1487 Ocean Pearl Road, Corolla, NC 27927

$1,995,000
18
BD
15
BA
10,200
SqFt
List Price
$1,995,000
MLS#
108996
Status
ACTIVE
Type
Single Family Residential
Property Type
Single Family - Detached
Bedrooms
18
Bathrooms
15
Full-baths
12
Half-baths
3
Living Area
10,200
Neighborhood
O'Neal Minor

Property Description

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. 25 weeks already booked in 2021. Rents this year at $269k due to the Covid19 scare killing the spring/early summer rents.

Additional Information

Air Conditioning
Central, Heat Pump, Zoned
Appliances
Countertop Range, Dishwasher, Dryer, Freezer, Ice Machine, Microwave, Range/Oven, Refrigerator w/Ice Maker, Wall Oven, Washer, 2nd Dishwasher, 2nd Refrigerator, Wine Cooler
Construction
Frame, Wood
Countertops
Granite
Siding
Vinyl
Extras
Beach Access, Ceiling Fan(s), Covered Decks, Hot Tub, Intercom, Jet Tub, Outside Lighting, Outside Shower, Patio, Smoke Detector(s), Sun Deck, Water Filter, Water Softener, Whirlpool/Spa, Tiki Bar, Inside Laundry Room
Floor Coverings
Carpet, Ceramic Tile, Plank
Foundation
Piling, Slab
Garage
3 + Car
Heating
Central, Electric, Geo-Thermal, Zoned
Interior Features
9' Ceilings, All Window Treatments, Cathedral Ceiling(s), Dryer Connection, Gas Connection, Gas Fireplace, Ice Maker Connection, Master Bath, Pantry, Walk in Closet, Washer Connection, Wet Bar
Lot Description
Adj to Park Serv./Preserv, Beach Frontage, Corner, Irregular Terrain, Water Frontage
Optional Rooms
Foyer, Game Room, Pantry, Home Theater
Parking
Paved, Off Street
Pool
Yes
Possession
At Closing, Subject to Tenancy
Roads
Unpaved
Roof
Asphalt/Fiber Shingle
Sewer
Private Septic
Style
Contemporary, Coastal
View
Ocean, Park Serv/Preserve, Sound
Well
Private, Well
Zip
27927
Neighborhood
O'Neal Minor
Lot Dimension
90x950
Year Built
1996
Directions
from the end of the paved road the house is 2.3 miles north. turn West on Munson Lane and home is first on left.
County
Currituck
Annual Rental Income
347525
Rental Co
Brindley Beach Vacations
Rental Cottage #
4x1487
Rental Cottage Name
The Dream
Furnishings Available
Yes
Annual Rental Income$
347525
Rental Performance
0.1742
Yr Electric Expense
9829
Yr Cable TV Expense
3336
Insurance Expenses
$5,872

Mortgage Calculator

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Calculator source: Real Geeks

Listing courtesy of Outer Banks Realty Group.

Listed by Cooper Hawk

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