Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Historic Saugatuck Area Transformative Site Title is generated by Realmo AI

    31 Franklin Street, Westport, CT 06880

    View on Map
    Claim this Listing
    For Sale
    $1,850,000

    Located in historic Saugatuck, near train, restaurants, and luxury residences.

    Type:Land or Vacant Lot
    Lot size:
    0.20 Acres
    Added:
    Jan 14, 2026
    Days on Market:
    138
    Last Refresh:
    Apr 5 at 9:31 pm

    Property Features for 31 Franklin Street

    General Information

    Standard status
    Active
    Lot size
    0.20 Acres
    Property subtype
    Land or Vacant Lot

    We can help!

    Listing Contact
    PETER LANE

    Listing agent PETER LANE License #REB.0756700

    Listing office Ogents, LLC

    Listing date Jan 14, 2026

    Source Corcoran

    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 Ogents, LLC

    HighLights

    • Prime location in the Historic Saugatuck area of Westport.
    • One block from the train station and I‑95.
    • Adjacent to the Saugatuck River, Saugatuck Center, restaurants, cafes, and luxury residential properties.
    • Potential for transformative development.
    • Opportunity to acquire adjacent properties at 19 Ketchum and 31 Franklin.
    • Rent roll available upon request.

    Overview

    This transformative commercial site is located on a street with properties dating back to the early 1900s in the Historic Saugatuck area of Westport. It is situated one block away from the train station and I-95, and adjacent to the recently developed Saugatuck Center and the Saugatuck River, which features restaurants, cafes, and luxury residential properties. There is potential to acquire the adjacent property at 19 Ketchum, which is fully occupied, as well as 31 Franklin. The properties are currently occupied.
    Property Profile Location Intelligence

    Current Use by Public Records

    Site Landscaping Landscaping

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Westport
    County
    Fairfield
    State
    Connecticut
    Longitude
    -73.3721
    Latitude
    41.1217

    Nearby Similar for Sale

    • $1,750,000
      2,599 SF

      Historic Office Property in Westport

      Historic office building in downtown Westport with multiple tenants.
      61 Jesup Road, Westport, CT 06880
      View Details
    • $1,850,000

      Historic Saugatuck Area Land

      Transformative site near train, restaurants, and luxury residential.
      31 Franklin St, Westport, CT 06880
      View Details
    • $1,250,000
      1,400 SF

      Westport Duplex on Large Lot

      Two-unit property on 0.87 acres in Old Hill section.
      119 Kings Highway North, Westport, CT 06880
      View Details
    • $1,850,000
      4,196 SF

      Historic Saugatuck Mixed-Use Property

      Transformative site in historic Saugatuck, near train, I-95.
      31 Franklin Street, Westport, CT 06880
      View Details
    • $1,250,000
      1,400 SF

      Westport Acre Lot with Views

      Desirable 0.87 acre lot with river and town views.
      119 kings highway N Road, Westport, CT 06880
      View Details
    • $10,000,000
      1,514 SF

      Prime Westport Commercial Development Opportunity

      1.74-acre commercial land with high visibility and flexible zoning.
      1431 Post Road East, Westport, CT 06880
      View Details
    • $1,850,000

      Historic Saugatuck Area Land

      Transformative site near train, restaurants, and luxury residential area.
      31 Franklin Street, Westport, CT 06880
      View Details
    • $1,450,000
      2,361 SF

      Westport Office Building with Expansion Potential

      Prime commercial location with flexible spaces and expansion potential.
      4 Whitney Street Extension, Westport, CT 06880
      View Details
    • $1,500,000
      2,718 SF

      Westport Mixed-Use Building Opportunity

      Mixed-use building in prime Westport location near Main Street.
      315 Main Street, Westport, CT 06880
      View Details
    • $4,999,999

      Waterfront Land in Westport, CT

      17-acre waterfront land parcel available in Westport, Connecticut.
      2 A Owenoke Park, Westport, CT 06880
      View Details
    • $8,975,000
      10,000 SF

      Restored Williamsburg Style Building

      2.065 acres with restored building suitable for various uses.
      215 Post Road West, Westport, CT 06880
      View Details
    • Contact for pricing
      6,320 SF

      Contemporary Westport Office Building

      Fully leased office building near Main Street and transportation.
      18 Kings Hwy N, Westport, CT
      View Details

    FAQs

    What type of property is this?
    Commercial land - Located in historic Saugatuck, near train, restaurants, and luxury residences.
    Where is this commercial land located?
    The property is located at 31 Franklin Street Westport, CT.
    What is the asking price?
    The asking price for this property is $1,850,000.
    What are key features of this property?
    This property features: Prime location in the Historic Saugatuck area of Westport.; One block from the train station and I‑95.; Adjacent to the Saugatuck River, Saugatuck Center, restaurants, cafes, and luxury residential properties.
    (203) 247-2001
    We can help!
    Listing Contact
    PETER LANE
    Real Estate License ID: REB.0756700
    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

    Thank You for Inquiry
    31 Franklin Street, Westport, CT 06880
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!