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21 Pawcatuck Avenue, 
Stonington, CT 06379

$3,800,000

—

Bed

—

Bath

-

Sq Ft

5.24

Acres (Lot)

Land

Active

Listed by

Gregory Walwer, (203) 623-4600

Academic Co-Realty Services, (203) 458-0550

(203) 458-0550

Last updated:

August 11, 2026, 11:57 AM

MLS#

24195924

Source:

CT

About This Land

21 Pawcatuck Avenue

The 5.24-acre property features the historic Clark Thread Mill building dating to 1899, just south of the first mill building converted in 2016 into 58 apartments known as The Threadmill. Current owners of the property have obtained approvals for another 58 units in the available building, with at least 58 more units indicated by the town as readily approvable on the vacant land. The property comes with State grant money of $4M to $6M to totally rehabilitate the building, State tax credits in the amount of $4.5M, and unlimited Federal tax credits of 20% of post-rehab construction costs, estimated to be another $6M. State tax credits can be available as cash upon completion of the project, while Federal tax credits can be purchased by tax credits investors for cash or rolled into a construction bridge loan.

Land Facts

Description/Design:

Land

Lot Size (Acres)

5.24

MLS #:

24195924

Last Updated:

August 11, 2026, 11:57 AM

Added:

14 day(s) ago

Finances & Disclosures

Finances

Price:

$3,800,000

Source:CT
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Contact an Agent

Yes, I would like more information. Please use and/or share my information with a Coldwell Banker ® affiliated agent to contact me about my real estate needs. By clicking Contact, I request to be contacted by phone or text message and consent to being contacted by automated means. I understand that my consent to receive calls or texts is not a condition of purchasing any property, goods, or services. Alternatively, I understand that I can access real estate services by email or I can contact the agent myself.

If a Coldwell Banker affiliated agent is not available in the area where I need assistance, I agree to be contacted by a real estate agent affiliated with another brand owned or licensed by Anywhere Real Estate (BHGRE®, CENTURY 21®, Corcoran®, ERA®, or Sotheby's International Realty®). I acknowledge that I have read and agree to the terms of use and privacy notice.