Brick Quadplex with Fenced
1209 Wallace Street, Richmond, VA 23220
For Sale
$755,000
ResidentialIncome, Richmond, VA
Property Size2,496 SF
Lot Size0.14 Acres
Price / SF$302.48
Days on Market50
Property Features for 1209 Wallace Street
General Information
Property type
Property subtype
Zoning description
Parking features
Patio and Porch features
Fencing
Subdivision
Elementary school
Middle school
High school
Standard status
APN
Size
Lot size
Taxes and HOA fees
Tax Year
Tax Description
Tax Annual Amount
Legal Description
Utilities
Sewer type
Water source
Amenities
fully fenced backyard
private decks
mini-split systems
Building Details
Year built
Floors in Building
Number of units
Building materials
Roof type
Architectural style
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: Nov 9 at 4:06AM
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.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$32,934
Cap Rate
4.36%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
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
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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
