An 'eyesore' block of flats in Thorpe St Andrew face an uncertain future as its owners look to raise £125,000 for its refurbishment.
Conrad Court on Yarmouth Road has drawn criticism from people within the town in recent years over its crumbling exterior.
Now, the building's managing agent Robin Wilson has revealed that the property, built in 1961, is facing more than just cosmetic issues.
He said engineers examined the building last year and found it required extensive structural repairs.
But he said it will be up to the leaseholders of the 13 flats to 'stump up' the cash to pay for the work through a service charge.
'The freeholders [owners] don't have £125,000 to pay for the work up front,' he said.
'The problem is that if the leaseholders say they don't have £8,750 each, it won't go any further.'
Mr Wilson said while the building is structurally sound, engineers discovered 'weak spots' at the base of its column drums.
The steel frame at the front of the building is also in need of refurbishment, he added.
The 54-year-old, who has lived in the building's penthouse flat since 1991, said he was also in discussions over the potential sale of the site.
'It is an interesting time as everything is in a state of flux,' he said.
'It could be that we refurbish the building, or another developer comes in and refurbishes it and builds next door.
'Or there is the possibility that it could be demolished.
'In terms of things changing from the status quo, something could happen this year.
The building is owned by his mother and aunt.
John Fisher, Broadland district councillor for Thorpe St Andrew, said the building was in a conservation area.
He said: 'It would be nice to give it a lick of paint and tidy it up. It is in a conservation area and people do regard it as an eyesore.'
Broadland District Council said it was aware that the building could benefit from 'some renovation work', but added it had no specific powers to make the owners redecorate.
'Building control would only have the power to step in if there were concerns that it was unsafe,' the council spokesman added.
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