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940 S Figueroa St - Variety Arts Theater 72,426 SF Specialty Building Offered For Sale in Los Angeles, CA 90015
INVESTMENT HIGHLIGHTS
- A live theater on the ground-floor (that also has a basement bar and mezzanine level) with a total capacity of 1,656 patrons.
- A smaller theater on the 3rd floor with a capacity of 296 patrons.
- The fifth floor can be a VIP lounge or offices with a capacity of 95 patrons.
- The 2nd floor is a potential restaurant/bar or VIP lounge with a capacity of 296 patrons.
- A ballroom on the 4th floor with a capacity of 1,364 patrons.
EXECUTIVE SUMMARY
Cushman & Wakefield of California, Inc., as Exclusive Advisor, is pleased to offer the fee simple interest in The Variety Arts Building, a historic multi-purpose entertainment venue located adjacent to the Sports and Entertainment District and L.A. Live at 940 S. Figueroa Street in Downtown Los Angeles (the “Property”). This is truly a one-of-a-kind investment or owner-user opportunity to acquire a historical masterpiece that embodies character, class and the very foundational elements that Los Angeles was built upon as the epicenter for entertainment and the arts. Along with its unique entertainment-driven design and architecture, The Variety Arts Building’s unrivaled location – across the street from L.A. Live and Staples Center – will ensure its long-term value as a venue for a number of entertainment related uses, which include: live entertainment, hospitality, and retail. The unique aesthetic and functionality of each of the floors at the Property would also adapt well as multi-tenant or single tenant creative-office building.
Current ownership has recently invested over $11 million in base-building capital to completely replace the electrical, HVAC and mechanical elements of the building while
retaining and restoring its overall historic charm. The adjacent parking lot will also provide a development opportunity that could enhance or complement the main building.
Current ownership has recently invested over $11 million in base-building capital to completely replace the electrical, HVAC and mechanical elements of the building while
retaining and restoring its overall historic charm. The adjacent parking lot will also provide a development opportunity that could enhance or complement the main building.
PROPERTY FACTS
| Sale Type | Investment or Owner User | Building Size | 72,426 SF |
| Property Type | Specialty | No. Stories | 5 |
| Building Class | C | Year Built/Renovated | 1923/2021 |
| Lot Size | 0.58 AC | Parking Ratio | 0.5/1,000 SF |
| Zoning | C2-4D-SN | ||
| Sale Type | Investment or Owner User |
| Property Type | Specialty |
| Building Class | C |
| Lot Size | 0.58 AC |
| Building Size | 72,426 SF |
| No. Stories | 5 |
| Year Built/Renovated | 1923/2021 |
| Parking Ratio | 0.5/1,000 SF |
| Zoning | C2-4D-SN |
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Walk Score®
Walker's Paradise (96)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (86)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $1,760,931 | |
| Land Assessment | $7,597,903 | Total Assessment | $9,358,834 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$7,597,903
Improvements Assessment
$1,760,931
Total Assessment
$9,358,834
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940 S Figueroa St - Variety Arts Theater
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