Waterfront Quadplex with
For Sale
$1,600,000
765 48th Street, Norfolk, VA 23508
MULTI_FAMILY - Norfolk, VA
Property Size3,810 SF
Price / SF$419.95
Days on Market87
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
Building Details
Year built
1920
Roof type
Shingle
Architectural style
Other
Listing Agency:
Iron Valley Real Est Norfolk
(757) 900-4873
Listed By:
Julian Rivera
(757) 900-4873
Added: May 11
Changed: Jul 18
Last Checked: Aug 5 at 8:06PM
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 is configured as four separate residential units and includes a large finished basement with a full bath, heating and cooling, a refrigerator, and a sink. The property also features waterfront improvements tied to the docks.
According to the seller’s remarks, the home backs directly to a creek with deep water access. Dock and slip infrastructure includes 16 docks and boat slips, with updated dock improvements completed in 2026 and newer electrical boxes and cables added in 2025. Newer plumbing to the docks with backflow valves was installed in 2026.
Updates noted for the units include fresh paint completed in 2025 for Units 1 and 3. For Unit 1, new faceplates, outlets, switches are reported, and the appliances are stated to convey. The property is listed under C-2 zoning and is located at 765 48th Street in Norfolk, VA 23508.
According to the seller’s remarks, the home backs directly to a creek with deep water access. Dock and slip infrastructure includes 16 docks and boat slips, with updated dock improvements completed in 2026 and newer electrical boxes and cables added in 2025. Newer plumbing to the docks with backflow valves was installed in 2026.
Updates noted for the units include fresh paint completed in 2025 for Units 1 and 3. For Unit 1, new faceplates, outlets, switches are reported, and the appliances are stated to convey. The property is listed under C-2 zoning and is located at 765 48th Street in Norfolk, VA 23508.
Key Highlights
- Rare waterfront property with direct deep water creek access.
- Investment opportunity with quad multifamily units and 16 docks/boat slips.
- Updated dock improvements (2026) including electrical and plumbing.
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $75.4k | $19.80 |
| − Vacancy | −$4.1k | −$1.09 |
| EGI | $71.3k | $18.71 |
| − OpEx | −$21.4k | −$5.61 |
| NOI | $49.9k | $13.10 |
3,810 SF · lease $19.80/SF/yr · vacancy 5.50% · expense 30.00%
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
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 - Four-unit quadplex with a finished basement and direct creek access plus 16 docks and boat slips.
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: Rare waterfront property with direct deep water creek access.; Investment opportunity with quad multifamily units and 16 docks/boat slips.; Updated dock improvements (2026) including electrical and plumbing.
