Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    228 Saugatuck Ave Westport, CT

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $42 SF/Yr

    Two-story office building near train station and I-95.

    Type:OFFICE
    Property size:
    6,600 SF
    Lot size:
    5.20 Acres
    Added:
    Feb 1, 2023
    Days on Market:
    1156
    Last Refresh:
    Mar 29 at 8:58 pm

    Property Features for 228 Saugatuck Ave

    General Information

    Standard status
    Active
    Size
    6,600 SF
    Lot size
    5.20 Acres
    Property subtype
    OFFICE

    Spaces For Lease

    at 228 Saugatuck Ave Contact us

    We can help!

    Listing Contact
    Max Leifer

    Listing agent Max Leifer

    Listing office Leifer Properties

    Listing date Feb 1, 2023

    Source Moodyscre

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Leifer Properties

    Overview

    Corporate Office Space Near Train

    This two-story corporate office building, known as Indian River Green, overlooks a pond. A steel and rock sculpture by Frank Bruckman is located after a stone bridge. The steel and concrete structure is clad in briarwood painted clapboard with bright white trim and features windows. The lobby includes cherry paneled and glass walls, granite floors, and a sculpture. The property includes waterside picnic grounds and is adjacent to the Westport Metro North train station, 200 yards from I-95. The available space is located on the 1st floor, offering a large area within an elevator building. The property is handicap accessible.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    SISU Integrated Health, ... Crisis Center Muus Asset Management ... Business Management Consultant PineBridge Investments Corporate Office Associations-Hole In the Wall Association Or Organization H J Baker ... Agricultural Service

    Suggested Use

    Law Firm Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Accounting Firm Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Westport
    County
    Fairfield
    State
    Connecticut
    Longitude
    -73.3782
    Latitude
    41.116

    Nearby Similar for Lease

    • Sponsored
      Contact for pricing

      CT, Westport - Wright Street

      8 Wright St, Westport, CT 06880
      View Details
    • Contact for pricing

      Westport Office Space For Rent

      Bright, spacious office with private entrance and dedicated parking.
      6 East Main Street #2 FL, Westport, CT 06880
      View Details
    • Contact for pricing

      Charming Office Space in Westport

      Lower level office with kitchenette near downtown Westport Main.
      27 Imperial Ave, Westport, CT
      View Details
    • Contact for pricing

      Westport Office Space For Rent

      Luxurious office space available in high-end mixed-use Westport property.
      1330 Post Rd E, Westport, CT
      View Details
    • Contact for pricing

      Westport Office Space for Rent

      Single office in a corporate suite with shared waiting area.
      1465 Post Rd E , Westport, CT
      View Details
    • Contact for pricing

      Office Space with Skylights

      24,000 sq ft office complex near I-95.
      1720 Post Rd E, Westport, CT
      View Details
    • $32/mo

      Prime Retail/Medical Westport Location

      Freestanding building on Post Road with high visibility and ample parking.
      345 Post Rd W, Westport, CT
      View Details
    • Contact for pricing

      Downtown Creative Space with Mezzanine

      Unique 1,454 SF creative space in downtown Westport.
      21-23 Jesup Rd, Westport, CT
      View Details
    • Contact for pricing

      Prime Retail Space Westport

      Retail space on Westport's premier shopping street for rent.
      161 Main St, Westport, CT
      View Details
    • $37/mo

      Retail Space on Post Road

      Retail space available for lease in Westport, Connecticut.
      153-155 Post Rd E, Westport, CT
      View Details
    • Contact for pricing

      Prime Westport Retail/Office Space

      Bright, spacious Westport location with private amenities and convenient access.
      6 East Main Street, Westport, CT 06880
      View Details
    • Contact for pricing

      Single Office Space For Rent

      Single office suite with shared amenities available for rent.
      1276 Post Rd E , Westport, CT
      View Details

    FAQs

    What type of property is this?
    Office units - Two-story office building near train station and I-95.
    Where is this office units located?
    The property is located at 228 Saugatuck Ave Westport, CT.
    What is the lease rate?
    The lease rate is $42 SF/Yr.
    What are key features of this property?
    This property features: Adjacent to Westport Metro North train station and 200 yards from I‑95 access.; Handicap accessible, **1st‑floor location in an elevator building**.; Overlooks a pond with waterside picnic grounds.
    (215) 518-2038
    We can help!
    Listing Contact
    Max Leifer
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!