An elevator pit having a waterproof cement floor and method for installing the same. The elevator pit includes a jack casing and a drainage pit installed within the elevator pit. A trench is formed in exposed ground surface and defines a channel having a first end positioned at an area that is susceptible to water accumulation within the elevator pit and a second end terminating at the drainage pit. A perforated conduit extends within the channel with an end terminating at the drainage pit. A layer of gravel is disposed over the exposed ground surface and trench at a predetermined height to cover the perforated conduit. A layer of waterproof cement is provided over the ground surface at a predetermined height to cover the gravel, channel and perforated conduit to form the waterproof cement floor which extends across an entire periphery of the elevator pit.