The Clontarf-based property went on the market earlier this year but has yet to sell despite having its value slashed form €750,000 to €570,000.
Speaking last week, Deputy McGrath said that the three storey Georgian property at 15 The Crescent should be turned into a visitor attraction.
“It could be a national treasure and a national asset and we could use it for tourism purposes,” said Mr McGrath, in whose Dublin North Central constituency the property is located.
“There is huge international interest in Bram Stoker and I think if Failte Ireland or some other State body acquired it, they would recoup the money in two to three years,” the deputy told the Evening Herald.
“It would be a tourism trail for the area,” he added.
Mr McGrath said he is a strong supporter of tourism being developed through local channels rather than on a national level by Failte Ireland.
“Basing it on experience, in the Marino and Clontarf areas they have brilliant ideas for tourism projects. The national strategy at the moment is not working because tourism is down.”
A Failte Ireland spokesman said, while they do fund capital projects, he is not aware of any proposal to develop the Stoker house for tourism.
“If someone bought it and came to us, we would look at it but there is no guarantee. We only have a certain amount of capital money,” he said.
The spokesman said it is “more likely” a group would approach Failte Ireland for a scheme like this, rather than officials seeking out interested parties to set up the proposal.