Historic Saugatuck · Westport, CT

31 Franklin Street — a proven income-producing property, decades in the making.

Two separate buildings, one commercial and one residential, on a single 0.20-acre lot (MLS #24196991) — one block from the Saugatuck Metro-North station.

For decades, this mixed-use property has delivered stable, diversified income from two separate buildings — one commercial/business and one residential — a rare combination of consistency and flexibility that's difficult to find in today's market. With its established rental history, dual-income structure, and prime Fairfield County location, 31 Franklin Street is an ideal candidate for investors seeking a 1031 exchange-qualifying replacement property — a path to defer capital gains while stepping into a proven, cash-flowing asset. Buyers should consult their tax attorney or CPA to confirm eligibility.

The Property

Two buildings. Two income streams.

A two-family residential building and a separate commercial building share one lot — each with its own use, its own tenant history, and its own contribution to the property's income.

Commercial / Business

The Commercial Building

Built 1950·~2,480 SF·Masonry

A one-story masonry building with a track record of attracting professional, long-term tenants. Previously headquarters for an engineering firm, and currently home to Barcelona Restaurant Group's headquarters and training center — a testament to the building's adaptability across industries and its appeal to established, credentialed businesses.

Exterior view of 31 Franklin Street, Historic Saugatuck, Westport CT — the two-family residential building with wraparound porch, with the commercial building visible behind it
Residential

The Two-Family Home

Built 1925·~3,772 SF·4 BR / 2 BA

A two-family residential building offering two rental units in a walkable, historic neighborhood — steady residential income alongside the commercial building's return.

Together, these two buildings offer a rare opportunity: a mixed-use, dual-income asset with decades of proven performance, located in a neighborhood experiencing sustained investment and demand.

Location

Historic Saugatuck

One of Westport's most character-rich and increasingly desirable neighborhoods — built for families, great eateries, parks, and businesses that have taken root and continued to thrive here for generations.

  • One block to the Saugatuck Metro-North station — convenient for daily commuters, and for travelers heading both westbound to NYC and eastbound to New Haven.
  • Minutes to I-95 Exit 17 — easy regional access for tenants, employees, and clients.
  • Steps to the Saugatuck River and Saugatuck Center, with a growing collection of restaurants and cafés.
  • A walkable neighborhood park with a playground and Little League field, ideal for families.
  • Compo Beach — Westport's iconic waterfront and one of its most treasured amenities.
  • Longshore Club Park & Golf Course — public golf, marina, and recreation along Long Island Sound.
  • Westport's vibrant downtown, with its shops and dining, plus summer concerts at the Levitt Pavilion and live performances at the celebrated Westport Country Playhouse.
Zoning & Future Potential

Built-in flexibility, by design.

31 Franklin Street carries dual zoning — residential and commercial — a distinction that sets it apart from typical single-use properties in Westport. This designation has allowed the property to operate as a diversified income asset for decades, and offers a future owner flexibility:

  • Continue the property's proven use as a stabilized, dual-income asset
  • Reconfigure or upgrade either building's use within its zoning designation
  • Explore longer-term redevelopment potential, supported by ongoing investment and revitalization throughout the Saugatuck neighborhood

Zoning designations should be independently confirmed with the listing agent or the Westport Zoning Office.

At a Glance

Property Facts

Address 31 Franklin Street, Westport, CT 06880
Neighborhood Historic Saugatuck
Property Type Mixed-Use — Residential + Commercial
MLS # 24196991
Lot Size 0.20 acres
Residential Building Built 1925 · two-family · 4 BR / 2 BA · ~3,772 SF
Commercial Building Built 1950 · one-story masonry · ~2,480 SF
Zoning Dual-zoned — residential and commercial
Distance to Train One block to Saugatuck Metro-North station
Distance to I-95 Minutes to Exit 17
Occupancy Currently rented — both buildings
Pricing $1,850,000
Questions

Frequently Asked Questions

What type of property is 31 Franklin Street?
A mixed-use, dual-income property in Historic Saugatuck, Westport, CT, comprising a two-family residential building and a separate commercial building on one 0.20-acre lot.
What is the residential building like?
Built in 1925, the two-family residential building offers two rental units totaling 4 bedrooms and 2 full bathrooms, with approximately 3,772 sq ft of living area.
What is the commercial building like?
Built in 1950, the commercial building is a one-story masonry building of approximately 2,480 sq ft, currently home to Barcelona Restaurant Group's headquarters and training center.
Has the commercial building housed other tenants?
Yes. Prior to its current tenant, the building served as headquarters for an engineering firm — reflecting its adaptability across professional and commercial uses.
How far is 31 Franklin Street from the train station and I-95?
One block from the Saugatuck Metro-North station, and minutes from I-95 Exit 17 — convenient for daily commuters, and for travelers heading both westbound to NYC and eastbound to New Haven.
Is the property currently occupied?
Yes. Both the residential and commercial buildings are currently rented.
Can I view the property?
Yes. Showings are by private appointment only. Contact the listing agent to arrange a visit.
Is this property a candidate for a 1031 exchange?
With its established rental history and dual-income structure, 31 Franklin Street may be an ideal replacement property for investors pursuing a 1031 exchange. Buyers should consult their own tax advisor to confirm eligibility.
What is the asking price?
31 Franklin Street is listed at $1,850,000. Contact the listing agent for additional details or to schedule a showing.
What is the MLS number for this listing?
MLS #24196991.
What neighborhood is 31 Franklin Street in?
Historic Saugatuck, one of Westport, CT's most walkable and sought-after neighborhoods — close to the Saugatuck River, Saugatuck Center, downtown Westport, Compo Beach, and Longshore Club Park & Golf Course.
Get In Touch

Schedule a Private Showing

31 Franklin Street represents a rare opportunity to own a proven, income-producing property in one of Westport's most desirable and evolving neighborhoods.

Both buildings are currently rented. Showings are by appointment only and must be scheduled in advance through the listing agent.

Listing Agent
Peter Lane
Ogents LLC
203.247.2001 peterlane@optonline.net