Exceptional WPI Student Housing Investment Opportunity! Massive, fully occupied 7-unit property with monthly income of $14,200 and ideally located within close proximity of WPI and the heart of Worcester’s premier student rental corridor. All seven apartments are leased through Summer 2027, providing immediate, stable cash flow, with six of seven units leased to WPI students. Electricity is separately metered, with tenants responsible for their own electric and internet, helping keep operating expenses low. Recent capital improvements include a new roof with gutter system, upgraded electrical service and panels, and extensive interior updates throughout multiple apartments. Additional income is generated by the on-site coin-op laundry. A true turnkey investment offering strong tenant demand, long-term income stability, and an exceptional location just minutes from WPI, restaurants, shopping, and all downtown Worcester can offer. Rare opportunity to acquire a fully leased, student-focused asset with near-term income security. apt 1: 2bd 1 ba: $1500 apt 2: 2bd 1ba: $1500 apt 3: 3bd 1ba: 2100 apt 4: 2bd 1ba: 1700 apt 5: 3bd 1ba :$2100 apt 6: 1bd 1ba: $1400 apt 7: 5 bd 1.5ba: $3900.
Multi-familyProperty Type
1920Year Built
8,235 sq ftLot Size
$268Price/Sq.Ft.
6 spacesParking
Listed by Brian Allen• Property Investors & Advisors, LLC
Institution Park, located between Salisbury Street and Park Avenue, is a residential and academic Worcester neighborhood with a leafy park core and stately hillside streets. The neighborhood’s character concentrates around the Salisbury Street edge of Institute Park, where walkers loop the pond and benches face a canopy of mature trees. Brick and shingle homes, small apartment buildings, and campus-era architecture give the blocks a composed, collegiate feel. Worcester Art Museum anchors the cultural calendar with galleries and events. Nearby, the Hanover Theatre and Conservatory for the Performing Arts adds marquee nights downtown. New England Botanic Garden at Tower Hill extends the landscape-minded mood beyond the city line.
Provided by Walk Score and Local Logic
Property details
Interior
Exterior
Finance
Interior features
Total of 29 rooms
Five fireplaces throughout the building
Bathrooms
Seven full bathrooms and one half bathroom
Heating & cooling
One heating unit
Exterior features
Public road frontage
Off-street parking
Six open parking spaces
Home design
5-9 family multiunit property
Five total stories
Irregular foundation
Parking
Off-street parking with six spaces
Construction
Building renovated since original construction
Building area approximately 5,596 total square feet
Utilities
Public water
Public sewer
HOA & community
Not a senior community
Financial info
Property marketed as a multi-family (5-9 units); multiple units are leased
Other
Lot size approximately 0.19 acres
Electricity and solar
View estimated energy costs and solar savings for this home
ELM PARK NEIGHBORHOOD FULLY RENTED. 7 UNITS IN VERY GOOD CONDITION. GROSS RENTS $66,180!!!!
MLS PIN #30117494
Sep 26, 1996
Sold
$135,000
$24/sq ft
Sep 6, 1996
Listing Removed
—
Jul 18, 1996
Listed
$149,900
$27/sq ft
BETTER HOMES:SEVER ST ELM PARK AREA WELL MAINTAINED 7 FAMILY FULLY RENTED 5-4 RM APT 1-3 RM 1-7 RM WITH 5 BR WALK TO BECKER & WPI. GROSSING $50340 INVESTORS NOTE 20% CAP RATE. CALL BARBARA DAVIS 795-7500 EXT. 111
Public Records
Nov 15, 1995
Sold
$224,000
$40/sq ft
Year
Property tax
Land + Additions
Assessment*
2023
$9,824 (+7.7%)
$16,500 + $668,600
$685,100
2022
$9,118 (+4.8%)
$16,500 + $583,000
$599,500
2021
$8,700 (+22.3%)
$16,500 + $517,900
$534,400
2020
$7,116 (−0.8%)
$16,500 + $402,100
$418,600
2019
$7,175 (−2.0%)
$15,800 + $382,800
$398,600
2018
$7,324 (−1.6%)
$15,800 + $371,500
$387,300
2017
$7,444 (−4.0%)
$15,800 + $371,500
$387,300
2016
$7,758 (+9.0%)
$50,400 + $326,000
$376,400
2014
$7,118 (+21.3%)
$38,300 + $326,000
$364,300
2013
$5,868 (+1.0%)
$37,900 + $277,900
$315,800
2012
$5,809 (+1.9%)
$37,900 + $304,200
$342,100
2011
$5,703 (−3.3%)
$94,100 + $261,000
$355,100
2010
$5,895 (+0.7%)
$94,100 + $295,000
$389,100
2009
$5,855
$113,900 + $319,800
$433,700
Public record
Beds
14
Baths
7
Stories
3
Lot width
—
Lot depth
—
Lot size
8,276 Sq. Ft.
Year renovated
—
Finished Sq. Ft.
5,615
Unfinished Sq. Ft.
—
Total Sq. Ft.
5,615
Year built
1920
Style
Multi-Family (5+ Unit)
County
Worcester County
APN
1763624
Parking Spaces
—
Basement
—
Accessible
—
HOA Dues
—
Garage
—
Features
—
Last updated by owner on Jul 21, 2023.
Climate risks
1/10 Flood Factor
Minimal risk of a flood reaching the building in the next 30 years
1/10 Fire Factor
Unlikely to be in a wildfire in next 30 years
4/10 Heat Factor
7 days above 93° expected this year, 16 days in 30 years
6/10 Wind Factor
27% chance of strong winds in next 30 years
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)
30
17
33
19
49
29
59
39
67
49
78
59
83
65
78
58
73
55
62
44
49
35
36
22
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Sun exposure
79/ 100
Good sunlight
Sunscore
There appears to be minimal shading by surrounding buildings, terrain, and vegetation.
8.3 hrs
4 hrs
JuneDecember
Provided by Shadowmap
Redfin Estimate for 28 Sever St
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