
188 Park Ave Aka 127 Institute Rd Worcester — Photo 1 of 10
$1,350,000
Worcester, MA 01609
Beds
14
Baths
5
SqFt
5,140
Style
3 Family
Built
1920
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
* Analysis is based on 22 actively listed and recently sold comparable properties strictly within Worcester, MA.
Public Transportation
22,047
U.S. Census Bureau, ACS 2024 5-Year Estimates (B01003)
$68K
U.S. Census Bureau, ACS 2024 5-Year Estimates (B19013)
59.9%
U.S. Census Bureau, ACS 2024 5-Year Estimates (B25003)
1,806 housing units permitted in the last 12 months (-4% vs the prior 12 months) — 1,006 in 5+ unit buildings
U.S. Census Bureau, Building Permits Survey (through Jun '26)
Listing Agent: Brian Allen
Listing Office: Property Investors & Advisors, LLC
MLS® Number: 73558186
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