Waterfront Quadplex with
For Sale
$1,600,000
765 48th Street, Norfolk, VA 23508
Multi Family Residential, Converted S.F., Norfolk, VA
Property Size3,810 SF
Price / SF$419.95
Days on Market115
Property Features for 765 48th Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
C-2
Subdivision
HIGHLAND PARK WEST
Lot features
Shed
Elementary school
Larchmont Elementary
Middle school
Blair Middle
Standard status
Active
Size
3,810 SF
Taxes and HOA fees
Tax Annual Amount
9826
Utilities
Water front
1
Amenities
waterfront
deep water access
large finished basement
docks
boat slips
Building Details
Year built
1920
Roof type
Shingle
Architectural style
Other
Listing Agency:
Iron Valley Real Est Norfolk
Listed By:
Julian Rivera
(757) 900-4873
Added: May 11
Changed: Sep 1
Last Checked: Sep 2 at 9:06AM
MLS# 10634189
Copyright © 2026 Real Estate Information Network, Inc. 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 quadplex contains 3,810 square feet and dates to 1920. The property backs directly to a creek with deep water access and includes a finished basement with a full bath, heating and cooling, refrigerator, and sink. Units 1 and 3 received fresh paint in 2025, while Unit 1 also includes updated outlets and switches; its appliances convey with the property.
Water-oriented improvements include 16 docks and boat slips. The docks have newer electrical boxes and cables from 2025, along with newer plumbing and backflow valves installed in 2026. The property is situated on a dead-end road in Norfolk, near local cafes and kayak and paddleboard rental locations. C-2 zoning is identified for the property.
Water-oriented improvements include 16 docks and boat slips. The docks have newer electrical boxes and cables from 2025, along with newer plumbing and backflow valves installed in 2026. The property is situated on a dead-end road in Norfolk, near local cafes and kayak and paddleboard rental locations. C-2 zoning is identified for the property.
Key Highlights
- Quadplex with 3,810 square feet, built in 1920
- Directly backs to a creek with deep water access
- 16 docks and boat slips included
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
$49,902
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
3.12%
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%
$998,040
$998.0K
Cap Rate 7%
$712,886
$712.9K
Cap Rate 9%
$554,467
$554.5K
Market Conditions
NOI Build-Up for 3,810 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
$75.4K $19.80/SF
− Vacancy
−$4.1K −$1.09/SF
EGI
$71.3K $18.71/SF
− OpEx
−$21.4K −$5.61/SF
NOI
$49.9K $13.10/SF
Area
Norfolk, VA
Vacancy
5.50%
Lease Rate
$19.80 /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%
$998,040
Cap Rate 7%
$712,886
Cap Rate 9%
$554,467
Alternative Uses
Best Use
Multifamily LT 5
$712.9K
$623.8K – $831.7K
NOI $49,902 @ 7.0% cap · market cap 3.12%
Second Best
Apartment 5plus
$640.2K
$560.2K – $746.9K
NOI $44,816 @ 7.0% cap · market cap 2.80%
Theoretical Best
Office A
$808.2K
$707.2K – $942.9K
NOI $56,576 @ 7.0% cap · market cap 3.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
694
Businesses Nearby
Explore this area
Business Placement
Demographics for 23508, VA
20,485
Population
7,112
Households
2.9
Avg Household Size
27
Median Age
56%
College-Educated
93%
High-School Grad
3.3 sq mi
ZIP Area
6,208
Density / Sq Mi
$74,524
Median Household Income
$24,975
Median Earnings
$1,381
Median Rent
$384,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Creek access, dock improvements, and a finished basement expand the property's functional features.
Where is this quadplex located?
The property is located at 765 48th Street Norfolk, VA.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Quadplex with 3,810 square feet, built in 1920; Directly backs to a creek with deep water access; 16 docks and boat slips included
