Fully Renovated
For Sale
$1,350,000
188 Park Ave, Worcester, MA 01609
Student housing asset with permitted 2025 renovations, off-street parking, and leases extending through Summer 2027.
Property Size5,140 SF
Price / SF$262.65
Days on Market10
Property Features for 188 Park Ave
General Information
Standard status
Active
Size
5,140 SF
Property subtype
Residential Income
Occupancy
100%
Additional Details
Sprinkler System
Yes
Taxes and HOA fees
Annual Taxes
$12,859
Amenities
coin op laundry
Building Details
Year Renovated
2025
Construction
three-decker
Tenancy
Multi
Listing Agency:
Property Investors & Advisors, LLC
(508) 868-0927
Listed By:
Brian Allen · License #9583389
(508) 868-0927
Source:
Exprealty
Added: Aug 3
Changed: Aug 12
Last Checked: Aug 12 at 6:06AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Property Investors & Advisors, LLC
Investment Insights
Based on property information with market context.
Located at 188 Park Ave in Worcester, this three-unit property contains 5,140 square feet with 14 bedrooms and 5 baths. The three-decker configuration is supported by a large paved parking lot providing off-street parking, along with a coin-operated laundry system.
A comprehensive renovation completed in 2025 included new kitchens with granite counters, tiled bathrooms, flooring, plumbing, electrical service, gas heating systems, water heaters, and a fire sprinkler system. The work was professionally permitted and inspected. The property is fully leased to WPI students through Summer 2027. An additional former basement apartment is also part of the property.
A comprehensive renovation completed in 2025 included new kitchens with granite counters, tiled bathrooms, flooring, plumbing, electrical service, gas heating systems, water heaters, and a fire sprinkler system. The work was professionally permitted and inspected. The property is fully leased to WPI students through Summer 2027. An additional former basement apartment is also part of the property.
Key Highlights
- 5,140‑square‑foot triplex with 14 bedrooms and 5 baths
- Fully leased to WPI students through Summer 2027
- Comprehensive renovation completed in 2025 with permitted and inspected work
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$75,482
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.59%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,509,640
$1.5M
Cap Rate 7%
$1,078,314
$1.1M
Cap Rate 9%
$838,689
$838.7K
Market Conditions
NOI Build-Up for 5,140 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$114.1K $22.20/SF
− Vacancy
−$6.3K −$1.22/SF
EGI
$107.8K $20.98/SF
− OpEx
−$32.3K −$6.29/SF
NOI
$75.5K $14.69/SF
Area
Worcester, MA
Vacancy
5.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,509,640
Cap Rate 7%
$1,078,314
Cap Rate 9%
$838,689
Alternative Uses
Best Use
Multifamily LT 5
$1.08M
$943.5K – $1.26M
NOI $75,482 @ 7.0% cap · market cap 5.59%
Second Best
Apartment 5plus
$989.9K
$866.1K – $1.15M
NOI $69,290 @ 7.0% cap · market cap 5.13%
Theoretical Best
Office A
$1.72M
$1.50M – $2.00M
NOI $120,093 @ 7.0% cap · market cap 8.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
2,090
Businesses Nearby
Explore this area
Business Placement
Demographics for 01609, MA
23,870
Population
9,126
Households
2.6
Avg Household Size
29
Median Age
49%
College-Educated
89%
High-School Grad
3.7 sq mi
ZIP Area
6,451
Density / Sq Mi
$61,411
Median Household Income
$32,399
Median Earnings
$1,212
Median Rent
$422,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Student housing asset with permitted 2025 renovations, off-street parking, and leases extending through Summer 2027.
Where is this triplex located?
The property is located at 188 Park Ave Worcester, MA.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 5,140‑square‑foot triplex with 14 bedrooms and 5 baths; Fully leased to WPI students through Summer 2027; Comprehensive renovation completed in 2025 with permitted and inspected work
