427 Freeman Ave Chesapeake, VA 23324
South Norfolk NeighborhoodEstimated payment $583/month
About This Lot
Prime opportunity in Chesapeake’s South Norfolk/Money Point area! This property is zoned M-2 (Heavy Industrial), offering excellent potential for commercial or industrial use. The parcel is approx. 3,572 sq ft and well-situated with convenient access to major thoroughfares, ports, and interstates.Onsite is a 2-bedroom, 1-bath home (approx. 1,016 sq ft) that can provide immediate rental income, office space, or temporary use while future plans are developed. The structure is a bonus, but the true value lies in the land and its versatile zoning, making this a rare find for investors, business owners, or developers seeking expansion opportunities.Capitalize on a location with strong growth, flexible uses, and multiple options for maximizing value.
Property Details
Property Type
- Land
Est. Annual Taxes
- $917
Lot Details
- 3,485 Sq Ft Lot
- Lot Dimensions are 120 x 30
- Partially Fenced Property
- Interior Lot
- Level Lot
- Property is zoned M2
Schools
- George W. Carver Intermediate
- Oscar Smith Middle School
- Oscar Smith High School
Community Details
- Money Point Subdivision
Map
Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2025 | $917 | $73,800 | $58,500 | $15,300 |
| 2024 | $917 | $90,800 | $80,000 | $10,800 |
| 2023 | $658 | $79,200 | $70,000 | $9,200 |
| 2022 | $700 | $69,300 | $60,000 | $9,300 |
| 2021 | $431 | $41,000 | $33,000 | $8,000 |
| 2020 | $443 | $42,200 | $35,000 | $7,200 |
| 2019 | $441 | $42,000 | $35,000 | $7,000 |
| 2018 | $377 | $35,900 | $20,000 | $15,900 |
| 2017 | $371 | $35,300 | $20,000 | $15,300 |
| 2016 | $371 | $35,300 | $20,000 | $15,300 |
| 2015 | $371 | $35,300 | $20,000 | $15,300 |
| 2014 | $371 | $35,300 | $20,000 | $15,300 |
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 04/06/2026 04/06/26 | Price Changed | $95,000 | -5.0% | -- |
| 02/20/2026 02/20/26 | Price Changed | $100,000 | -13.0% | -- |
| 01/06/2026 01/06/26 | Price Changed | $115,000 | -8.0% | -- |
| 10/21/2025 10/21/25 | For Sale | $125,000 | -- | -- |
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Interfamily Deed Transfer | -- | None Available |
Source: Real Estate Information Network (REIN)
MLS Number: 10607003
APN: 1570000001470
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This application does not include information on all of the properties available for sale at this time.
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