Investment Opportunity: Owner-Change Condominium in Fukuoka City
This property is a 4LDK condominium located in Ishima, Nishi-ku, Fukuoka City, Fukuoka Prefecture. The unit offers a spacious floor area of 91.57 square meters and is situated on the 6th floor of a 10-story reinforced concrete building constructed in March 1998. The balcony size is 22.06 square meters, and the unit faces southeast.
The property is currently tenanted, with an existing lease agreement that will be transferred to the new owner. The current monthly rent is 110,000 yen, resulting in an annual rental income of 1,320,000 yen. The current gross yield is approximately 4.2%. The yield is calculated as the ratio of annual rental income (including common area fees) to the sale price, before deducting taxes and other property maintenance expenses. The assumed rent and yield are based on market rents and include rent for vacant units, assuming full occupancy. It is important to note that future rental income is not guaranteed.
The condominium features an auto-lock system and a delivery box. Parking is available within the premises, with three vacant spaces at a monthly fee ranging from 7,000 to 9,000 yen (as of October 4, 2024). The total number of units in the building is 88. The management company is Nishi-Tetsu Fudosan Co., Ltd., and management is fully outsourced with a daytime attendant. The land rights are freehold, and the property is a divided ownership unit. The seller at the time of original construction was Nishi-Nippon Railroad Co., Ltd., with construction by Nishi-Tetsu Sangyo Co., Ltd. and design by Tsukasa Architects Office.
The monthly management fee is 8,500 yen, and the reserve fund for repairs is 8,180 yen. There is also a monthly neighborhood association fee of 300 yen. The property is conveniently located near public transportation, with the Meinohama Station on the Airport Subway Line reachable by a 10-minute bus ride, followed by a 2-minute walk from the Fukuoka Nishi Post Office bus stop. The nearest convenience store is a 5-minute walk away, and a supermarket is within a 9-minute walk. The property is offered for sale at 31,000,000 yen, and the timing for transfer is negotiable.
