This week, now that summer is over and Steve Tetzner is on the mend, Steve, Rich, and I are all back together with the latest market update and advice for buyers and sellers. We usually talk about a special residential home which we think will be of interest, but Residential Properties also has a commercial division that does everything from renting building space to selling multi families and buildings. This Sunday we thought we’d feature a fantastic property on the East Side of Providence that happens to be commercial. 
Why is this such a great property? This is a mid-century, two level, 16,000 square feet, office building located in one of the premier neighborhoods in the best section of Providence - Wayland Square on the East Side. It is ideal for an owner-occupant who could then rent a portion of the space for additional income at current interest rates and it is feasible for an investor to purchase the property, update and reconfigure the space, and lease it out to smaller tenants. While parking in Wayland Square has traditionally been tight, this property has off street parking for up to twenty cars. What type of users would this property be suited for? Anything from law firms, accountants, medical office/research, to an insurance company. For many years this was the headquarters of the American Universal Insurance Company. What are some of the property’s amenities? It has excellent highway access, is in close proximity to Brown University, RISD, the Sixth District Court, RI State Supreme Court, and only minutes from Lifespan. It also has all of the updates necessary for a modern building. Why should someone buy this property now? Location, Location, Location. Nationwide and in Providence, property values are at their lowest levels in years and this is a fantastic opportunity to “Buy-In” to a great location, at a reduced value. Remember, properties with the best location are the last to decline in value and the first to appreciate in value when the markets rebound. Joe Luca has been a Broker of Commercial Real Estate since 1992 and has represented local, regional and national Tenants, Landlords, and Investors. Joe works in the Cumberland office of Residential Properties, LTD. For a viewing of the property, contact him at 401.457.1361 with at least twenty-four hours notice.
Why is this such a great property? This is a mid-century, two level, 16,000 square feet, office building located in one of the premier neighborhoods in the best section of Providence - Wayland Square on the East Side. It is ideal for an owner-occupant who could then rent a portion of the space for additional income at current interest rates and it is feasible for an investor to purchase the property, update and reconfigure the space, and lease it out to smaller tenants. While parking in Wayland Square has traditionally been tight, this property has off street parking for up to twenty cars. What type of users would this property be suited for? Anything from law firms, accountants, medical office/research, to an insurance company. For many years this was the headquarters of the American Universal Insurance Company. What are some of the property’s amenities? It has excellent highway access, is in close proximity to Brown University, RISD, the Sixth District Court, RI State Supreme Court, and only minutes from Lifespan. It also has all of the updates necessary for a modern building. Why should someone buy this property now? Location, Location, Location. Nationwide and in Providence, property values are at their lowest levels in years and this is a fantastic opportunity to “Buy-In” to a great location, at a reduced value. Remember, properties with the best location are the last to decline in value and the first to appreciate in value when the markets rebound. Joe Luca has been a Broker of Commercial Real Estate since 1992 and has represented local, regional and national Tenants, Landlords, and Investors. Joe works in the Cumberland office of Residential Properties, LTD. For a viewing of the property, contact him at 401.457.1361 with at least twenty-four hours notice.
