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1101 Lincoln Boulevard #5

Santa Monica, CA 90403

$749,000 $3,157/Mo

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Overview

Bed

Bath

992

Sqft

7,496

Sqft(Lot)

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, cof fee 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. 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.

Property Details

Property Type : Residential

Price : $749,000

AD Id : 91744689

MLS Id : 26638989

Beds : 2

Lot Size : 7,496 Sq. Ft

Living Area Size : 992 Sq. Ft

Year Built : 1964

County : Los Angeles

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What's Nearby

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Features

Bedroom Information

Total beds: 2

Bathroom Information

Total Baths: 2 Full Baths: 2

Flooring Information

Laminate, Tile
Interior Features

CeilingFans, SeparateFormalDiningRoom, SeeRemarks, WalkInClosets

Appliances: Dishwasher, Refrigerator

Laundry Features: CommonArea
Heating & Cooling

Has Heating: Yes Heating: WallFurnace Cooling: None

Building Information

Year Built: 1964

Building Area Total: 992

Stories: 1

Patio And Porch Features: FrontPorch, Open, Patio, SeeRemarks

Pool Features: None

Private Pool: No

View: CityLights, TreesWoods

Association Fee Frequency: Monthly

Lot Information

Main Square Feet: 7496 Lot Size Acres: 0.1721 Lot Size Square Feet: 7,496

Listing Price Information

Listing Price: $749000

Tax Information

Parcel Number: 4281035059

Virtual Tour

Virtual Tour (External Link)

Parking Information

Parking Total: 1 ControlledEntrance, Underground, Garage, GarageDoorOpener, CommunityStructure

Garage Information

Has Garage: Yes Pets Allowed: Call

Homeowners Association Information

Has Association: Yes

HOA: $719.75

Association Amenities: ControlledAccess, Insurance, Trash, Water

Community Features: Gated

Location Information

Direction: On the corner of Lincoln Blvd & California Avenue, on the North West corner Security Features: CarbonMonoxideDetectors,FireDetectionSystem,FireSprinklerSystem,SecurityGate,GatedCommunity,KeyCardEntry,SmokeDetectors

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Nearby Home Value

Address	Estimate	Bed	Bath	Sq. Ft	Lot Size
1171 Stanford Street #3, Santa Monica, CA, 90403	$1,199,000	2	3	1,612	8,514 Sq. Ft
2922 Montana Avenue #B, Santa Monica, CA, 90403	$1,759,000	2	3	1,685	7,203 Sq. Ft
2300 Wilshire Boulevard.., Santa Monica, CA, 90403	$1,050,000	1	1	944	40,717 Sq. Ft
2300 Wilshire Boulevard.., Santa Monica, CA, 90403	$1,775,000	2	3	1,551	40,717 Sq. Ft
2300 Wilshire Blvd #201, Santa Monica, CA, 90403	$1,425,000	2	2	1,150	--
2300 Wilshire Blvd #202, Santa Monica, CA, 90403	$1,550,000	2	2	1,327	40,705 Sq. Ft
1037 21st Street, Santa Monica, CA, 90403	$4,950,000	4	5	3,248	9,437 Sq. Ft
943 19th, Santa Monica, CA, 90403	$4,000,000	12	12	7,180	7,997 Sq. Ft
1037 18th Street #9, Santa Monica, CA, 90403	$1,290,000	3	2	1,478	10,548 Sq. Ft
1144 17th Street #11, Santa Monica, CA, 90403	$959,000	2	2	950	15,011 Sq. Ft

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