The 0.4 hectare site in Mount Pleasant, Bilston, has been listed for sale with Rightmove.
The listing on the company's website says there is a "fabulous development opportunity for 64 apartments".
Planning permission has been granted for the conversion of the college building into 20 apartments, as well as for 44 new flats.
The listing says: "The attractive building on site includes the former Bilston Art College which is locally listed and within a conservation area.
"The Planning Permission is subject to a Section 106 Agreement which provides for a contribution of £148,639.80 for a public open space contribution and a work of public art contribution to be no more than one per cent of the total development cost.
"The Section 106 Agreement also specified that 25 per cent of the total dwellings on site were to be affordable although it is understood that this requirement may have disappeared due to lack of Government funding.
"There is a suggestion funding may have been replaced by some form of grant and further enquiries are being undertaken in this respect."
For further details visit rightmove.co.uk/properties/121538054#