A feasibility study begun in July has found the building could withstand the process of relocation.
A historical association wants the depot's unique architecture saved and for the area to retain that piece of history. It's believed the depot was built in 1895.
City officials say three sites have been identified for a potential move but say the building likely won't be moved until next year.
Canadian Pacific announced plans to demolish the structure earlier this year. It's been vacant since the railroad relocated its operations to another structure in 2013.
Depot 1910s view from SW
Canadian Pacific depot
Mason City Depot
Depot 1910s view from SE
Rail Depot, 1977
Rail Depot, 1910
Rail Depot, 1944
Canadian Pacific Depot sign
Canadian Pacific Depot sign 2
Canadian Pacific Depot arch window
Canadian Pacific Depot arch 2