1131 Gray Court lot 16, Corolla, NC 27927

• 5 beds |
• 6 baths

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.

Listing Status:

Active

Date Added:

March 19, 2026

Data Last Updated:

April 5, 2026 at 8:56PM

Listing Office:

Coldwell Banker Seaside Realty KH : 252-261-3800

Listing Agent:

Brook R Sparks : 252-619-1177

MLS ID:

132207

Interior

• General: Cathedral Ceiling(s)Gas ConnectionGas FireplaceIce Maker ConnectionEnsuitePantrySome Windows TreatedWasher Connection
• Rooms: Game Room
• Appliances: DisposalDishwasherDryerRange/OvenRefrigerator w/Ice MakerWasher
• A/C: CentralHeat PumpZoned
• Heating: CentralElectricHeat PumpZoned

Exterior

• General: Lap SidingCement Fiber BoardCeiling Fan(s)Covered DecksHot TubJet TubLandscapedOutside LightingOutside ShowerScreened PorchSmoke Detector(s)Sun Deck
• Style: Reverse Floor Plan
• Pool: Private and AssociationIn GroundVinylPrivate PoolAssociation Pool
• Parking: Paved

Construction

• Roofing: Asphalt/Fiber Shingle
• General: FrameWoodPilingSlab

Location

• Road/Access: PavedPrivate
• HOA Amenities: ClubhouseGated CommunityHealth ClubIndoor-Comm. PoolOcean AccessOutdoor-Comm. PoolCommon ElectricCommon InsuranceManagementPoolRoad MaintenanceSecurityTennis CourtsWalkways
• County: Currituck

Lot

• Zoning: SFO

Utilities

• Water: Municipal
• Sewer: Community Septic

Financial

• Ownership: Owned More than 12 Months