Monthly Estimate* How much can I afford?

RARE MEDICINE LAKE OPPORTUNITY offering 96 FEET OF LAKESHORE + TWO SEPARATE RESIDENCES—166 + 168 Peninsula—BEING SOLD TOGETHER in a sought-after peninsula setting, all in WAYZATA SCHOOLS. Located in the City of Medicine Lake—a hidden gem w/ a small-town lake community feel tucked into the heart of the West Metro. MAIN HOME | 168 PENINSULA: Filled w/ natural light + lake views featuring real hardwood floors & oversized Family Room w/ floor-to-ceiling stone fireplace. Double doors open to the Sun Room w/ vaulted ceiling, walls of windows, front walkout + access to the oversized back deck overlooking the property + lake. Kitchen features granite counters, SS apps (inc gas range) & abundant cabinetry. ML offers 4 BRs + Office/Flex Space & 2 BAs. Two BRs feature vaulted ceilings + share an updated 3/4 Bath. Primary Bedroom features built-ins + private walkout to the deck overlooking the lake. LL includes Laundry Room, tuck-under garage + HUGE Storage Room w/ crawl space. OVER $50,000 IN RECENT REPAIRS, MAINTENANCE + IMPROVEMENTS, including a FULL ROOF REPLACEMENT SEPT 2026 + new soffits, fascia & gutters on a portion of the back of the home—SEE SUPPLEMENTS for details. Incredible lakeshore lot w/ mature trees + privacy. Expansive back deck + lake access area are ready for the next owner’s vision, w/ existing stairs to the lake needing to be rebuilt/reworked. Addt’l front patio surrounded by mature landscaping. GUEST HOUSE | 166 PENINSULA: Separate residence w/ its own driveway + mailbox. Full Kitchen w/ oven opens to Informal Dining + Family Room w/ fireplace & walkout to backyard. ML also features 1 BR + Flex Room, Full Bath & washer/dryer. Addt’l shed for storage. Guest House was recently tenant occupied + has previously been used as a rental; future rental use would require buyer to apply for a new rental license + complete required City inspection/approval. Enjoy lake life on Medicine Lake—the 2nd largest lake in Hennepin County—offering boating, kayaking, paddle boarding, fishing + miles of trails for walking, running & biking. Walk to the newly renovated park at the end of the peninsula w/ pavilion, pickleball, tennis + basketball courts & new playground. Nestled on a peninsula surrounded by water, this special community feels tucked away while still just minutes from Plymouth, Wayzata, Ridgedale, restaurants, shopping + downtown Minneapolis. A unique opportunity to own 96 feet of Medicine Lake shoreline + two separate residences and bring your ideas + vision to reimagine this property and make it your own.

Single Family

  • Price
  • $ 999,900
  • City
  • Medicine Lake
  • Bedrooms
  • 5
  • Full Bathrooms
  • 3
  • County
  • HENNEPIN
  • Half Bathrooms
  • 0
  • Area
  • Medicine Lake Park 1st Div
  • Lot Size
  • 0.65 Acres
  • Zip
  • 55441
  • Sqr Footage
  • 3,778
  • Year Built
  • 1955
  • Taxes
  • $ 15043
  • Style
  • Single Family
  • MLS#
  • 7106043
Listed By: eXp Realty
Data Source: Northstar MLS (NSTAR)

Features

General

Living Area 3778
Sewer City Sewer/Connected
Heating Forced Air
Cooling Central Air
Roof Age Over 8 Years
Garage Spaces 2
Year Built 1955
View Lake
Levels One
Property Subtype Single Family
Tax Year 2026
Waterfront Features Lake Front
Accessibility None
County Hennepin
New Construction No
Property Type Residential
HOA No
Contingency None
Subdivision Name Medicine Lake Park 1st Div
Other Structures Guest House
Full Baths 2
Directions HWY 55 to 169 North to 13th Ave N exit. At bottom of exit,take left on 13th Ave N. Stay on 13th Ave N and do NOT turn on Nathan Ln N. Continue to S Shore Dr,go west to Peninsula Rd and follow the lak
City Medicine Lake
High School District Wayzata
Zoning Description Residential-Single Family
Lot Size Units Acres
Property Attached Y/N No
Land Lease Y/N No
Tax Annual Amount 15043
Additional Parcels Y/N No
Standard Status Active
Lender Owned No
Amenities Unit Main Floor Primary Bedroom
PostalCity Medicine Lake

Interior Features

Basement Partially Finished
Total Fireplaces 1
Basement (Y/N) Yes
Fireplace Y/N Yes
Above Grade Finished Area 3440
3/4 Baths 1
Laundry Features Main Level
Total Bedrooms 5
Below Grade Finished Area 338
Total Baths 3
Bath Desc Main Floor 1/2 Bath,Main Floor 3/4 Bath,Main Floor Full Bath
Dining Room Description Eat In Kitchen,Informal Dining Room
Fuel Natural Gas
Garage Square Feet 500
Waterfront Feet 96

Exterior Features

Parking Features Attached Garage,Tuckunder Garage
Water Source City Water - In Street,Well
Lot Size Area 0.65
Building Area Total 5528
Lot Dimensions 84x338x96x305
Waterfront Y/N Yes
Foundation Area 3440
Road Frontage Type City Street
Road Responsibility Public Maintained Road

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Affordability Calculator

$3,786

Per Month

Based on the average sale price from the Faribault, MN office

  • Monthly Principal & interest $2,658
  • Monthly Property Taxes $1,062
  • Monthly Home Insurance $67
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Let's determine your purchasing power. Working with my mortgage partner, you'll have the information you need to shop for a home with confidence.

Default based on a 30-year fixed rate of 6.49% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA, or jumbo loans.

Mortgage calculator provided courtesy of Inside Real Estate.

Schools

Elementary School Unknown Elementary School
Middle School Unknown Middle School
High School Unknown High School

Price History

9/4/2026 Listed $999,900

Property vs Zip Code Average in 55441

Price
AVG $630K
$1,000K
Taxes
AVG $11,536
$15,043
Year Built
AVG 1974
1955
Visits
AVG 76
35
Data Provided by Inside Real Estate®

Areas That We Cover

168 Peninsula Road Medicine Lake, MN is a Single Family Home for sale at $999900 with 3778 sqft and a lot size of 0.65 Acres Acre(s). 168 Peninsula Road Medicine Lake has 5 bedrooms, 3 baths and was built in 1955. The property's zip code is 55441 which is in Medicine Lake, MN

*Information deemed reliable but not guaranteed.

Financial calculator disclaimer: Default based on a 30-year fixed rate of 6.49% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.

Mortgage calculator provided courtesy of Inside Real Estate.

All information deemed reliable, but not guaranteed, and should be independently verified. The real estate information and related content displayed on this site is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

Lori Gustafson

Lori Gustafson

Broker Associate/Sales Agent

507-323-4348

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