Let $X$ be a locally compact non-compact Hausdorff topological space. Consider the algebras $C(X)$, $C_b(X)$, $C_0(X)$, and $C_{00}(X)$ of respectively arbitrary, bounded, vanishing at infinity, and compactly supported continuous functions on $X$. Of these, the second and third are $C^*$-algebras, the fourth is a normed algebra, whereas the first is only a topological algebra (it is indeed a pro-$C^\ast$-algebra). The interesting fact about these algebras is that if one of them is given, the others can be obtained using functional analysis tools. For instance, given the $C^\ast$-algebra $C_0(X)$, one can get the other three algebras by $C_{00}(X)=K\bigl(C_0(X)\bigr)$, $C_b(X)=M\bigl(C_0(X)\bigr)$, $C(X)=\Gamma\bigl( K(C_0(X))\bigr)$, where the right hand sides are the Pedersen ideal, the multiplier algebra, and the unbounded multiplier algebra of the Pedersen ideal of $C_0(X)$, respectively. In this article we consider the possibility of these transitions for general $C^\ast$-algebras. The difficult part is to start with a pro-$C^\ast$-algebra $A$ and to construct a $C^\ast$-algebra $A_0$ such that $A=\Gamma\bigl(K(A_0)\bigr)$. The pro-$C^\ast$-algebras for which this is possible are called {\it locally compact\/} and we have characterized them using a concept similar to that of an approximate identity.