Rare waterfront midterm rental investment opportunity! This unique quad multifamily property sits on a quiet dead-end road and backs directly to the creek with deep water access, offering incredible potential for investors or owner-occupants alike. Units 1 & 3 feature fresh paint completed in 2025. Unit 1 has new faceplates outlets, switches and all appliances convey. Updated dock improvements (2026) with newer electrical boxes and cables (2025), and newer plumbing to the docks with backflow valves installed in 2026. The property also includes a large finished basement complete with a full bath, heating and cooling, refrigerator, and sink. Enjoy being just moments from water access, local cafes, and popular kayak and paddleboard rental spots, making it easy to experience the river lifestyle. 16 Docks and boat slips add even more value and appeal to this one-of-a-kind waterfront property.
For sale
$1,600,000
765 48th St, Norfolk, VA 23508
7beds
5baths
3,810sqft
Quadruplex
Built in 1920
-- sqft lot
$1,518,700 Zestimate®
$420/sqft
$-- HOA
What's special
- 57 days |
- 740 |
- 36 |
Zillow last checked:
Listing updated:
Listed by:
Julian Rivera,
Iron Valley Real Est Norfolk 757-900-4873
Source: REIN Inc.,MLS#: 10634189
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Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 7
- Bathrooms: 5
Appliances
- Included: Electric Water Heater
Features
- Has basement: Yes
Interior area
- Total interior livable area: 3,810 sqft
Property
Features
- Fencing: Back Yard,Full,Wood
- On waterfront: Yes
- Waterfront features: Bulkhead, Dock, Deep Water Access, Deep Water, Navigable Water, River Front
Details
- Additional structures: Shed(s)
- Parcel number: 27903705
- Zoning: C-2
Construction
Type & style
- Home type: MultiFamily
- Property subtype: Quadruplex
Materials
- Shingle Siding, Vinyl Siding
- Foundation: Basement
- Roof: Asphalt Shingle
Condition
- New construction: No
- Year built: 1920
Utilities & green energy
- Sewer: City/County
- Water: City/County
Community & HOA
Community
- Subdivision: Highland Park West
Location
- Region: Norfolk
Financial & listing details
- Price per square foot: $420/sqft
- Tax assessed value: $798,900
- Annual tax amount: $9,826
- Date on market: 5/11/2026
Estimated market value
$1,518,700
$1.44M - $1.59M
$1,783/mo
Price history
Price history is unavailable.
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | $9,826 +51.3% | $798,900 +51.3% |
| 2024 | $6,494 0% | $528,000 +1.6% |
| 2023 | $6,495 +9.5% | $519,600 +9.5% |
| 2022 | $5,933 +3.3% | $474,600 +3.3% |
| 2021 | $5,744 +2.7% | $459,500 +2.7% |
| 2020 | $5,594 | $447,500 |
| 2019 | $5,594 +2.7% | $447,500 +2.7% |
| 2018 | $5,449 +7.9% | $435,900 -0.7% |
| 2017 | $5,050 | $439,100 -0.1% |
| 2016 | $5,050 -0.1% | $439,500 |
| 2015 | $5,054 | $439,500 |
| 2014 | $5,054 | $439,500 |
| 2013 | -- | $439,500 |
| 2012 | -- | $439,500 -0.5% |
| 2011 | -- | $441,900 -9.4% |
| 2010 | -- | $487,900 |
| 2009 | -- | $487,900 |
| 2008 | -- | $487,900 +2.2% |
| 2007 | -- | $477,600 +8.3% |
| 2006 | -- | $440,900 +32.4% |
| 2005 | -- | $333,000 +18.3% |
| 2004 | -- | $281,400 -1% |
| 2003 | -- | $284,200 +9.1% |
| 2002 | -- | $260,600 +12% |
| 2001 | -- | $232,700 +0% |
| 2000 | -- | $232,630 |
Find assessor info on the county website
Monthly payment
Est. payment$--/mo
Payment breakdown
Explore the cost of this home by adjusting the details. Changes won't be saved.All calculations are estimates and provided by Zillow, Inc. for informational purposes only. Actual amounts may vary.
HOA fees may include property taxes on listings classified as Co-Ops. Contact the listing agent and/or owner for fee details.
Mortgage interest rates are dependent on a number of factors, including credit score, down payment, and repayment length. Interest rate data provided by Zillow Group Marketplace, Inc. as of 1/1/1970 from various mortgage lenders with which we have lead or other similar arrangements; the Estimated Payment is an average of those rates.
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Climate risks
Neighborhood: Highland Park
Nearby schools
GreatSchools rating
- 8/10Larchmont Elementary SchoolGrades: PK-5Distance: 0.5 mi
- 3/10Blair Middle SchoolGrades: 6-8Distance: 1.3 mi
- 3/10Maury High SchoolGrades: 9-12Distance: 1.4 mi
Schools provided by the listing agent
- Elementary: Larchmont Elementary
- Middle: Blair Middle
- High: Maury
Source: REIN Inc.. This data may not be complete. We recommend contacting the local school district to confirm school assignments for this home.
A local agent can set up tours, give advice and negotiate with sellers.
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