Lake Minnetonka Real Estate » Lake Minnetonka Islands » Phelps Island

Phelps Island on Lake Minnetonka

Phelps Island is a neighborhood with a long memory. Set between Phelps Bay and Spring Park Bay on the Upper Lake, it has road access, established homes and a shoreline that turns toward several different parts of the lake. It is part of Mound, and the route to Enchanted Island and Shady Island runs through it.

From Noble's Island to Phelps

William Noble purchased land here in 1856, and Noble's Island became an early name. The island also appears as Mound Island on an 1876 map. The Phelps name followed the family's nineteenth-century ownership; deed research identifies Carrington and Catherine Phelps with the 1875 purchases.

Early geographic histories describe Phelps as a former peninsula, a reminder that channels and shoreline work have helped shape the lake we know today. The precise timing of that separation is less firmly established than the ownership history.

Summer cottages and boat landings

A tornado in 1904 brought down many of the island's trees. Subdivision followed, with the Tuxedo Company laying out summer neighborhoods in 1910. Names such as Pembroke, Avalon and Wychwood still recall that chapter. At Pembroke, the streetcar boat made hourly stops in 1916. Groceries, ice and laundry came by water, as did the people who spent their summers here.

Island Park later became a village of its own before joining Mound in 1960. The result is an island whose history lives in its streets and neighborhoods as much as in its shoreline.

Today, Phelps Island offers private residential property with everyday road access. A home's particular shore makes a considerable difference: protected bay water, channel activity and longer lake views all occur here. The address alone does not tell you which experience comes with the house.

For a closer look at property around Phelps Island, contact Daniel and Elisha Gustafson.

Listings and sales in the Phelps Island area

4397 Wilshire Boulevard Unit E305, Mound
$199,900
ACTIVE Status ⋅ 2 Beds ⋅ 1 Baths ⋅ 7165915 MLS ⋅ 892 SqFt.
Location!! Boat Slip Included | Prime Lakewinds Location on Lake Minnetonka Enjoy effortless lake living in this beautifully updated 2-bedroom condo in the highly sought-after Lakewinds community. Perfectly positioned just steps from the water, this unit offers stunning Lake Minnetonka views from the screened porch and unmatched proximity to docks, patios, gazebo, grills, and lakefront amenities—no long walks here. The included 16-foot dock slip (fits up to a 20’ boat) makes getting on the water simple and convenient. Inside, you’ll find a bright, open layout with a spacious living room, updated kitchen with stainless steel appliances, and seamless flow to the dining area—ideal for relaxing or entertaining. The large primary bedroom features a generous walk-in closet, while thoughtful updates throughout create a comfortable, move-in-ready space. Located on the 3rd floor, this unit captures expansive lake views that truly set it apart. Optional turnkey opportunity — available fully furnished. Resort-style amenities include: Indoor pool Sauna Basketball & racquetball courts Lakefront patios & grills Trolley service to docks Whether you’re looking for a weekend retreat or a year-round home, this is one of the best values on Lake Minnetonka. Don’t miss this rare opportunity for true lakefront living with a boat slip included.

4397 Wilshire Boulevard Unit E305, Mound

Listing courtesy of Re/Max Advantage Plus.

4407 Wilshire Boulevard Unit 310, Mound
$124,900
ACTIVE Status ⋅ 1 Beds ⋅ 1 Baths ⋅ 7153416 MLS ⋅ 644 SqFt.
Welcome to Lakewinds Yacht & Sport, where lakeside living meets comfort, convenience, and an incredible collection of amenities! This beautifully renovated unit 1-bedroom, 1-bath condo is located on the shores of Spring Park Bay on Lake Minnetonka and offers an affordable opportunity to enjoy the lake lifestyle. Inside, you’ll find modern updates throughout, including new kitchen cabinets, quartz countertops, appliances, carpeting, lighting, fixtures, A/C, disposal, dishwasher, and enhanced soundproofing. The open-concept layout connects the kitchen, dining, and living areas, creating a comfortable space to relax or entertain, while the private balcony is the perfect spot to enjoy your morning coffee or unwind at the end of the day. Step outside your door and enjoy an impressive array of resort-style amenities, including two indoor heated pools, three saunas, an exercise studio, basketball and racquetball courts, and a party room with kitchenette. Take in panoramic Lake Minnetonka views from the rooftop deck, fire up the grill at the lakeside gazebo, or spend a sunny afternoon at the swim beach. Residents also enjoy a marina sun deck, fishing areas, canoe storage, community docks, and a convenient tram connecting the gazebo to the docks and beach. Love being on the water? Owners can apply for a boat slip through management. The association fee adds even more value, covering heat, water, water heating and softening, cable TV, internet, trash, recycling, on-site maintenance, and professional management. There’s even a convenient car wash area! Whether you’re looking for a year-round home or a place to enjoy everything Lake Minnetonka has to offer, this inviting condo makes it easy to embrace a relaxed, amenity-filled lifestyle. Come see all that Lakewinds has to offer

4407 Wilshire Boulevard Unit 310, Mound

Listing courtesy of RE/MAX Results.

5129 Waterbury Road, Mound
$349,000
ACTIVE Status ⋅ 2 Beds ⋅ 1 Baths ⋅ 7146956 MLS ⋅ 880 SqFt.
MUST SEE! COMPLETELY RENOVATED INSIDE AND OUT! MOVE-IN READY, charming home with views of LAKE MINNETONKA, all with a private wooded setting! Welcome to this beautiful cottage-style retreat with an "up North" look and feel to it! This cozy home has been professionally renovated from top to bottom both inside and out! It comes COMPLETELY FURNISHED with tasteful decor and is move-in ready! Put it on your list to see for yourself. The home offers privacy and beautiful unobstructed seasonal views of Lake Minnetonka! It is nestled on a quiet no-outlet road with mature maple and oak trees, a fully fenced yard and includes a large brick patio with fire ring and seating area for entertaining. The south-facing wooded back yard overlooks a nature area, ensuring privacy as no one can build behind you. Two quality, new-construction homes will be built next door, which will add value to the neighborhood. The home's exterior features freshly painted cedar shake siding, mature landscaping and a new storage shed for bikes, mower, etc. The interior features a completely remodeled kitchen with new appliances, butcher-block countertops, and two large windows for wooded views and natural lighting. The dining room opens to a cozy living room, and the bedroom features two large windows with seasonal views of Lake Minnetonka. An updated full bath completes the main floor. All new flooring throughout, freshly painted ceilings and walls with beautiful, up-to-date colors and draperies. Newer washer & dryer and mechanicals. The comfortable walk-out lower level with windows and cedar woodwork offers an ideal office area and recreation/flex TV area or 2nd bedroom, perfect for a hide-a-bed for guests. Completely updated laundry , mechanical and storage area completes the lower level. Close to the lakes, bike trails, parks, restaurants and shopping, along with the award-winning Westonka Schools! Convenient to Excelsior and Wayzata. Utilize one of the nearby boat launches for fun weekends on the lake and put your name on the City of Mound dock program for a possible boat slip! Enjoy all that the lake area has to offer! This home is a great opportunity for an updated and affordable home in a desirable area of the western suburbs! Call for your showing appointment today!

5129 Waterbury Road, Mound

Listing courtesy of Home Avenue Flat Fee Realty.

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The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the Regional Multiple Listing Service of Minnesota. Real estate listings held by brokerage firms other this firm are marked with the Broker Reciprocity logo. Information Deemed Reliable But Not Guaranteed. Property locations as displayed on any map are best approximations only and exact locations should be independently verified.

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