This study aimed at documenting and examining the prevailing state of preservation and management of extant built heritage in neoliberal cities in developing countries, particularly Dar es Salaam city. With the application of physical survey and ethnographic methods, the study found that despite their cultural significance, the majority of heritage buildings have moderate states of preservation. Furthermore, the poorly preserved buildings double the percentage of those with excellent preservation status. The underlying causes for that scenario include both physical and anthropogenic/human factors which are underpinned within modernization, political and economic perspectives of a neoliberal city. The study provides proper measures and recommendations for sustainable heritage management in such rapidly growing cities.