Is it in the center of the room or inside a wall? I'm not sure what you mean by wrapped. By interior I take it you mean not attached to an outward facing brick chimney.

In modern "frame" construction, fireplaces are usually nothing more than a metal box inside a frame wall with a metal pipe connecting the fireplace box to the cap on the ceiling.

I have just removed mine from my townhome and used the space in the bathroom I am remodeling.

If the fireplace is embedded in the center of the wall, you may only end up with a square hole or "cove" in the wall rather than a large amount of space. Other areas along the wall may be being used for closets or other rooms behind.

If the fireplace is in the center of the room, it is probably surrounded by frame walls (a box), and then finished out with drywall. In this case the "Box" around the fireplace might be load bearing, in which case you should not proceed without a professional and an inspection. There are tight regulations about distances between load bearing walls, and removing one could cause major damage to your home, and in the case of townhomes, your neighbors as well; since most multi story townhomes share floor joists.

I'm not a professinoal, just a remodeling enthusiast with townhome experience. I hope this helps.