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1131 Gray Court, 
Corolla, NC 27927

$949,999


5

Beds


6

Baths


2,686

Sq Ft


Single Family


Virtual Tour

Active

Listed by

Brook Sparks

252-261-3800

Last updated:

March 20, 2026, 12:48 AM

MLS#

132207

Source:

NC OBAR

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About This Home

1131 Gray Court

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.

Home Facts

Single Family

6 Baths

5 Bedrooms

Built in 2004

Price Summary

949,999

$353 per Sq. Ft.

MLS #:

132207

Last Updated:

March 20, 2026, 12:48 AM

Added:

5 day(s) ago


Rooms & Interior

Bedrooms

Total Bedrooms:

5

Bathrooms

Total Bathrooms:

6

Full Bathrooms:

5

Interior

Living Area:

2,686 Sq. Ft.


Structure

Structure

Architectural Style:

Reverse Floor Plan

Building Area:

2,686 Sq. Ft.

Year Built:

2004


Lot

Lot Size (Sq. Ft):

6,098


Finances & Disclosures

Finances

Price:

$949,999

Price per Sq. Ft:

$353 per Sq. Ft.

Source:NC OBAR
The information being provided by Outer Banks Association Of REALTORS® Inc Mls is for the consumer’s personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The information is deemed reliable but not guaranteed and should therefore be independently verified. © 2026 Outer Banks Association Of REALTORS® Inc Mls All rights reserved.

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Contact an Agent

Yes, I would like more information. Please use and/or share my information with a Coldwell Banker ® affiliated agent to contact me about my real estate needs. By clicking Contact, I request to be contacted by phone or text message and consent to being contacted by automated means. I understand that my consent to receive calls or texts is not a condition of purchasing any property, goods, or services. Alternatively, I understand that I can access real estate services by email or I can contact the agent myself.

If a Coldwell Banker affiliated agent is not available in the area where I need assistance, I agree to be contacted by a real estate agent affiliated with another brand owned or licensed by Anywhere Real Estate (BHGRE®, CENTURY 21®, Corcoran®, ERA®, or Sotheby's International Realty®). I acknowledge that I have read and agree to the terms of use and privacy notice.