Restored Historic Theater
For Sale
$6,500,000
205 LUNA, San Juan, PR 00901
Residential Income, OLD SAN JUAN, PRI
Property Size21,899 SF
Lot Size0.15 Acres
Price / SF$296.82
Days on Market232
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
Subdivision
OLD SAN JUAN
Lot features
Historic District
Directions
From LMM Int'l Airport take PR-26 West into Old San Juan. Continue into Plaza Colon along San Francisco Street, turn right on Cruz Street, and right on Luna Street. Park at La Cochera Parking Garage which will be on your right. Building is directly in front of La Cochera Parking Garage on Luna Street.
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
Listed By:
Coral Bouret · License #16493
(787) 642-9293
Added: Jan 20
Changed: Aug 20
Last Checked: Sep 9 at 4:06AM
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.
Located at 205 Luna in Old San Juan, this three-level historic commercial building contains 21,899 square feet and incorporates a restored theater dating to 1913. The interior includes a performance and screening hall, reception foyer, interior patio, office suites, private offices, conference rooms, and open work areas. Elevator access, high ceilings, central air, a balcony, and a courtyard add to the building’s functional mix. A comprehensive rehabilitation was completed in 2018.
The property is zoned C3 and has public water and public sewer service. Its configuration supports cultural, educational, office, creative, and event-oriented uses, with the theater providing a dedicated setting for lectures, screenings, conferences, performances, and private gatherings. The building’s restored facade and preserved historic character are integrated with contemporary building systems and accessible elevator service.
The property is zoned C3 and has public water and public sewer service. Its configuration supports cultural, educational, office, creative, and event-oriented uses, with the theater providing a dedicated setting for lectures, screenings, conferences, performances, and private gatherings. The building’s restored facade and preserved historic character are integrated with contemporary building systems and accessible elevator service.
Key Highlights
- 21,899‑square‑foot, three‑level historic commercial building
- Restored 1913 theater with performance and screening capability
- Comprehensive rehabilitation completed in 2018
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$298,002
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.58%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,960,040
$6.0M
Cap Rate 7%
$4,257,171
$4.3M
Cap Rate 9%
$3,311,133
$3.3M
Market Conditions
NOI Build-Up for 21,899 SF
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.
Gross rent
$473.0K $21.60/SF
− Vacancy
−$75.7K −$3.46/SF
EGI
$397.3K $18.14/SF
− OpEx
−$99.3K −$4.54/SF
NOI
$298.0K $13.61/SF
Area
ZIP 00901
Vacancy
16.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,960,040
Cap Rate 7%
$4,257,171
Cap Rate 9%
$3,311,133
Alternative Uses
Best Use
Office B
$4.26M
$3.73M – $4.97M
NOI $298,002 @ 7.0% cap · market cap 4.58%
Second Best
Mixed Use
$3.38M
$2.96M – $3.94M
NOI $236,509 @ 7.0% cap · market cap 3.64%
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 authorities.
Property Analytics
Current Use
Location Intelligence
Demographics for 00901, PR
6,218
Population
4,325
Households
1.4
Avg Household Size
47
Median Age
49%
College-Educated
88%
High-School Grad
1.0 sq mi
ZIP Area
6,218
Density / Sq Mi
$25,810
Median Household Income
$27,676
Median Earnings
$646
Median Rent
$386,900
Median Home Value
Market
Vacancy Rate% for Office in San Juan, PR
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Theater & concert hall - Three-level commercial property combines a rebuilt theater, office areas, event space, and restored architectural details.
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: 21,899‑square‑foot, three‑level historic commercial building; Restored 1913 theater with performance and screening capability; Comprehensive rehabilitation completed in 2018
