Iconic Downtown Providence Building To Be Auctioned

Iconic Downtown Providence Building To Be Auctioned

One of downtown Providence’s most iconic buildings is being auctioned.

The Aldrich Building, a 33,000 square foot office building located at 72 Pine Street, is up for auction.

In September of 2020, GoLocal reported on the impact of the pandemic on office space in downtown Providence — at the time the building was on the market for $3.75 million.

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According to LoopNet, the building is 58% occupied.

The auction will be held on May 3 and the minimum bid is $900,000.

There are five late 19th century or early 20th-century office buildings presently for sale in the core of downtown Providence.

 

Aldrich Building description:

The property consists of a historic five-story brick building situated on an approximately 0.18-acre parcel. Originally built in 1883, the building was substantially renovated in 2017-2019 with numerous upgrades to the exterior façade, elevator, HVAC, roof, and more. As of 1/31/2021, the property is ±58%-occupied, with annual rents ranging from approximately $11.90 to $22.52 per SF. Though currently divided into seven office suites, the Aldrich Building can potentially be converted for residential use.

The property's significant frontage and linear floor plate allow for a sensible residential layout, with the ability to create approximately eight (8) units per floor (Floors 2-5). Additionally, the ground floor features full-sized windows and an outstanding ceiling height, providing a unique opportunity to take advantage of ground-floor retail opportunities and substantially grow rental income. The Aldrich Building is strategically located in Providence's Central Business District (CBD), at the lighted intersection of Pine Street and Dorrance Street. The site enjoys outstanding downtown visibility and allows for easy pedestrian access to the city's numerous amenities.