The White Peacock on Scargill Road has been empty since it shut its doors last summer.
Now, the plot is being sold at auction by SDL Property Auctions on January 30.
On its website, SDL said: "The property sits nicely on a corner plot offering great exposure to customers.
"There is a potential to convert back to residential, subject to the necessary consents."
It goes on to confirm that the site already has full planning consent to convert the cafe into to appartments.
But SDL also describe the site as 'an ideal investment property for cafe, hair salon or beauticians' and that there were 'options to live above the property while below operates as a commercial property'
The property is due to go under the hammer on Thursday, August 30,
For more details about it, including information on how to register yourself for the auction, visit the website at sdlauctions.co.uk/property/45707/mixed-use-for-auction-nottingham/