Spacious 3LDK Apartment in Wakayama with Investment Potential
This well-maintained apartment, located in Iwaide City, Wakayama Prefecture, offers a comfortable living space with a practical 3LDK layout and a total private floor area of 62.41 square meters (approximately 18.87 tsubo), including a balcony. The property is situated on the 4th floor of a robust 15-story SRC (steel-reinforced concrete) building constructed in May 1991. The building is under full delegated management with a daytime manager from the management company, Japan Housing Corporation.
Key equipment and features include city gas, running water, and a sewer system. Special notes indicate that the transaction is a general intermediary arrangement (Management Code 90111, Mizu Tetsu Garden Palace Iwaide, Room 408). The current status is tenanted, with an estimated annual rental income of 564,000 yen, projecting an attractive annual yield of 11.28%. An owner change is planned for the year. Additional monthly costs include a management fee of 7,660 yen, a repair reserve fund of 9,900 yen, and a parking space replacement fee of 5,000 yen. The property comes with a defect insurance guarantee and a performance evaluation.
The area of Iwaide provides a blend of suburban convenience and natural beauty. An interesting local fact is that the nearby Kinokawa River is famous for its traditional cormorant fishing (ukai), a method practiced for over 1,300 years. The closest major landmark is the iconic Wakayama Castle, a historically significant fortress offering panoramic views of the city and surrounding area.
