Brick Quadplex
1209 Wallace Street Richmond, VA 23220
For Sale
$780,000
MULTI_FAMILY - Colonial - Richmond, VA
Property Size2,496 SF
Lot Size0.14 Acres
Price / SF$312.50
Days on Market14
Property Features for 1209 Wallace Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Parking features
On Street
Patio and Porch features
Porch
Fencing
Fenced
Standard status
Active
APN
W000-0436-026
Size
2,496 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
0050.00X0125.00 0000.000
Tax Annual Amount
6384
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1920
Floors in Building
2
Number of units
4
Building materials
Brick, Drywall
Roof type
Metal
Architectural style
Colonial
Listing Agency:
KW Metro Center
(804) 858-9000
Listed By:
Chris Render · License #0225221112
(804) 750-6295
Added: Jul 16
Changed: Jul 27
Last Checked: Jul 29 at 3:06PM
MLS# 2619201
Copyright © 2026 Central Virginia Regional Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This brick quadplex offers four leased units with year leases in place for each tenant. Updates were completed in 2025 totaling $78,000, and the roof is approximately five years old. Tenants pay utilities.
Located in Richmond City, the property is listed as walkable to VCU.
With four income-producing units and recent improvements, the building is positioned for an owner seeking a rental property with current lease terms already in place.
Located in Richmond City, the property is listed as walkable to VCU.
With four income-producing units and recent improvements, the building is positioned for an owner seeking a rental property with current lease terms already in place.
Key Highlights
- Brick quad with 4 leased units, each with year leases; tenants pay utilities
- Walkable to VCU
- Updates completed in 2025 totaling approximately $78,000, with roof about 5 years old
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
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Quadplex - Leased brick quadplex with 2025 updates and a roof approximately five years old.
Where is this quadplex located?
The property is located at 1209 Wallace Street 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: Brick quad with 4 leased units, each with year leases; tenants pay utilities; Walkable to VCU; Updates completed in 2025 totaling approximately $78,000, with roof about 5 years old
