The former Wanganui Post & Telegraph building at 51 Victoria Ave is up for mortgagee sale.
It's in one of the best heritage precincts in the city, said Whanganui Regional Heritage Trust's Wendy Pettigrew.
The building houses the Ceramic Lounge/Big Orange cafe and Hair by Halo on its ground floor but its upper storey is vacant, Bayleys Wanganui commercial real estate agent Bob Davies said.
It was advertised on Saturday and the two agents listed have already received calls about it.
Wanganui Post & Telegraph was opened in 1902 and was said to be the best of its kind in New Zealand at that time.
Its domed clock tower was dismantled in 1931 after the Napier earthquake.
Its most recent engineer's report gave it 31.5 per cent earthquake strength.
It is in the Old Town part of Wanganui, which means it cannot be demolished without resource consent.
The building is not registered with the New Zealand Historic Places Trust but is being considered for recognition in Wanganui's next district plan.
The sale is being pursued by Auckland firm Cressida Capital.