Historic Theater and Office
205 LUNA San Juan, PR 00901
For Sale
$6,500,000
MULTI_FAMILY - OLD SAN JUAN, PR
Property Size21,899 SF
Lot Size0.15 Acres
Price / SF$296.82
Days on Market186
Property Features for 205 LUNA
General Information
- Property type
- Residential Multi Family
- Property subtype
- Triplex
- Zoning
- C3
- Window features
- Skylight(s)
- Interior features
- Elevator, High Ceilings
- Exterior features
- Balcony, Courtyard
- Basement
- Partial
- Accessibility
- Accessible Elevator Installed
- Standard status
- Active
- APN
- 040-002-026-12-001
- Size
- 21,899 SF
- Lot size
- 0.15 Acres
Utilities
- Sewer type
- Public Sewer
- Cooling system
- Central Air
- Water source
- Public
Building Details
- Year built
- 1913
- Floors in Building
- 3
- Number of units
- 1
Listing Agency:
BOURET REAL ESTATE
(787) 642-9293
Listed By:
Coral Bouret · License #16493
(787) 642-9293
Added: Jan 20
Changed: Jul 20
Last Checked: Jul 25 at 1:06AM
MLS# PR9118739
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
205 Luna is a three-level historic commercial building featuring a fully restored 1913 theater at its core. The property was comprehensively rehabilitated in 2018 by Universidad Carlos Albizu, preserving its architectural character while upgrading it for modern use. A reception foyer and an interior patio support a formal arrival sequence, and access between levels is provided by a central stair and elevator.
The building is located in the heart of Old San Juan and sits within C3 zoning. The theater is positioned as the centerpiece, suitable for performance and screening events, while the second and third floors include expansive office suites, private offices, conference rooms, and large open work areas.
For prospective tenants and buyers, the configuration supports both public-facing programming through the restored theater and concurrent professional workspace use through the upper-level office areas.
The building is located in the heart of Old San Juan and sits within C3 zoning. The theater is positioned as the centerpiece, suitable for performance and screening events, while the second and third floors include expansive office suites, private offices, conference rooms, and large open work areas.
For prospective tenants and buyers, the configuration supports both public-facing programming through the restored theater and concurrent professional workspace use through the upper-level office areas.
Key Highlights
- Fully restored 21,899 SF historic commercial building in Old San Juan anchored by a restored 1913 theater
- Rebuilt theater for lectures, premieres, conferences, screenings, and private events
- Flexible three‑level layout with office suites, private offices, conference rooms, and large open work areas
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $473.0k | $21.60 |
| − Vacancy | −$75.7k | −$3.46 |
| EGI | $397.3k | $18.14 |
| − OpEx | −$99.3k | −$4.54 |
| NOI | $298.0k | $13.61 |
21,899 SF · lease $21.60/SF/yr · vacancy 16.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$4.26M
$3.73M – $4.97M
NOI $298,002 @ 7.0% cap · market cap 4.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.42M
$4.75M – $6.33M
NOI $379,676 @ 7.0% cap · market cap 5.84%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Theaters & concert halls
FAQs
What type of property is this?
Theater & concert hall - Fully restored historic building with a 1913 theater and office suites across three levels.
Where is this theater & concert hall located?
The property is located at 205 LUNA San Juan, PR.
What is the asking price?
The asking price for this property is $6,500,000.
What are key features of this property?
This property features: Fully restored 21,899 SF historic commercial building in Old San Juan anchored by a restored 1913 theater; Rebuilt theater for lectures, premieres, conferences, screenings, and private events; Flexible three‑level layout with office suites, private offices, conference rooms, and large open work areas
