3 Family at 188 Park Ave Aka 127 Institute Rd, Worcester MA 01609, Worcester
3 Family at 188 Park Ave Aka 127 Institute Rd, Worcester MA 01609, Worcester, photo 2 of 10
3 Family at 188 Park Ave Aka 127 Institute Rd, Worcester MA 01609, Worcester, photo 3 of 10
3 Family at 188 Park Ave Aka 127 Institute Rd, Worcester MA 01609, Worcester, photo 4 of 10
3 Family at 188 Park Ave Aka 127 Institute Rd, Worcester MA 01609, Worcester, photo 5 of 10
3 Family at 188 Park Ave Aka 127 Institute Rd, Worcester MA 01609, Worcester, photo 6 of 10
3 Family at 188 Park Ave Aka 127 Institute Rd, Worcester MA 01609, Worcester, photo 7 of 10
3 Family at 188 Park Ave Aka 127 Institute Rd, Worcester MA 01609, Worcester, photo 8 of 10
3 Family at 188 Park Ave Aka 127 Institute Rd, Worcester MA 01609, Worcester, photo 9 of 10
3 Family at 188 Park Ave Aka 127 Institute Rd, Worcester MA 01609, Worcester, photo 10 of 10
10 photos

$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
52
On market date
August 3, 2026
Stories
3
Total bathrooms
5
Garage spaces
N/A
Parking spaces
12
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

Walkability

Blended score for Worcester's center: EPA's National Walkability Index (street network, transit, land-use mix) combined with nearby-amenity density. 60% EPA National Walkability Index + 40% nearby-amenity density (Google Places).

88
Highly walkable
out of 100
EPA National Walkability Index
15.8 / 20 -- Most walkable
Nearby-amenity density
100 / 100
Restaurants & cafes20
Grocery stores19
Parks17
Schools15
Transit stops20
Pharmacies6

Market position

How this listing compares to current activity in Worcester, from live MLS data.

On the market 52 days -- 35 fewer days than Worcester's current average of 87 days.
For reference, the median list price across 1,154 active listings in Worcester right now is $349,900.

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 August 7, 2026.

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.