Brick Quadplex with Fenced
New
For Sale
$755,000
1209 Wallace Street, Richmond, VA 23220
ResidentialIncome, Richmond, VA
Property Size2,496 SF
Lot Size0.14 Acres
Price / SF$302.48
Days on Market4
Property Features for 1209 Wallace Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
R-6
Parking features
On Street
Patio and Porch features
Porch
Fencing
Fenced
Subdivision
Randolph West
Elementary school
Fox
Middle school
Dogwood
High school
Thomas Jefferson
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
Legal Description
0050.00X0125.00 0000.000
Utilities
Sewer type
Public Sewer
Water source
Public
Amenities
fully fenced backyard
private decks
mini-split systems
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 · Keller Williams Realty
(804) 858-9000
Listed By:
Chris Render · License #0225221112
(804) 750-6295
Added: Sep 21
Changed: Sep 23
Last Checked: Sep 24 at 2:06PM
MLS# 2625836
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 2,496-square-foot quadplex, built in 1920, contains four residential units and is currently fully leased. The brick property includes a large fenced backyard, on-street parking, public water and sewer, and a metal roof. Individual mini-split heating and cooling systems and separate utility meters serve the units. Downstairs residences have updated flooring and kitchens, while the upstairs units include private decks. Recent work includes a roof less than five years old, kitchen updates, mini-split installation, flooring improvements, and interior painting. The property is located in Richmond near VCU and carries a Colonial architectural style.
Key Highlights
- Four‑unit quadplex with 2,496 square feet of building area
- Currently fully leased with existing residential tenancy
- Large fenced backyard and on‑street parking
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
$32,934
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
4.36%
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%
$658,680
$658.7K
Cap Rate 7%
$470,486
$470.5K
Cap Rate 9%
$365,933
$365.9K
Market Conditions
NOI Build-Up for 2,496 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
$50.3K $20.16/SF
− Vacancy
−$3.3K −$1.31/SF
EGI
$47.0K $18.85/SF
− OpEx
−$14.1K −$5.65/SF
NOI
$32.9K $13.19/SF
Area
Richmond, VA
Vacancy
6.50%
Lease Rate
$20.16 /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%
$658,680
Cap Rate 7%
$470,486
Cap Rate 9%
$365,933
Alternative Uses
Best Use
Multifamily LT 5
$470.5K
$411.7K – $548.9K
NOI $32,934 @ 7.0% cap · market cap 4.36%
Second Best
Apartment 5plus
$441.7K
$386.5K – $515.4K
NOI $30,922 @ 7.0% cap · market cap 4.10%
Theoretical Best
Office A
$576.7K
$504.6K – $672.8K
NOI $40,366 @ 7.0% cap · market cap 5.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Utilities to site
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Leased four-unit residential property with separate utility metering, mini-split systems, and outdoor space.
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 $755,000.
What are key features of this property?
This property features: Four‑unit quadplex with 2,496 square feet of building area; Currently fully leased with existing residential tenancy; Large fenced backyard and on‑street parking
