Former Masterton realtor Dick Quinn owns the land through the Roseleigh Family Trust, Mr Mitchell said.
Tenders close on March 7 for the 2033sq m parcel of land, which has an existing consent for subdivision into six separate titles of 330sq m lots.
Mr Mitchell said there had been five workers' cottages in the street until about 1998.
The road was named after the Masterton Trust Lands Trust, which gifted the land for use as a linking road.
The opposite side of Trustee St comprises two properties - retirement homes with Albert St addresses where the Daniell family Mathon Lodge was sited and a 1920s Californian bungalow with a Lincoln Rd address.
He said a former owner of all five cottages had left the homes and they were eventually sold. Mr Mitchell himself sold two of the buildings, which were relocated to Carterton.
There has been definite interest in the land "and it's growing".
Wairarapa Archives' Neil Frances said the homes could have been workers' cottages for the nearby Masterton Co-op Dairy Company, opened in 1901 in Akura Rd.
Records from 1917 have the homes occupied by two police constables, a cycle dealer, a billiards hall owner and a labourer.
Across the road from the lots on sale is a Heritage Trail sign marking the former location of the William Adams' whare, where the first white man in the town had lived.