The detached farmhouse near Minsterley, Shrewsbury is on the market for around £349,995.
In need of modernisation, the three bedroomed white-washed farmhouse stands on a three-acre plot which includes stables, gardens with an orchard, a paddock and a separate outbuilding that was once used as a recording studio by the musician himself.
Local property agent Andy Dawson said: "This home is in need of a little TLC and modernisation but offers a wealth of potential. Its gorgeous countryside views and secluded situation make this a really good buy."
Lane was one of the founding members of the Small Faces which made its debut in 1965. He then went on to form the Faces in 1969.
In the late 1970s he was diagnosed with multiple sclerosis and was supported by charity projects and financial contributions from friends, former bandmates and fans. He made the move back to London and, after suffering from the disease for 21 years, died aged 51 in 1997.
The property is on the market with Purple Bricks.
Meanwhile a musical based on the lives of the four members of the Small Faces will be performed at Shrewsbury's Theatre Severn from September 19 to 21.
All or Nothing tells the tale of Kenney Jones, Ian McLagan, Lane and Steve Marriott – four charismatic youngsters from East London with humour, attitude, passion and talent who went on to form the Small Faces and were rocketed into the big time, only to discover the path to fantastic success was paved with exploitation, betrayal and tragedy.
All or Nothing is written by award-winning actress Carol Harrison, and directed by BAFTA winner Tony McHale.
For more information and to book tickets go to www.theatresevern.co.uk