Creekfront Quadplex with Dock
For Sale
$1,595,000
765 48th Street, Norfolk, VA 23508
Multi Family Residential, Converted S.F., Norfolk, VA
Property Size3,810 SF
Price / SF$418.64
Days on Market9
Property Features for 765 48th Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
C-2
Subdivision
HIGHLAND PARK - 106
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
finished basement
dock
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: Oct 18
Changed: Oct 22
Last Checked: Oct 26 at 11:06AM
MLS# 10658462
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.
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Investment Insights
Based on property information with market context.
This 3,810-square-foot quadplex, built in 1920, backs onto a creek with deep-water access and includes 16 docks and boat slips. A finished basement adds a full bath, heating and cooling, a refrigerator, and a sink. Units 1 and 3 received fresh paint in 2025; appliances convey with Unit 1. The property has shingle roofing and C-2 zoning.
Dock improvements were completed in 2026, including plumbing work and backflow valves. Electrical boxes and cables were updated in 2025. The property is on a dead-end road in Norfolk.
Dock improvements were completed in 2026, including plumbing work and backflow valves. Electrical boxes and cables were updated in 2025. The property is on a dead-end road in Norfolk.
Key Highlights
- Creek frontage with deep‑water access
- 16 docks and boat slips
- 3,810 square feet; built in 1920
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$49,902
Cap Rate
3.13%
Suggested Prices Based on Cap Rates
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
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 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 3.13%
Second Best
Apartment 5plus
$640.2K
$560.2K – $746.9K
NOI $44,816 @ 7.0% cap · market cap 2.81%
Theoretical Best
Office A
$808.2K
$707.2K – $942.9K
NOI $56,576 @ 7.0% cap · market cap 3.55%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units are complemented by a finished basement with a full bath and heating and cooling.
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 $1,595,000.
What are key features of this property?
This property features: Creek frontage with deep‑water access; 16 docks and boat slips; 3,810 square feet; built in 1920
