So far there has been interest in the building, potentially for international or senior student rentals, people with disabilities or for budget backpacker accommodation.
The Mews, originally commercial premises from the 1900s, was redeveloped in 2003-04 for more than $2.5 million.
It was gutted and its historic facade was restored. It opened in early 2004.
At the time it was one of about 20 commercial projects under way in Dunedin, valued in total at $65 million, which created space for about 40 businesses throughout the city.
Dunedin director for Bayleys, Peter Booth, said when contacted the Mews' central location, on Anzac Ave opposite the Dunedin railway station, made it ideal for several potential uses.
Its occupancy rate was about 100%. The 31 studios were all on calendar-year leases, with predominantly senior university students at present.
The apartments had a gross annual return of $336,960.
The building's most recent rateable value, at July 2010, was $3.6 million, Mr Booth said.
The Otago University Student Association, disability provider Patients and Community Trust and Hospitality New Zealand (HNZ) said in a combined statement they all considered the apartments had merits for their respective uses.
HNZ southern South Island regional manager Fiona Morton said the Mews could be viable as a budget accommodation provider, up to a three-star standard.
The overall 885sq m Mews has five individual accommodation complexes, made up of 31 double and single studio rooms, each with refrigerator, microwave and en suite. There are eight car parks on site.
Shared amenities within the apartments include fully equipped kitchen, common room with flat screen television and laundry facilities.
"Alternatively, the new owner could convert for use as a boutique hotel or backpackers, capitalising on visitors and tourists attending events at Forsyth Barr Stadium and ... tourism events in Dunedin," Mr Booth said in an earlier statement.
