Brick
For Sale
$780,000
1209 Wallace St, Richmond, VA 23220
Fully leased four-unit property with tenant-paid utilities and recent improvements.
Property Size2,496 SF
Price / SF$312.50
Days on Market19
Property Features for 1209 Wallace St
General Information
Standard status
Active
Size
2,496 SF
Property subtype
Residential Income
Occupancy
100%
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$6,384
Building Details
Construction
brick
Listing Agency:
KW Metro Center
(804) 750-6295
Listed By:
Chris Render · License #0225221112
(804) 750-6295
Source:
Exprealty
Added: Jul 18
Changed: Aug 5
Last Checked: Aug 5 at 2:55AM
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 KW Metro Center
Investment Insights
Based on property information with market context.
This brick quadplex contains four residential units within a 2,496-square-foot property. Each unit is leased under a one-year tenant agreement, providing a fully occupied configuration. Property improvements were completed in 2025, and the roof is approximately 5 years old.
Located at 1209 Wallace St in Richmond, Virginia, the property is walkable to VCU. Tenants are responsible for their own utilities, supporting a straightforward operating arrangement for the owner.
Located at 1209 Wallace St in Richmond, Virginia, the property is walkable to VCU. Tenants are responsible for their own utilities, supporting a straightforward operating arrangement for the owner.
Key Highlights
- Four‑unit brick quadplex totaling 2,496 square feet
- All four units leased on one‑year tenant agreements
- Improvements completed in 2025
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $50.3k | $20.16 |
| − Vacancy | −$3.3k | −$1.31 |
| EGI | $47.0k | $18.85 |
| − OpEx | −$14.1k | −$5.65 |
| NOI | $32.9k | $13.19 |
2,496 SF · lease $20.16/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$470.5K
$411.7K – $548.9K
NOI $32,934 @ 7.0% cap · market cap 4.22%
Second Best
Apartment 5plus
$441.7K
$386.5K – $515.4K
NOI $30,922 @ 7.0% cap · market cap 3.96%
Theoretical Best
Office A
$576.7K
$504.6K – $672.8K
NOI $40,366 @ 7.0% cap · market cap 5.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,082
Businesses Nearby
Explore this area
Business Placement
Demographics for 23220, VA
36,942
Population
16,561
Households
2.2
Avg Household Size
27
Median Age
59%
College-Educated
94%
High-School Grad
4.8 sq mi
ZIP Area
7,696
Density / Sq Mi
$56,681
Median Household Income
$33,249
Median Earnings
$1,354
Median Rent
$468,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Fully leased four-unit property with tenant-paid utilities and recent improvements.
Where is this quadplex located?
The property is located at 1209 Wallace St Richmond, VA.
What is the asking price?
The asking price for this property is $780,000.
What are key features of this property?
This property features: Four‑unit brick quadplex totaling 2,496 square feet; All four units leased on one‑year tenant agreements; Improvements completed in 2025
