He also noted the building has a fully operational sprinkler system and is furnished in many areas. Those furnishings will be included with the sale of the building, he said.
"I think somebody's going to have a great opportunity with this building in almost move-in condition with all the furnishings," Goldman said.
Goldman also said people shouldn't confuse this building's auction with other things like fire sales or foreclosure auctions.
He said he's been conducting commercial property auctions for nearly 40 years and said the method has proved successful for selling commercial and state properties at good prices.
"It's a legitimate method of marketing," Goldman said. "These are cases where businesses make a legitimate business decision, they want to sell and they want to sell it by a certain date — and that's what (the Housing Development Fund) is doing."
Goldman said one of the drawbacks of selling commercial properties by traditional means is that prospective buyers will often believe that if they wait for the property to sit on the market for a long time, the asking price will come down.
Putting the property up for auction essentially sets a deadline for interested buyers.
"If they want to buy it, they've got to buy it that day — that's the key," Goldman said. "If the property is properly marketed with the auction method of marketing, it can be successful."
The board set a minimum bid of $485,000 for the Aug. 1 auction, which will take place inside the building beginning at 11:05 a.m. Goldman Associates will collect a 5 percent buyers premium off the winning bid as compensation for the sale.
Goldman said he believes the Housing Development Fund will get more than the asking price for the building when it goes to auction.
He said since the advertisement ran last week listing the auction, he has already given tours to two potential bidders. He expects to garner more interest when the firm puts the complete bid package on its website, www.goldmanassociates.org, this morning.
Contact writer Jared Hunt at busin...@dailymail.com or 304-348-4836.