Where lake life begins! At the end of the Leland River, sitting graciously where North Lake Leelanau begins, this treasure is being offered for the first time. This unique 1.15 acre property, with its 2 lots and 113 feet of pristine lake frontage, is at the heart of the new Penwood enclave. Its 2 quintessential Leland cottages and 100 years of history offers an opportunity to greatly restore these charming structures or remove and start anew. The blank canvas offers a palate of gentle contours, gorgeous tree canopy, close proximity to town, a private road and turnaround, a neighborhood of finely built luxurious homes, and room to design and build one's own homes and guest homes creating a new century of Leland memories. The two historic cottages are reminiscent of the Adirondack-style family retreats where the focus was on gathering spaces indoors and out providing several spaces perfect for making memories for years to come. The main house features large screened-in lakeside porch with dormers overlooking a large open lawn with sunrise views over North Lake Leelanau. A cozy living area to enjoy fireside family stories and games surrounded by wood flooring and knotty pine walls. Large dining area for meals, and practical kitchen. Five bedrooms upstairs with a one and three quarters bath. The old carriage house features a large living area with fireplace that opens up to a screened in porch separate living area, and main-floor bedroom. The second floor includes three additional bedrooms and a full bathroom. Renovations of the existing cottages presents just one great opportunity. An intriguing option is creating a new vision with new homes on Penwood Trail. This incredible property presents so many options like a lakefront home and a second home with a lakeview. Having the carriage house with year-round living provides the unique opportunity to live on the property while building a new lakefront home. This large, breathtaking property offers endless possibilities!