Closing Price:
$2,690,000
405 Great Gap Point, Corolla, NC 27927
9 bd
10 ba
5400 sq ft
MLS #: 111522
Status: Closed

Sold Details

Status: Closed
Sold Price: $2,630,000.00
Closing Date: 3/3/2021
Off Market Date: 12/10/2020
Contract Date: 12/31/2020
Seller Concessions: Yes
Concession Comments: $10,000
Total Days on Market:
Cumulative Days on Market: 58
Due Diligence Date: 2/15/2021

Listing Information

Area: Corolla Oceanside
Mls Status: Closed
Days On Market: 57
Cumulative Days On Market: 58
Listing Price: $2,690,000
Original Listing Price: $2,690,000
Possession: Close Of Escrow
Short Sale: No
Price Date: 3/3/2021
Furnishing Available: Yes
Ownership: Owned More than 12 Months
Listing Type: Exclusive Right To Sell

Building Details

Primary Heated Living Area Sq Ft: 5400
Asking Price Per SqFt: $498.00
Heated Living Area Sq Ft: 5400
BedroomsTotal: 9
Bathrooms Full: 10
Bathrooms Partial: 1
Year Built: 1997
Architectural Style: Contemporary
Sub Type: Single Family Residence
Appliances: 2nd Dishwasher, 2nd Refrigerator, Dryer, Dishwasher, Microwave, Refrigerator, Range/Oven, Wall Oven
Roof: Asphalt
Parking: Off Street
Foundation: Slab
Pool: Yes
Pool Type: Private
Pool Features: In Ground, Private
Counter Tops: Granite
Cooling: Heat Pump
Interior Features: Cathedral Ceiling(s), Walk-In Closet(s)
Heating: Heat Pump
Room Type: Game Room, Loft
Flooring: Carpet, Ceramic Tile, Hardwood, Tile
Construction Materials: Frame, Wood Siding

Legal Description

County: Currituck
Subdivision: Pine Island Pud
Subdivision Name: Pine Island PUD
Deed Book: 466
Deed Book Page Number: 357
County Pin Number: 127C00000960000
Price Change: 3/2/2021
Road Surface: Paved, Private
Association Amenities: Ocean Access, Outdoor-Comm. Pool, Outdoor-Comm. Tennis

Lot Details

Land Tax Value: 1315000
Total Assessed Value: 1957400
Lot Features: Beach Frontage
Lot Faces: E
Water Frontage: 90
Waterfront: Ocean Front
View: Ocean
Property Type: Residential

Property Expenses & Utilities

Tax Year: 2020
Annual Property Taxes: $10,763.00
Home Oner Insurance Expense: 7438
Flood Zone: X
Other Insurance: 4463
Water Source: Municipal
Yearly Water Expense: 1773
Pool Or Spa Expense: 5300
Yearly Expense: Actual
Yearly Elecric Expense: 5153
Yearly Cable Tv Expense: 2555
Contract Status Change Date: 3/3/2021
Estimated Annual Fee Amt: $2,620.00
Sewer: Private Sewer
Association Fee Includes: Common Insurance, Maintenance Grounds, Road Maintenance
Association Fee Yes or No: Yes

Financials

Bill Of Sale Amoung: 1
Bank/Institution Owned: No
Exterior: Cement Fiber Board
Extras: Beach Access,Boardwalk to Beach,Cabana,Covered Decks,Elevator,Hot Tub,Landscaped,Outside Shower,Dry Entry
HOA Contact Name: Seaside Mgmt
Primary Residence: No
HOA Contact Info: 252 261-1200

Rental Income

Annual Rental Income: 262050
Rental Performance: 0.0996
Owner Rental Income 2021 Amount: 216670
Avertised Income 2021 Amount: 227620

Listing Agent Remarks

Meticulously maintained, 9 bedroom home with $262k in rents in 2020. 9 master bedrooms, with 4 having ocean views. The owner set the house up to rent for a long time with no problems. With the new range, ovens, new tankless water heaters, new pool heaters/filters/fence/tiki bar, dune walkway, new hot tub, fresh exterior paint job, 1.5yr old hvac, and a lot more(see list of cap improvements.) 10.5 Newly updated bathrooms. flooring, furniture, granite counters in outside tiki bar. Mid level kitchen, several sitting areas, elevator, poolside tiki bar, gigantic game room, kitchenette, two laundry rooms. Two chargers for your electric cars. New tankless water heaters. Functional floorplan that doesn't have the kitchen on the top floor. House cashflows positive $4,830/month. The new owners will have nothing to worry about for years. I don’t know if any active or sold comps that have the buyer set up to just take in rental income and not have immediate maintenance to worry about.

Directions

E on Pine Gate, N on Deep Neck, E on Great Gap Pt home in Cul de sac

Official MLS Disclaimer

The data relating to real estate for sale on this web site comes from the Broker Reciprocity Program of the Outer Banks Association of REALTORS. This property located at 405 Great Gap Point in Corolla is provided courtesy of Outer Banks Realty Group . Information is believed to be accurate but is not warranted. Copyrighted by Outer Banks Association of REALTORS. All Rights Reserved. IDX information is provided by Shore Realty of the OBX 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. If this page disappears from this site it means the property at 405 Great Gap Point in Corolla is no longer available for sale. If you are interested in this property or have any questions about buying or selling real estate on the Outer Banks call Shore Realty. Local 252-441-3416 OR 800-647-1868.
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