MLS # 108996
1487 Ocean Pearl Road
Corolla, NC 27927
$1,995,000
18
Bedrooms
12 Full
3 Partial
Bathrooms
10,200
Sq. Ft.

About This Property

You can live the dream in this oceanfront estate. Views of the Atlantic Ocean and the Currituck Sound where the wild horses roam. Perched on a highly elevated corner of Penny's Hill-the second largest sand dune in North Carolina. It is only accessible by four wheel drive vehicles. Penny’s Hill is the ideal destination for those looking to escape. There are no paved roads, no restaurants, gas stations or stores so come prepared! Currently used as an investment by seller, it is primarily rented as an event home(weddings/corporate outings) and rents in the past have grossed $347k/season. Sold fully furnished, its a turnkey investment. Actual past return on investment ranges from 15-17% Prepared to sleep 36 people, it contains everything needed to host an event. Inside is a large gourmet kitchen, with a huge pantry that has 2 additional refrigerators, 4 ovens, wine cooler, commercial icemaker and steamer, 18 bedrooms, movie theatre, billiard/rec room/bar, laundry room, utility room with water conditioning systems, lots of entertaining spaces, player piano, and 1000sf wedding suite with private deck overlooking the ocean, oversized shower with 9 shower-heads. Outside is a private pool with wet bar, hot tub and poolside cabana, two outside showers, two outside toilets, and a huge 1800 sun deck/dance floor/outside dining area. This area has permanent stakes installed for a 30'x50' tent. Well maintained, with recent maintenance to include new fortified roof in May 2020, siding, flashing, and paint. 7 weeks already booked in 2021. Rents this year will hit $250k range due to the Covid19 scare killing the spring/early summer rents.

Property Details

MLS:
108996
Address:
1487 Ocean Pearl Road
Town:
Corolla
Price:
$1,995,000
Estimated Monthly Mortgage:
$9,070/mo.
Listing Agent:
Hawk, Cooper
Listing Company:
Outer Banks Realty Group
Area:
4-Wheel Drive Area
Subdivision:
O'Neal Minor
Waterfront Location:
Oceanfront
Oceanside Location:
 
Soundside Location:
 
Bedrooms:
18
Baths:
12 Full / 3 Partial
Heated Area:
10,200 Sq ft.
Year Built:
1996
Rental Co:
Brindley Beach Vacations
Rental Cottage Number:
4x1487
Annual Income:
$347,525
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