Add Listing
    For Sale
    • 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

    21 Pawcatuck Ave Stonington, CT

    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Approved 51-unit apartment conversion near Pawcatuck River.

    Lot size:
    2.50 Acres

    Property Features for 21 Pawcatuck Ave

    General Information

    Lot size
    2.50 Acres

    We can help!

    Listing Contact
    Brad Balletto
    Brad Balletto
    Source: Moodyscre

    Listing Agency: Northeast Private Client Group | CT/Metro North Listing Agent: Brad Balletto

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

    Learn more

    Overview

    Residential Development Opportunity by River

    This property presents a large-scale residential development opportunity in a desirable location along the Pawcatuck River. The site has an approved plan for a 51-unit apartment conversion. Its location offers proximity to New London/Groton, Norwich, and Westerly, Rhode Island.
    Location Intelligence

    Current Use by Public Records

    Isalis (Bike/Boat/Book/etc) Store Party City Party Supply Store Skunk Funk Big Box & Wholesale Store Carl's Trading Co Hat Shop Bushka's Kitchen LLC (Bike/Boat/Book/etc) Store

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Stonington
    County
    New London
    State
    Connecticut
    Longitude
    -71.9164217
    Latitude
    41.3714388

    Nearby Similar for Sale

    • New
      $365,000
      1,440 SF

      Stonington Multi-Family Income Property

      Two-unit property in move-in condition, ideal for owner-occupancy or investment.
      51 Pequot Trl, Stonington, CT 06379
      View Details
    • New
      $4,495,000
      12,145 SF

      Historic Mixed-Use Stonington Property

      Eleven-unit mixed-use property in Stonington Borough's commercial Village District.
      117 Water St, Stonington, CT 06378
      View Details
    • New
      $4,495,000
      12,145 SF

      Historic Mixed-Use Property in Stonington

      Eleven-unit mixed-use property in Stonington Borough's commercial Village District.
      117 Water St, Stonington, CT 06378
      View Details
    • $1,375,000

      Stonington Borough Restaurant Opportunity

      Iconic restaurant property in Stonington Borough with historic charm.
      143 Water St, Stonington, CT 06378
      View Details
    • $1,150,000

      Professional Office Building For Sale

      Professional office building with parking and elevator on Route 1.
      118 S Broad St, Stonington, CT 06379
      View Details
    • $995,000

      Stonington Specialty Property For Sale

      Specialty property available for purchase in Stonington, Connecticut.
      46 Dawley Dr, Stonington, CT 06378
      View Details
    • $399,000

      Stonington Specialty Property For Sale

      Specialty property available for purchase in Stonington, Connecticut.
      35 Shawondassee Dr, Stonington, CT 06378
      View Details
    • $599,000

      Stonington Specialty Property For Sale

      Specialty property available for purchase in Stonington, Connecticut.
      12 Flanders Rd, Stonington, CT 06378
      View Details
    • $539,000

      Stonington Specialty Property For Sale

      Specialty property available for purchase in Stonington, Connecticut.
      8 Richmond Ln, Stonington, CT 06355
      View Details
    • $800,000

      Stonington Specialty Property For Sale

      Specialty property available in Stonington, Connecticut.
      218 N Water St, Stonington, CT 06378
      View Details
    • $649,900

      Updated Farmhouse Near Vineyards

      Tastefully updated farmhouse on 3 acres near vineyards.
      4 Damato Dr, Stonington, CT 06378
      View Details
    • $2,750,000

      Water Street Specialty Property

      Specialty property available for sale on Water Street.
      92 Water St, Stonington, CT 06378
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Approved 51-unit apartment conversion near Pawcatuck River.
    Where is this residential land & home lot located?
    The property is located at 21 Pawcatuck Ave Stonington, CT.
    What are key features of this property?
    This property features: - Approved 51-unit apartment conversion; - Desirable location along Pawcatuck River; - Large scale residential development opportunity
    (860) 420-9775 Call to check price and availability
    Request Owner's contact information
    21 Pawcatuck Ave Stonington, CT
    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.
    21 Pawcatuck Ave
    Stonington, CT
    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
    21 Pawcatuck Ave Stonington, CT
    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

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Brad Balletto
    Brad Balletto
    (860) 420-9775 (203) 692-2420 (203) 307-1574
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!