188 Park Ave Aka 127 Institute Rd, Worcester MA 01609
Worcester, MA 01609
$1,350,000
Est. $8,098/month
Estimate assumptions
20% down, a 30-year loan at 6.5%, and $200/month estimated insurance.
Includes the supplied property-tax and HOA inputs; missing inputs contribute $0. HOA fees with an unspecified frequency are treated as monthly. PMI and closing costs are excluded.
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About this home
Exceptional Investment Opportunity in the Heart of the WPI Student Rental Market! Fully renovated 14-bedroom, 5-bath three-decker offering outstanding cash flow and long-term stability. This property underwent a complete, high-end renovation in 2025 with all work professionally permitted and inspected. Major improvements include brand-new kitchens with granite counters, beautifully tiled bathrooms, new flooring throughout, all-new plumbing, electrical and gas heating systems, new water heaters, and a complete fire sprinkler system, coin Op laundry system, along with numerous additional upgrades.The property is fully leased to WPI students through Summer 2027, providing immediate, predictable rental income. Situated in one of Worcester's most sought-after student housing locations, this turnkey investment also features a large paved parking lot with ample off-street parking—a highly desirable amenity for students. Additional spacious former basement apartment offers great potential value add possibilities
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Recently Sold Nearby
Property History
Market Insights
Property Timeline
Pending Sale
Aug 24, 2026
Offer accepted, sale pending
Listed for Sale
Aug 3, 2026
$1,350,000
Original listing
Agent: Brian Allen
Office: Property Investors & Advisors, LLC
| Date | Event | Price | Change | $/sqft | Details |
|---|---|---|---|---|---|
| 08/24/2026 | ⏳ Pending Sale | - | - | - | Offer accepted, sale pending |
| 08/03/2026 | 🏠 Listed for Sale | $1,350,000 | - | - | Original listing |
Tax History
| Year | Taxes | Assessment |
|---|---|---|
| 2026 | $12,859 | $968,300 |
Financial Details
Annual Property Tax
$12,859
Tax Year 2026
Assessed Value
$968,300
Facts & Features
Home Facts
Type
Residential Income
Style
3 Family
Year Built
1920
Living Area
5,140 sq ft
Lot Size
0.14 acres
Stories
3
Bedrooms
14
Full Baths
5
Total Rooms
20
Investment Metrics
Units
3
Unit 1 Rent
$4,000/mo · Y
Unit 2 Rent
$4,000/mo · Y
Unit 3 Rent
$2,900/mo
Total Monthly Rent
$10,900/mo
Gross Income
$130,800
Net Operating Income
$130,800
Cap Rate
9.69%
Interior
Heating
None
Cooling
None
Flooring
None
Appliances
None
Fireplace
None
Basement
Full
Laundry
None
Features
None
Exterior
Construction
None
Architecture
None
Roof
None
Features
None
Pool
None
Spa
None
Fencing
None
Patio/Porch
None
Parking
Features
None
Total Spaces
12
Utilities
Electric
None
Water
Public
Sewer
Public Sewer
Gas
None
Other
None
Financial
Annual Tax
$12,859
Assessed Value
$968,300
HOA & Community
Fee Includes
None
Amenities
None
Optional Fee Includes
None
MA Disclosures
Lead Paint
Unknown
Seller Disclosures
Buyer And Buyer Agents To Verify All Information
Exclusions
Tenants Personal Property
Additional Details
Possession
None
Accepted Financing
None
Structure Type
[]
Sq Ft Source
Public Record
Sq Ft Disclosures
Buyer and Buyer agent to preform due dilligence
Documents
None
County
Worcester
Total market time (incl. prior listings)
21 days
Property Overview
Property Type
3 Family
Listing Type
Sale Pending
Year Built
1920
Bedrooms
14
Full Bathrooms
5
Living Area
5,140 sq ft
Total Rooms
20
Stories
3
Levels
3
Floor Layout
Interactive room guide
Floor Layout
Finished Area
5,140 sq ft above grade
Display Options
Room Markers
OOffice (1)
KKitchen (1)
BRBedroom (5)
BABathroom (4)
DDining (1)
LLiving (2)
Conceptual diagram based on MLS room data. It is not to scale and is not a substitute for architectural plans or on-site measurements.
Interior Features
Flooring:
Appliances:
Interior Features:
Windows:
Basement:
Full
Laundry:
Security:
Construction & Materials
Year Built:
1920
Structure Type:
Exterior Materials:
Roof:
Foundation:
Irregular
Stories:
3
Heating, Cooling & Utilities
Heating:
Cooling:
Hot Water:
Water Source:
Public
Sewer:
Public Sewer
Energy Features:
Exterior & Lot
Exterior Features:
Patio & Porch:
Fencing:
Other Structures:
Lot Features:
Corner Lot
Road Surface:
Parking & Garage
Total Parking Spaces:
12
Parking Features:
Nearby Schools
School District
Worcester School District local
C-
Where Graduates Go
Class of 2021
51%
attend college
35%
4-Year
16%
2-Year
4%
Out of State
4%
Working
School Safety
2024-25
4.1%
Above Average
3.3%
Suspensions
1.7%
In-School
0.8%
Emergency
1.4% below state avg
Elementary Schools
10 schools
D
Elm Park Community School
0.4 mi
|
#774 of 825
|
Score: 30.9
Improved 30 spots from last year
-27.4 below state avg
444 students
Diverse
Rising School
Grades K-06
Summit Academy School for Alternative Learners
0.6 mi
Grades K-12
C-
Midland Street School
0.7 mi
|
#718 of 825
|
Score: 34.5
Dropped 195 spots from last year
-23.7 below state avg
239 students
Diverse
Diverse Student Body
Grades K-06
D
Francis J McGrath Elementary School
0.8 mi
|
#787 of 825
|
Score: 29.5
Dropped 146 spots from last year
-28.7 below state avg
192 students
Diverse
Diverse Student Body
Grades PK-06
F
Chandler Elementary Community School
0.9 mi
|
#807 of 825
|
Score: 26.6
Dropped 61 spots from last year
-31.6 below state avg
412 students
Diverse
Diverse Student Body
Grades K-06
The T.E.C. Schools. Think. Explore. Create.
1.0 mi
Grades PK-08
C-
Woodland Academy
1.0 mi
|
#11 of 12
|
Score: 28.8
Improved 726 spots from last year
-29.4 below state avg
486 students
Diverse
Rising School
Grades K-06
C-
Jacob Hiatt Magnet School
1.1 mi
|
#693 of 825
|
Score: 36.3
Dropped 138 spots from last year
-21.9 below state avg
362 students
Diverse
Diverse Student Body
Grades PK-06
Venerini Academy
1.2 mi
Grades PK-08
B+
Flagg Street School
1.2 mi
|
#260 of 825
|
Score: 52.0
Improved 45 spots from last year
-6.2 below state avg
415 students
Moderate
Rising School
Strong Attendance
Grades K-06
Middle Schools
6 schools
The Nativity School of Worcester
0.9 mi
Grades 05-08
Worcester SDA School
2.1 mi
Grades 01-08
C+
Forest Grove Middle School
1.0 mi
|
#230 of 352
|
Score: 38.2
Improved 90 spots from last year
-20 below state avg
938 students
Diverse
Rising School
Diverse Student Body
Grades 07-08
C-
Worcester East Middle School
2.1 mi
|
#302 of 352
|
Score: 31.5
Improved 51 spots from last year
-26.7 below state avg
781 students
Diverse
Rising School
Diverse Student Body
Grades 06-08
C+
Burncoat Middle School
2.1 mi
|
#231 of 352
|
Score: 38.0
Improved 50 spots from last year
-20.2 below state avg
679 students
Diverse
Rising School
Diverse Student Body
Grades 07-08
B
Sullivan Middle School
3.2 mi
|
#156 of 352
|
Score: 44.0
Improved 29 spots from last year
-14.2 below state avg
954 students
Diverse
Rising School
Diverse Student Body
Grades 06-08
High Schools
10 schools
Notre Dame Academy
0.9 mi
Grades 07-12
B+
Claremont Academy
1.3 mi
|
#9 of 25
|
Score: 37.3
Improved 317 spots from last year
-20.9 below state avg
451 students
Moderate
10 sports
• 216 athletes
Early College Program
Rising School
College Ready Curriculum
Grades 07-12
Worcester Academy
1.9 mi
Grades 06-12
C-
University Park Campus School
1.9 mi
|
#286 of 346
|
Score: 42.8
Dropped 9 spots from last year
-15.4 below state avg
224 students
Diverse
Early College Program
College Ready Curriculum
Grades 07-12
Worcester Alternative High School
2.1 mi
36 students
Diverse
Diverse Student Body
Grades 07-12
Saint Paul Diocesan Junior/Senior High School
2.6 mi
Grades 07-12
B-
Doherty Memorial High School
0.5 mi
|
#199 of 346
|
Score: 52.3
Improved 22 spots from last year
-5.9 below state avg
1,756 students
Very Diverse
19 sports
• 1,302 athletes
Early College Program
Rising School
Career Tech Programs
College Ready Curriculum
Grades 09-12
A+
Massachusetts Academy of Math and Science at WPI
0.8 mi
|
#2 of 346
|
Score: 91.7
Same rank as last year
98 students
Moderate
Strong AP Program
College Ready Curriculum
Strong Attendance
Grades 11-12
C+
Worcester Technical High School
1.9 mi
|
#223 of 346
|
Score: 50.1
Improved 43 spots from last year
-8.1 below state avg
1,409 students
Diverse
19 sports
• 1,016 athletes
Early College Program
High Graduation Rate
Rising School
Career Tech Programs
Grades 09-12
C-
Burncoat Senior High School
2.1 mi
|
#283 of 346
|
Score: 44.0
Dropped 63 spots from last year
-14.2 below state avg
1,000 students
Very Diverse
18 sports
• 778 athletes
Early College Program
College Ready Curriculum
Strong Athletics
Diverse Student Body
Grades 09-12
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Loan Amount
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After down payment
Total Interest
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Over life of loan
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Including down payment
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Down: $0
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Monthly Payment Breakdown
Principal & Interest
$0
Property Tax
$1,072
Homeowners Insurance
$200
PMI (if <20% down)
$0
Loan Summary
Total of 360 payments
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$0
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Rate Impact
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Payment Over Time
Year 1
95% Interest
Year 15
50/50
Year 30
95% Principal
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Location
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Neighborhood
188 Park Ave Aka 127 Institute Rd, Worcester MA 01609
Worcester, MA 01609
Listing Information
Listing Agent
Brian Allen
Listing Office
Property Investors & Advisors, LLC
Office Phone
774-413-0272
Agent MLS ID
K8000195
Office MLS ID
AN6259
Listing Data Updated
Sep 12, 2026 8:02 AM EDT
Listing information is deemed reliable but not guaranteed. Data provided by MLS Property Information Network, Inc. All information should be independently verified.
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