1698 Post Rd Westport, CT 06880

This exceptional Westport, Connecticut office building, known as Peppermill Place, presents a compelling investment opportunity. Located at 1698 Post Rd E, this three-story, Class B property boasts 9,771 square feet of space, with 9,402 net rentable square feet across seven units. Built in 1982 and renovated in 2012, the property features a desirable mix of creative, executive, and medical office spaces, making it highly versatile. The current occupancy is 66%, generating a NOI of $171,100, with a pro-forma NOI of $171,000 and a 7.10% cap rate (7.20% pro-forma). The asking price is $1,999,000, translating to $204.58 per square foot. The property sits on a 22,500 square foot lot and includes 38 parking spaces. The building is zoned B2 and offers an elevator and ADA compliance. The lease type is NN+, with a vacancy rate allowing for immediate income generation or flexible tenant customization. Annual rent bumps are set at 2.5%. The property's location offers a quiet and discreet entrance off Post Road, providing excellent visibility and accessibility. Its adaptable layout is ideal for various uses, including medical practices (physical therapy, med spa, chiropractic, wellness), traditional offices, and creative lofts. The significant upside potential includes the possibility of conversion to residential use. This owner/user investment opportunity offers strong cash flow and significant long-term growth potential.