188 Park Ave Aka 127 Institute Rd, Worcester MA 01609
Worcester, MA 01609
$1,350,000
Est. $8,098/month
Open House Schedule
09
Aug
Sunday, August 9
1:30 PM - 2:30 PM EDT
08
Aug
Saturday, August 8
1:00 PM - 2:00 PM EDT
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.
View in the App
Save this property, schedule tours instantly, and get alerts when the price drops
Scan with phone
Public Records & Permits
Log in to view assessor & tax records, ownership history, and recent building permits for this property.
BMN Estimate
Get the number an algorithm can't give you
A free agent CMA factors in condition, upgrades, and the street — the things comps alone can't see.
Recently Sold Nearby
Property History
Property Timeline
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 |
|---|---|---|---|---|---|
| 08/03/2026 | 🏠 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
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
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
Property Overview
Property Type
3 Family
Listing Type
For Sale
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
BABathroom (4)
BRBedroom (5)
DDining (1)
KKitchen (1)
LLiving (2)
OOffice (1)
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 information not available for this location.
Monthly Payment Calculator
Monthly Payment
$0
Principal, interest, taxes & insurance
Loan Amount
$0
After down payment
Total Interest
$0
Over life of loan
Total Cost
$0
Including down payment
%
Down: $0
%
Monthly Payment Breakdown
Principal & Interest
$0
Property Tax
$1,072
Homeowners Insurance
$200
PMI (if <20% down)
$0
Loan Summary
Total of 360 payments
$0
Total principal paid
$0
Total interest paid
$0
Rate Impact
-0.5% Rate
$0/mo
Save $0/mo
Current Rate
$0/mo
+0.5% Rate
$0/mo
Cost $0/mo
Payment Over Time
Year 1
95% Interest
Year 15
50/50
Year 30
95% Principal
* Estimates only. Actual payments may vary. Consult with a lender for accurate figures.
Location
Loading map...
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
Aug 3, 2026 3:48 PM EDT
Listing information is deemed reliable but not guaranteed. Data provided by MLS Property Information Network, Inc. All information should be independently verified.
Contact Us
Ask about this property — free, no obligation.
Similar Homes for Sale
Comparable Properties
Customize Comparable Search
Finding comparable properties...
Loading market insights for Worcester.
BMN Boston Real Estate
Douglas EllimanYour message will be sent to BMN Boston Real Estate.