CHARLESTON, W.Va. - The West Virginia Housing Development Fund is putting its downtown office building up for sale for $1.1 million.
The fund's board of directors voted last week to hire the Charleston commercial real estate firm Goldman Associates Inc. sell the 109-year-old building at 814 Virginia St. E.
The four-story, 31,680-square-foot building has no on-site parking. Rolston and Co. of Charleston appraised the property at $1.6 million in 2007 and $1.1 million in 2010.
The structure has been vacant since the housing fund moved in August to its new offices next to the Cracker Barrel in Kanawha City.
Until now the only marketing the fund has done has been to put a "For Sale" sign in the front window. But in February the fund's directors authorized the staff to prepare a request for proposals for commercial real estate brokerage services.
The request was published in the Charleston newspapers in March but only one firm, Goldman Associates, replied.
Under the terms agreed to by the fund and Goldman, the real estate company will ask $1.1 million for the property; will have the exclusive listing for up to one year, and will receive a 6 percent commission on the gross sales price. If the building sells for the $1.1 million asking price, Goldman will receive $66,000.
The building has been extensively remodeled over the years.
"We were pleasantly surprised by the general condition and design of the office space," Goldman's principals, Jay and Todd Goldman, wrote after touring the building. "It is relatively modern and has had periodic updates to cosmetic components."
The Goldmans noted, however, there are three apparent concerns: