The Steelworks Hotel in Port Kembla is on the market four years after it last changed hands.
The hotel is being sold with a rare 24-hour liquor licence, TAB, beer garden, 15 accommodation rooms and manager's residence.
Built in 1890, the hotel was originally named the Great Eastern Hotel.
It was the first hotel built overlooking the harbour.
In 1921 it was purchased by Tooths, and later the Lindsay family. It was renovated in 1938.
Wollongong City Council heritage documents describe the hotel as "an imposing landmark of the area, dating back to the beginnings of the town as a Port and industrial centre".
The Steelworks Hotel was previously part of the Big Bert portfolio of businessman David Wakeford and was snapped up at auction in 2009 by a consortium for $1.87 million.
The hotel was listed with Sam Handy of Jones Lang LaSalle, who has once again been tasked with selling it in conjunction with Ray White Hotels.
Mr Handy said the majority share of the Steelworks Hotel is owned by a consortium consisting of two Sydney-based brothers.
"There has been a partnership dissolution and subsequently the hotel is being marketed for sale," Mr Handy said.
Mr Handy said the Steelworks Hotel was "an affordable entry-level coastal pub" with compelling upside across all revenue streams.
He said the $500 million upgrade to the coal terminal and the expansion of the port should reassure prospective buyers of the continuation of the existing 24-hour economy.
Tenders close March 14.