A Warrnambool City Council-owned property has been put on the market.
Selling agent Danny Harris from Harris and Wood Real Estate said the Garden Street home was a unique property.
"It's on 2540 square meters of land," he said.
"It is zoned residential one. It has a unique aspect in that rather than having road frontage it has a right of way off garden street and it's almost bordered by the Russells Creek walking path which is really popular."
He said the property had subdivision potential, subject to council approval.
The property is for sale via expressions of interest, closing in 30 days.
Mr Harris expected the property to fetch between $330,000 and $360,000.
"We are hoping to get a good result for the Warrnambool ratepayers," he said.
The council is also intending to sell a small parcel of land at the rear of 177B Fairy Street.
It is inviting submissions from the public on the proposed sale.
The land is currently used as a car park.
Submissions should be made in writing before 2pm Friday, August 2, addressed to the Chief Executive Officer, PO Box 198, Warrnambool 3280.