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    940 Figueroa St Los Angeles, CA 90015

    Sponsored
    For Sale
    Contact for pricing

    Iconic Downtown LA building, 54,187 sq ft.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    400
    This unique five-story, 54,187 square foot building at 940 S Figueroa St in Los Angeles, CA 90015, is a prime example of historic architecture and entertainment design. Located in the heart of Downtown Los Angeles, across from L.A. Live and Staples Center, this C2-4D-SN zoned property sits on a 0.58-acre lot (APN: 5138-002-019, 5138-002-029). The building boasts a ground floor live theater with a basement bar and mezzanine, accommodating 1,656 patrons. The second floor offers space ideal for a restaurant, bar, or VIP lounge (296 capacity), while a smaller theater on the third floor can hold 296. A large ballroom on the fourth floor provides space for 1,364, and the fifth floor is suitable for a VIP lounge or offices (95 capacity). Recent capital improvements include complete replacement of electrical, HVAC, and mechanical systems, preserving the building's historic charm. The adjacent parking lot presents additional development potential. This property offers a rare opportunity for an owner-user or investor seeking a unique entertainment venue or adaptable creative office space in a highly desirable location. The building's versatile design allows for various uses, including live entertainment, hospitality, and retail.

    Property Features for 940 Figueroa St

    General Information

    Property type
    Specialty properties
    Lot Size
    25,265 SF

    Building Details

    Stories
    5

    HighLights

    • Historic five‑story building (54,187 SF) in Downtown LA, across from L.A. Live and Staples Center, on a 0.58‑acre lot.
    • Ground floor live theater with basement bar and mezzanine, 1,656‑person capacity.
    • Second floor space ideal for restaurant/bar/VIP lounge (296‑person capacity).
    • Third floor theater with 296‑person capacity.
    • Fourth floor ballroom with 1,364‑person capacity.
    • Fifth floor suitable for VIP lounge or offices (95‑person capacity).
    Property Profile Location Intelligence

    Current Use by Public Records

    ParkingPlus LLC Parking Lot 940 S Figueroa ... Parking Lot Variety Arts Building Performing Arts Theater

    Suggested Use

    Realty agency Spa & Massage Dental Office Restaurant Hair Salon Nail Salon Building Supply Daycare Center Gym & Fitness Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Los Angeles
    County
    Los Angeles
    State
    California
    Longitude
    -118.2631005
    Latitude
    34.0453165

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    FAQs

    What type of property is this?
    Specialty property - Iconic Downtown LA building, 54,187 sq ft.
    Where is this specialty property located?
    The property is located at 940 Figueroa St Los Angeles, CA.
    What are key features of this property?
    This property features: Historic five-story building (54,187 SF) in Downtown LA, across from L.A. Live and Staples Center, on a 0.58-acre lot.; Ground floor live theater with basement bar and mezzanine, 1,656-person capacity.; Second floor space ideal for restaurant/bar/VIP lounge (296-person capacity).
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    940 Figueroa St Los Angeles, CA 90015
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    Los Angeles, CA 90015
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    940 Figueroa St Los Angeles, CA 90015
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