A Wollongong block of flats, owned by the same family for several decades, is due to hit the market.
Following recent planning changes, the property also presents a development opportunity, with a building up to 10 storeys potentially allowed.
The listing, located at 2 View Street, Wollongong, is an 813 square metre block with four two-bedroom units and a three-bedroom penthouse.
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Co-owner Steve Ring said his father Ron, a teacher and Illawarra cricket legend via the Wollongong Cricket Club, and mother Daphne built the block of units in 1980-1981, having invested his entire superannuation into the project.
Prior to the units being built, they owned the guesthouse on the site, known as The Ranch, and Steve has memories of mowing the lawns.
Steve said the units had been a source of income throughout the decades, and his parents had lived in the top unit.
"I worked on them between high school and university; I worked on them as a labourer," he said.
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His father died in 2003, and his mother four years ago. Steve and sister Judy are the current owners, and both live out of the area.
Steve said there was an emotional attachment to the property, but said it was under-utilised as they aren't currently renting out the top unit.
"Here's an opportunity to increase the housing for people around town," he said of the decision to sell.
"It's time to sell. We don't get up there very often... We thought we'd see what sort of interest is out there - but there's no pressure to sell.
"We also thought it may have been a good time [to sell], especially with the change in density rules."
The site presents a development opportunity as it's located within the Transport Oriented Development [TOD] precinct.
Under its TOD policy, the NSW Government has been rolling out changes to the planning rules around some train stations.
It was announced last year that 10-storey apartments in North Wollongong have been given the tick under new planning rules.
The North Wollongong TOD is bounded by the Princes Highway/Flinders Street in the west, Gipps Street in the south, Kembla Street in the east and Blackett Street and Pleasant Avenue in the north.
Mr Ring said the TOD changes were one of the incentives to list the property.
He said the units would need "a little TLC, a bit of a refresh", but a knockdown-rebuild could well be the best use for the next owner.
The site is for sale via Expressions of Interest, closing in April.
Co-selling agent, Simon Kersten from Colliers Wollongong said the site has value as both a block of flats, and as a development site.
Co-selling agent, Taleah Thomas from Colliers Wollongong said there wasn't a price guide available yet.
Ms Thomas said it was estimated that 29 units could be built on the site under the TOD.
According to Cotality, the median unit value in Wollongong is currently $812,307.
Ms Thomas said four of the current units are now rented, and once the penthouse is also rented out the fully leased income will be a little more than $150,000 per annum.
Ms Thomas said there was also room for improvements in income via refurbishments.
