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1131 Gray Court , Lot 16

Corolla, NC 27927
  • $949,999
  • STATUS: Active
  • ON SITE: 58 Days
  • MLS #: 132207
UPDATED: 92 min ago
$949,999
  • 5
    BEDS
  • 0.14
    ACRES
  • 5
    BATHS
  • 1
    1/2 BATHS
Neighborhood:
Type:
Single-Family Home
Built:
2004
County:

School Ratings & Info

Description

Located in the highly sought-after Corolla Light community—renowned for its modern amenities and prime location—this beautifully updated home blends lifestyle and exceptional income potential. Just a five-minute walk to the beach—no need to cross a busy highway or take the trolley—you’ll enjoy effortless access to the sand and surf, while also being a short stroll to shops, dining, and the iconic Currituck Beach Lighthouse, visible from the decks, living room, and primary bedroom. This property is located in an X flood zone and does not require flood insurance. The ability to walk to a different restaurant each night, including some of the freshest seafood and finest dining on the Outer Banks, makes this property even more marketable for rentals. Generating nearly $60,000 in rental income for 2025, plus additional revenue from pool heat fees, this home is a proven performer. The current owners reserve several high-demand weeks for personal use—meaning a buyer could unlock even higher annual income by opening the full calendar. With consistent bookings, excellent guest reviews, and true turnkey condition, this is an outstanding opportunity for buyers focused on ROI. Recent upgrades include: Fortified roof (2024), composite pool decking (2023), hot tub (2022), pool heater (2021), new flooring (2025), dual water heaters (2024), and a mid-level workspace addition (2025). The private backyard is a standout feature, complete with pool, expansive composite decking, generous seating, hot tub, and outdoor shower—perfect for hosting gatherings or unwinding after the beach. The lower level is built for entertainment, with a game room, wet bar with second fridge, bunk room, full bath, and laundry. The mid-level offers three well-appointed bedrooms, flexible sleeping arrangements, and a private workspace—plus access to decks and screened porches with partial lighthouse views. Upstairs, the light-filled great room showcases cherry hardwood floors and an open-concept layout ideal for gathering. The kitchen features a large island, modern appliances, and ample seating, while the en suite bedroom provides a private retreat. Whether seeking a high-performing rental, a second home, or both, this property stands out with its proven income, upside potential, and unbeatable location.

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© 2026 Outer Banks Association of Realtors MLS. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Resort Realty of the Outer Banks. Data last updated: 2026-05-16T23:37:38.27.
www.resortrealtysales.com/homes/174250955
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1131 Gray Court , Lot 16 Corolla, NC 27927

  • Price: $949,999
  • Status: Active
  • On Site: 58 Days
  • Updated: 92 min ago
  • MLS #: 132207
5
Beds
5
Baths
1
½ Baths
0.14
Acres
2004
Built
Neighborhood:
Corolla Light
County:
Currituck
Area:
Corolla Oceanside
Property Description
Located in the highly sought-after Corolla Light community—renowned for its modern amenities and prime location—this beautifully updated home blends lifestyle and exceptional income potential. Just a five-minute walk to the beach—no need to cross a busy highway or take the trolley—you’ll enjoy effortless access to the sand and surf, while also being a short stroll to shops, dining, and the iconic Currituck Beach Lighthouse, visible from the decks, living room, and primary bedroom. This property is located in an X flood zone and does not require flood insurance. The ability to walk to a different restaurant each night, including some of the freshest seafood and finest dining on the Outer Banks, makes this property even more marketable for rentals. Generating nearly $60,000 in rental income for 2025, plus additional revenue from pool heat fees, this home is a proven performer. The current owners reserve several high-demand weeks for personal use—meaning a buyer could unlock even higher annual income by opening the full calendar. With consistent bookings, excellent guest reviews, and true turnkey condition, this is an outstanding opportunity for buyers focused on ROI. Recent upgrades include: Fortified roof (2024), composite pool decking (2023), hot tub (2022), pool heater (2021), new flooring (2025), dual water heaters (2024), and a mid-level workspace addition (2025). The private backyard is a standout feature, complete with pool, expansive composite decking, generous seating, hot tub, and outdoor shower—perfect for hosting gatherings or unwinding after the beach. The lower level is built for entertainment, with a game room, wet bar with second fridge, bunk room, full bath, and laundry. The mid-level offers three well-appointed bedrooms, flexible sleeping arrangements, and a private workspace—plus access to decks and screened porches with partial lighthouse views. Upstairs, the light-filled great room showcases cherry hardwood floors and an open-concept layout ideal for gathering. The kitchen features a large island, modern appliances, and ample seating, while the en suite bedroom provides a private retreat. Whether seeking a high-performing rental, a second home, or both, this property stands out with its proven income, upside potential, and unbeatable location.
Exterior Features

Architectural Style Reverse Floor Plan Construction Materials FrameWood Siding Electronic Locks Owned Exterior Cement Fiber BoardLap Siding Foundation Details PilingSlab Garage Carport Parking Features Paved Pool Yes Pool Features AssociationIn GroundPrivateVinyl Pool Type Private and Association Roof Asphalt

Interior Features

Appliances DisposalDryerDishwasherRefrigerator w/Ice MakerRange/OvenWasher Cooling Central AirHeat PumpZoned Furnishings Available YN Yes Heating CentralElectricHeat PumpZoned Interior Features Cathedral Ceiling(s)Pantry Room Type Game Room

Property Features

Assoc Fee YNOr Voluntary Yes Association Amenities ClubhouseGatedFitness CenterIndoor-Comm. PoolOcean AccessOutdoor-Comm. Pool Association Fee Includes ElectricityCommon InsuranceManagementPoolRoad MaintenanceSecurityTennis CourtsWalkways Bank Or Institution Owned No Extras Ceiling Fan(s)Covered DecksHot TubJet TubLandscapedOutside LightingOutside ShowerScreened PorchSmoke Detector(s)Sun Deck Fuel Tanks None Lot Features Level Primary Residence YN No Property Sub Type Single Family Residence Road Surface Type PavedPrivate Sale Or Rent S Sewer Shared Septic Short Sale YN No Tax Annual Amount 4891.59 Tax Year 2025 Water Source Municipal Waterfront Features More than 5th row Zoning SFO

Listing courtesy of Brook Sparks of Coldwell Banker Seaside Realty KH: .


© 2026 Outer Banks Association of Realtors MLS. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Resort Realty of the Outer Banks. Data last updated: 2026-05-16T23:37:38.27.
 
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