188 Park Ave Aka 127 Institute Rd
$1,350,000
14
Beds
5
Baths
5,140
Sqft
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$1,350,000
14
Beds
5
Baths
5,140
Living Area
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Property Description
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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Highlights
- Levels: 3
- Property Class: Residential Income
- Stories: 3
- Year Built: 1920
- Parking Spots: 12
- Property Type: 3 Family
- Total Rooms: 20
- Status: Active
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Additional Details
- Basement: Full
- Foundation: Irregular
- SqFt Source: Public Record
- Year Built Details: Renovated Since
- Zoning: Bl-1
- Exclusions: Tenants Personal Property
- Lot Features: Corner Lot
- Total Number of Units: 3
- Year Built Source: Public Records
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Amenities
- Community Features: Public Transportation
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Utilities
- Sewer: Public Sewer
- Water Source: Public
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Fees / Taxes
- Assessed Value: $968,300
- Taxes: $12,859
- Tax Year: 2026
- Total Rent: $10,900
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