A preliminary conceptual study is made of the Modular Stellarator Reactor (MSR). A steady-state ignited, DT-fueled, magnetic fusion reactor is proposed for use as a central electric-power station. The MSR concept combines the physics of the classic stellarator confinement topology with an innovative, modular-coil design. Parametric tradeoff calculations are described, leading to the selection of an interim design point for a 4-GWt plant based on Alcator transport scaling and an average beta value of 0.04 in an l = 2 system with a plasma aspect ratio of 11. The physics basis of the design point is described together with supporting magnetics, coil-force, and stress computations. The approach and results presented herein will be modified in the course of ongoing work to form a firmer basis for a detailed conceptual design of the MSR.