For Sale: Medicine Lake MLS# 6811562
Active
$699,900
Multi-family: 1 Story
6 br • 4 ba • Built 1961
2,950 sqft • 0.57 acres
MLS# 6811562
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Property Description
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.
Listing
Listing Status:
Active
Contingency:
None
List Price:
$699,900
Price per sq ft:
$237
Property Type:
Multi-family
City:
Medicine Lake
Garage Spaces:
3
County:
Hennepin
Year Built:
1961
State:
MN
Property Style:
1 Story
Zip Code:
55441
Subdivision Name:
Medicine Lake Park 1st Div
Interior
Bedrooms:
6
Bathrooms:
4
Finished Area:
2,950 ft2
Living Area:
2,950 ft2
Refrigerators:
Two
Basement Details:
Block
Exterior
Stories:
One
Garage Spaces:
3
Garage Dimensions:
33x25
Garage Size:
825 ft2
Garage Door Height:
7
Foundation Size:
1,700 ft2
Foundation Dimensions:
24x69
Handicap Accessible:
None
Road Responsibility:
Public Maintained Road
Heating System:
Forced Air
Parking Features:
- Asphalt
- Detached Garage
- Multiple Garages
- Shared Garage/Stall
Road Frontage:
City Street
Pool:
None
Roof Details:
Age 8 Years or Less
Rooms
Laundry:
Lower Level
Lot & Land
Acres:
0.57
Geolocation:
44.996346, -93.417933
Lot Dimensions:
120 x 200
Zoning:
Residential-Multi-Family
Lot Description:
- Corner Lot
- Irregular Lot
- Tree Coverage - Light
Farm
Topography:
Sloped
Schools
School District:
1280
District Phone:
7637455000
Expenses
Annual Caretaker Expense:
None
Annual Electric Expense:
$900
Annual Fuel Expense:
$2,000
Annual Insurance Expense:
None
Annual Maintenance Expense:
None
Annual Trash Expense:
None
Annual Water/Sewer Expense:
None
Financial & Taxes
Tax Year:
2025
Annual Taxes:
$8,306
Lender-owned:
No
Assessment Pending:
No
Taxes w/ Assessments:
$8,306
Income
Annual Gross Income:
$22,800
Units
Total Units:
2
Miscellaneous
Fuel System:
Natural Gas
Owner Occupied:
Yes
Sewer System:
City Sewer/Connected
Water System:
- City Water - In Street
- Well
Power Company Name:
Xcel Energy
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Local Home Mortgage Professionals
Eric Bloomstrand
Branch Sales Manager
Fairway Home Mortgage NMLS#274211
612-961-2600
Eric Bloomstrand is a Branch Sales Manager at Fairway Home Mortgage with 30+ years of experience in the mortgage banking services industry. Eric has extensive skills in construction loans, FHA financing, VA loans, USDA, and first-time buyer down payment assistance programs. He is a well-qualified finance professional with a Bachelor of Science focused in Finance and Marketing from Minnesota State University, Mankato. Helping individuals acquire their dream home is his passion.
Connect with Eric today to get started with your home purchase!
Listing provided by RMLS,
courtesy of Compass.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.