Property Images: 
MLS# 108996: 17% ROI-Oceanfront Dream 4wd
Asking Price: 
1,995,000
Bedrooms: 
18
Subdivision: 
O'Neal Minor
Bathrooms: 
12
Unit/Lot #: 
lot
Half Baths: 
3
1487 Ocean Pearl Road Corolla, NC 27927
Lot
Waterfront: 
Oceanfront

Information

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.

Area
4-Wheel Drive Area
Subdivision
O'Neal Minor
Unit/Lot#
lot
Section
NA
Waterfront
Oceanfront
Waterfront Location
Oceanfront
Lot Description
Adj to Park Serv./Preserv,Beach Frontage,Corner,Irregular Terrain,Water Frontage
Lot SqFt
85500
Furnishings Available
Yes
Roof
Asphalt/Fiber Shingle
Possession
At Closing
Subject to Tenancy
Has Pool
Yes
Pool Description
In Ground
Outdoor
Private Pool
Foundation
Piling
Slab
Roads
Unpaved
Appliances
2nd Dishwasher
2nd Refrigerator
Countertop Range
Dishwasher
Dryer
Freezer
Ice Machine
Microwave
Range/Oven
Refrigerator w/Ice Maker
Wall Oven
Washer
Wine Cooler
Heating
Central
Electric
Geo-Thermal
Zoned
Heated Living Area SqFt
10200
Air Conditioning
Central
Heat Pump
Zoned
Water
Private
Well
Sewer/Septic
Private Septic
View Description:
Ocean
Park Serv/Preserve
Sound
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
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
Optional Rooms
Foyer
Game Room
Home Theater
Pantry
Taxes
$6192.07
Association Fee Included?
No
Style
Coastal
Contemporary
Construction
Frame
Wood
Exterior
Vinyl
Garage
3 + Car
Parking
Off Street
Paved
Year Built
1996
Days On Market
169
Listing Agent
Cooper Hawk
Listing Office
Outer Banks Realty Group

Request More Information

Mark Pearson
Senior Associate Broker
Cell 252-573-9198

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