Former Hospital | Redevelopment Potential | 21 Peace St
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Former Hospital | Redevelopment Potential 21 Peace St
276,767 SF Vacant Office Building Online Auction Sale Providence, RI 02907
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Investment Highlights
- Redevelopment opportunity in one of the most dynamic markets in Northeast. Currently built-out as hospital with multifamily development potential.
- Favorable zoning allows for by-right multifamily, educational, healthcare, office, medical, and research uses.
- Magnet for a diverse group of biotechnology, pharmaceutical and medical device companies Beech Tree Labs, EpiVax, Nabsys, and Johnson & Johnson.
- Fantastic transit access, located less than 2 miles away from Providence Station, providing convenient access to RI, MA, and NY.
- Providence serves as home to a significant medical-academic cluster highlighted by Brown University, Hasbro Children’s Hospital, and others.
Executive Summary
Cushman & Wakefield’s Multifamily Advisory Group, in collaboration with Ten-X, is pleased to present the opportunity to acquire 21 Peace Street, an unprecedented development opportunity located in the heart of Providence, Rhode Island. Bound by Plenty Street to the north, Elmwood Avenue to the west, Peace Street to the south, and Broad Street to the east, the site encompasses approximately 3.3 acres of development potential, spanning +/- 276,767 square feet within the existing structure.
21 Peace Street offers investors and developers a rarely available critical mass repurposing site in one of Providence’s most sought-after neighborhoods. As the third-largest city in New England, Providence is known as an epicenter of higher education, with eight college and university campuses located in the city, attracting several thousand undergraduate and postgraduate students to the area each academic year.
21 Peace Street, affixed with favorable zoning, will offer new ownership several different potential end uses for the asset. By-right zoning allows for multifamily, educational, healthcare, office, medical, and research uses.
The longtime home of St. Joe’s Hospital for over a century, the existing shell presents an ideal opportunity for developers in search of a substantial property with the critical mass and the physical specifications to pursue several different potential development paths.
Property tours are available by appointment only. Please contact the listing broker to schedule.
21 Peace Street offers investors and developers a rarely available critical mass repurposing site in one of Providence’s most sought-after neighborhoods. As the third-largest city in New England, Providence is known as an epicenter of higher education, with eight college and university campuses located in the city, attracting several thousand undergraduate and postgraduate students to the area each academic year.
21 Peace Street, affixed with favorable zoning, will offer new ownership several different potential end uses for the asset. By-right zoning allows for multifamily, educational, healthcare, office, medical, and research uses.
The longtime home of St. Joe’s Hospital for over a century, the existing shell presents an ideal opportunity for developers in search of a substantial property with the critical mass and the physical specifications to pursue several different potential development paths.
Property tours are available by appointment only. Please contact the listing broker to schedule.
Data Room Click Here to Access
- Operating and Financials
- Purchase Agreement
- Third Party Reports
- Title and Insurance
- Miscellaneous
Market Analytics Click Here to Access
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Market Sale Price per SF
Providence - RI USA
Market Cap Rate
Providence - RI USA
Market Sale Price per SF by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Cap Rate by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Sale Price per SF Distribution
Market Cap Rate Distribution
Property Facts
Sale Type
Investment
Sale Condition
Auction Sale
Property Type
Office
Property Subtype
Medical
Building Size
276,767 SF
Building Class
C
Year Built/Renovated
1892/1960
Percent Leased
Vacant
Tenancy
Multiple
Building Height
9 Stories
Typical Floor Size
30,752 SF
Slab To Slab
10’
Building FAR
1.93
Land Acres
3.30 AC
Zoning
C-2
Parking
220 Spaces (0.79 Spaces per 1,000 SF Leased)
Amenities
- 24 Hour Access
- Atrium
- Bus Line
Walk Score ®
Very Walkable (81)
DEMOGRAPHICS
Demographics
1 Mile
3 Mile
5 Mile
2024 Population
39,935
218,793
398,732
2020 Population
43,124
227,142
405,010
2029 Population
39,097
215,964
395,600
2024-2029 Projected Population Growth
-2.1%
-1.3%
-0.8%
Daytime Employees
31,637
155,322
250,109
Total Businesses
4,586
16,329
26,777
Average Household Income
$54,588
$82,084
$86,637
Median Household Income
$37,163
$58,807
$64,581
Total Consumer Spending
$307.7M
$2.2B
$4.5B
Median Age
33.9
34.3
37.6
2024 Households
14,752
83,170
160,270
Percent College Degree or Above
11%
16%
17%
Average Home Value
$323,322
$354,380
$345,415
$ values in USD
zoning
| Zoning Code | C-2 |
| C-2 |
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $8,385,275 CAD | |
| Land Assessment | $6,229,218 CAD | Total Assessment | $14,614,493 CAD |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$6,229,218 CAD
Improvements Assessment
$8,385,275 CAD
Total Assessment
$14,614,493 CAD
Sale Advisors
Sale Advisors
John Flaherty, Director
(617) 279-4568
Contact
John focuses exclusively on the disposition of multifamily properties and developable land throughout the Northeast. Since entering the industry in the Fall of 2016, John has participated in over $1.5 billion in commercial real estate transactions.
Prior to joining C&W, John spent 5 years at Colliers International where he and his team advised both private and institutional clients. John is a graduate of Merrimack College in North Andover and currently resides in South Boston.
Prior to joining C&W, John spent 5 years at Colliers International where he and his team advised both private and institutional clients. John is a graduate of Merrimack College in North Andover and currently resides in South Boston.
Jonathan Bryant, Senior Director
(508) 505-0832
Contact
Along with his team, he is responsible for the execution of acquisition, disposition, and joint venture investment strategies on behalf of clients throughout New England. The team has facilitated sales of multifamily properties ranging from Class-A assets in the urban core to infill development projects within a number of the region’s prominent suburban communities.
Prior to joining Cushman & Wakefield, Bryant served on the Capital Markets teams at Colliers International and Boston Realty Advisors. Over the course of his career, he has been involved in the execution of more than $5 billion in commercial real estate transactions.
Prior to joining Cushman & Wakefield, Bryant served on the Capital Markets teams at Colliers International and Boston Realty Advisors. Over the course of his career, he has been involved in the execution of more than $5 billion in commercial real estate transactions.
Chris Sower, Executive Managing Director
(617) 816-5257
Contact
Chris Sower, Executive Managing Direction with Cushman & Wakefield Multifamily Advisory Group is responsible for leading a 7-member team that focuses on institutional multi-family sales, land development sales, joint ventures, and private capital sales throughout New England. Chris has a proven track record for successfully participating in the sale, marketing, and consulting of investment properties, representing over 42,000 multi-housing units and additional land and structured finance transactions, with a value in excess of $7 billion.
Mr. Sower joined Cushman & Wakefield in 2021 and has sold properties for clients ranging from large institutions to small private family offices. Prior to joining Cushman & Wakefield, Chris served on Capital Markets investment sales teams at Colliers International and CBRE.
Mr. Sower joined Cushman & Wakefield in 2021 and has sold properties for clients ranging from large institutions to small private family offices. Prior to joining Cushman & Wakefield, Chris served on Capital Markets investment sales teams at Colliers International and CBRE.
About the Auction Platform
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
Read More
Auction Contact
John Artozqui
Contact
Auctioneer License:
Ten-X Vibhav Kapila RE Brkr REB.0018383
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John Flaherty -
Jonathan Bryant -
Chris Sower -
Cushman & Wakefield
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PHOTOS
STREET VIEW
STREET
MAP
Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
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Former Hospital | Redevelopment Potential | 21 Peace St
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