1209 Wallace St, Richmond, VA 23220

Fantastic VCU-Area Investment Opportunity — $20,000 Below Appraised Value! Solid brick, fully leased quad offering an excellent opportunity for investors seeking a property with existing income and additional upside. Current leases are in place, allowing for immediate rental income, while minor cosmetic enhancements could help maximize the property’s future appeal and rental potential. (See AI-generated images for examples of possible improvements.) The property features a large, fully fenced backyard offering multiple possibilities, including additional off-street parking or the creation of an inviting outdoor space for future tenants. Its solid brick construction, separately metered utilities, and individual mini-split systems for each unit add to the property's functionality and investment appeal. The downstairs units feature updated flooring and kitchens, while the upstairs units offer private decks—perfect for enjoying a morning coffee or relaxing outdoors. Approximately $78,000 in improvements have been completed in recent years, including a roof that is less than five years old, updated kitchens, mini-split heating and cooling systems, downstairs flooring, and interior painting. With its close proximity to VCU, existing leases, substantial recent improvements, and potential for additional value through cosmetic updates and outdoor enhancements , this property is an opportunity worth exploring.