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Tricia Mcmullan

tricia.mcmullan@redfin.com +1(626) 318-7433

$ 749,000

Est. payment -/mo

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Pending

1101 Lincoln BLVD #5 Santa Monica, CA 90403

2 Beds

2 Baths

992 SqFt

UPDATED:

Key Details

Property Type Condo

Sub Type Condominium

Listing Status Pending

Purchase Type For Sale

Square Footage 992 sqft

Price per Sqft $755

MLS Listing ID 26638989

Bedrooms 2

Full Baths 2

Construction Status Updated/Remodeled

HOA Fees $719/mo

HOA Y/N Yes

Year Built 1964

Lot Size 7,496 Sqft

Property Sub-Type Condominium

Property Description

RARE SANTA MONICA OPPORTUNITY -- BUY BEFORE THIS BUILDING POTENTIALLY UNLOCKS ITS FULL VALUE! Offered at $749,000, this beautiful 2-bedroom, 2-bath corner condo in coveted Wilshire/Montana combines an exceptional coastal lifestyle, a well-funded HOA and unusual potential for appreciation. The seller owns five of this 11-unit building's residences and is offering all five individually to separate buyers. As ownership concentration decreases, a major obstacle to conventional financing may be resolved, potentially opening the building to a much larger buyer pool. The listing broker estimates that restored financing eligibility could support a 15-30% increase in market value. PRIME NORTH-OF-WILSHIRE LOCATION! Enjoy the best of Santa Monica just moments from Montana Avenue's chic boutiques, coffee shops, acclaimed restaurants and neighborhood markets. Blocks to iconic Palisades Park for Pacific Ocean sunsets, spend afternoons at the beach, or explore nearby parks and Third Street Promenade. Highly regarded local schools add to the appeal. This is the quintessential Santa Monica lifestyle, with dining, shopping and coastal recreation close to home. PRIVATE CORNER RESIDENCE! Approximately 1,000 square feet, Unit 5 (also known as 2B) is a north-facing corner home on the quieter side of the complex, with limited shared walls for added privacy. The spacious living room opens through oversized sliding glass doors to a wide, covered private balcony overlooking leafy neighborhood surroundings. Light wood-look flooring and crisp white walls create a bright, inviting feel. A separate dining area provides room to entertain. The kitchen features white cabinetry, light countertops, stainless steel refrigerator, gas range and a window above the sink. Both bedrooms have generous closets; bathrooms feature white vanities and glass-enclosed bathing areas with subway tile. 2 car gated and secured parking spots. A WELL-RUN, WELL-FUNDED HOA! This intimate 11-residence building has been recently repainted and nicely updated, with consistent maintenance and attractive common areas inlcuded major deferred maintanance projects completed. Reported reserves are over 58% funded, with annual reserve contributions exceeding 15% of budgeted assessments. Buyers can appreciate the building's excellent reported financial position and proactive upkeep. Amenities include elevator access, underground parking, shared laundry and bicycle storage.LIVE HERE OR INVEST! The desirable two-bedroom layout, prime Montana Avenue location and proximity to the beach make this a compelling home or long-term rental prospect, subject to HOA rental rules. *****THE OPPORTUNITY IS IN THE TIMING!***** This building is currently non-warrantable, limiting conventional financing options and the potential buyer pool due to this owner owning more than 5 units. Selling the five seller-owned residences to separate buyers is an active plan to reduce concentrated ownership, a key financing issue. If the building becomes eligible for conventional loans, broader financing access could support stronger demand and higher values. Unlike many non-warrantable properties, this one has an identifiable obstacle and a plan to address it. FIVE RESIDENCES, ONE UNIQUE OPPORTUNITY! This is the first being offered. Ask about the remaining units when scheduling your tour. Cash or eligible non-warrantable financing only at present. Building is not currently Fannie Mae/Freddie Mac warrantable. Broker's 15-30% appreciation estimate is an opinion, not an appraisal or guarantee. Eligibility, timing and future values are uncertain; additional project requirements may apply. Buyer and lender to independently verify HOA financials, rental rules and financing eligibility. See private remarks for showings.

Location

State CA

County Los Angeles

Area C14 - Santa Monica

Zoning SMR2*

Interior

Interior Features Ceiling Fan(s), Separate/Formal Dining Room, See Remarks, Walk-In Closet(s)

Heating Wall Furnace

Cooling None

Flooring Laminate, Tile

Fireplaces Type None

Furnishings Unfurnished

Fireplace No

Appliance Dishwasher, Refrigerator

Laundry Common Area

Exterior

Parking Features Controlled Entrance, Underground, Garage, Garage Door Opener, Community Structure

Pool None

Community Features Gated

Amenities Available Controlled Access, Insurance, Trash, Water

View Y/N Yes

View City Lights, Trees/Woods

Porch Front Porch, Open, Patio, See Remarks

Total Parking Spaces 2

Private Pool No

Building

Faces North

Story 3

Entry Level One

Architectural Style Contemporary

Level or Stories One

New Construction No

Construction Status Updated/Remodeled

Others

Pets Allowed Call

Senior Community No

Tax ID 4281035059

Security Features Carbon Monoxide Detector(s),Fire Detection System,Fire Sprinkler System,Security Gate,Gated Community,Key Card Entry,Smoke Detector(s)

Special Listing Condition Standard

Pets Allowed Call

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Listed by Brian Maser The Condo Experts #01340306