188 Park Ave Aka 127 Institute Rd, Worcester, MA 01609
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 parkinga highly desirable amenity for students. Additional spacious former basement apartment offers great potential value add possibilities
Multi-familyProperty Type
1920Year Built
6,035 sq ftLot Size
$263Price/Sq.Ft.
12 spacesParking
Listed by Brian Allen• Property Investors & Advisors, LLC
Salisbury Street, located between Forest Street and Park Avenue, is a residential and institutional Worcester neighborhood with stately hillside homes and a museum-and-campus corridor. The neighborhood’s character concentrates around the Salisbury Street–Park Avenue junction, where galleries, lecture halls, and café tables set a steady daytime rhythm. The Worcester Art Museum anchors the area with a landmark façade and a calendar of exhibitions. Nearby, the Higgins House at the Worcester Historical Museum adds a local-history counterpoint in a classic setting. Side streets mix early-20th-century colonials and brick apartment buildings, while Institute Park’s paths and lawns shape an outdoorsy pause.
Provided by Walk Score and Local Logic
Property details
Interior
Exterior
Finance
Kitchen
Bathroom
Bedroom
Living
Interior features
20 total rooms
Full basement
Bathrooms
5 full bathrooms
Exterior features
Corner lot
Home design
3-family property
3 stories
Renovated since original construction
Parking
12 open parking spaces
Construction
Irregular foundation
Originally built (year from public records) and renovated since
Utilities
Public water
Public sewer
HOA & community
Public transportation access
Not a senior community
Other
Leases in place for Unit 1 and Unit 2
Property address listed as 188 Park Ave (aka 127 Institute Rd), Worcester, MA
Electricity and solar
View estimated energy costs and solar savings for this home
Sale and tax history for 188 Park Ave Aka 127 Institute Rd
Sale History
Tax History
Date
Event
Price
MLS PIN #73558186
Aug 24, 2026
Pending
—
Aug 3, 2026
Relisted
—
Aug 3, 2026
Listed
$1,350,000
$263/sq ft
Aug 3, 2026
Listing Removed
—
MLS PIN #73257939
Nov 19, 2024
Sold
$700,000
$136/sq ft
Jul 11, 2024
Contingent
—
Jun 26, 2024
Listed
$750,000
$146/sq ft
+8
***MULTIPLE OFFERS- HIGHEST AND BEST, WED JULY 3RD @ 5PM***NEW LISTING***INVESTORS TAKE NOTE!!****PRIME LOCATION WITH HIGH VISIBILITY AND EASY HIGHWAY ACCESS ***CORNER OF PARK AVE AND INSTITUTE***LOCAL BUSINESS OPERATED FOR MORE THAN 50 YEARS ON THE FIRST FLOOR** GREAT SPACE WITH LOTS OF POTENTIAL AND LARGE RENTAL UNITS ON THE SECOND & THIRD FLOOR FOR ADDED INCOME*** THE SECOND FLOOR FEATURES 4 BEDROOMS, LARGE LIVING, PANTRY, LARGE EAT-IN KITCHEN, TWO FULL BATHROOMS AND MUDROOM***THIRD FLOOR FEATURES 3 BEDROOMS, LIVING ROOM, PANTRY, LARGE EAT-IN KITCHEN, BATHROOM, MUDROOM AND BONUS OFFICE/UTILITY SPACE (UNHEATED)***BOTH RENTAL UNITS FEATURE HARDWOOD FLOORS THROUGHOUT***OFF STREET PARKING THREE SIDES OF THE BUILDING**BE PART OF EVERYTHING WORCESTER HAS TO OFFER WITH HOSPITALS, COLLEGES, HANOVER THEATER, ECOTARIUM, RAILERS HOCKEY & WOO SOX BASEBALL!!
Year
Property tax
Land + Additions
Assessment*
2023
$113,000 + $299,500
$412,500
2022
$90,400 + $238,700
$329,100
2021
$72,300 + $150,000
$222,300
2020
$67,000 + $121,000
$188,000
2014
$54,700 + $123,100
$177,800
2013
$54,100 + $102,300
$156,400
2012
$54,100 + $124,700
$178,800
2011
$67,400 + $209,400
$276,800
2010
$67,400 + $209,500
$276,900
2009
$75,900 + $216,900
$292,800
Public record
Beds
—
Baths
—
Stories
3
Lot width
—
Lot depth
—
Lot size
6,098 Sq. Ft.
Year renovated
—
Finished Sq. Ft.
4,034
Unfinished Sq. Ft.
—
Total Sq. Ft.
4,034
Year built
1920
Style
Other
County
Worcester County
APN
1772921
Parking Spaces
—
Basement
—
Accessible
—
HOA Dues
—
Garage
—
Features
—
Last updated by owner on Jul 21, 2023.
Climate risks
Flood Factor
We're working on getting current and accurate flood risk information for this home.
Fire Factor
We're working on getting current and accurate fire risk information for this home.
4/10 Heat Factor
7 hot days expected this year, 16 days in 30 years
Wind Factor
We're working on getting current and accurate wind risk information for this home.
2/10 Air Factor
1 unhealthy days expected this year, 2 days in 30 years
Provided by First Street
Historical weather
Worcester, MA • 01609
Average low and high temperatures (°F)
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63
46
50
36
37
23
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Sun exposure
Try the sun simulator tool to see how light moves across the property at different times of day and year.
Provided by Shadowmap
Redfin Estimate for 188 Park Ave Aka 127 Institute Rd
$1,292,603
$57K under list price of $1.35M
Nearby comparable homes
The Redfin Estimate uses 6 recent nearby sales, priced between $575K to $1.1M.