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$1,350,000

188 Park Ave Aka 127 Institute Rd, Worcester MA 01609
Worcester, MA 01609
Listed by Brian Allen
Bedrooms
14
Bathrooms
5
Living area
5,140 sqft
Year built
1920

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

Property details

MLS #
73558186
Property type
3 Family
Subdivision
N/A
Status
Active
Days on market
17
On market date
August 3, 2026
Stories
3
Garage spaces
N/A
Lot size
0.14 acres
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Nearby schools

Within 10 miles · public school directory data (NCES)

Elementary
Elm Park Community
0.45 mi away · Grades 0-6
Nearest school -- attendance-zone data not available here
4.0
Local Score (student-teacher ratio only (preliminary -- will incorporate state test-score data once available)) -- not an official state rating
Enrollment
398
Student:teacher ratio
12.8:1
District
Worcester
Middle
Forest Grove Middle
1.06 mi away · Grades 7-8
Nearest school -- attendance-zone data not available here
4.0
Local Score (student-teacher ratio only (preliminary -- will incorporate state test-score data once available)) -- not an official state rating
Enrollment
932
Student:teacher ratio
12.6:1
District
Worcester
High
Doherty Memorial High
0.43 mi away · Grades 9-12
Nearest school -- attendance-zone data not available here
4.0
Local Score (student-teacher ratio only (preliminary -- will incorporate state test-score data once available)) -- not an official state rating
Enrollment
1,331
Student:teacher ratio
12.8:1
District
Worcester

Mortgage calculator

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Est. monthly payment
$8,280/mo
$270,000 down
$1,080,000 loan
Principal & interest$7,005
Property tax (est.)$1,125
Home insurance (est.)$150

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Data source: Listing information provided by MLS Property Information Network via Trestle/CoreLogic. Last updated 13 days ago.

Information herein deemed reliable but not guaranteed; all measurements, school assignments, HOA fees, taxes, and feature lists are approximate and should be independently verified. Equal Housing Opportunity.