Investment Apartment Building in Naha's Wakasa District
This apartment building, located in Naha's Wakasa 3-chome, presents a compelling investment opportunity with a recently adjusted price. The property is situated just a 2-minute walk from the Wakasa bus stop and a 5-minute walk from Wakasa Elementary School. It comprises a total of 7 units: six one-room apartments and one unique 4LDK maisonette unit, plus a commercial shop space.
Detailed financial projections are provided by the agent. At full occupancy, the property is projected to generate an annual income of 4,840,800 yen. The assumed capitalization rate for fiscal year Reiwa 8 (2026) is 6.05%. Notably, the agent states that through rent revisions with current tenants, the projected yield is expected to rise to 6.2% in Reiwa 9 (2027) and further to 6.35% in Reiwa 10 (2028) at full occupancy. Interested parties are encouraged to inquire for further details.
The building itself is a reinforced concrete (RC) structure built in December 1995, making it approximately 30 years old. It sits on a land area of 129.79 square meters (39.26 tsubo) with a total building area of 304.51 square meters (92.11 tsubo). The property is located within an Urbanization Promotion Area zoned as Category I Residential, with a building-to-land ratio of 60% and a floor area ratio of 200%. The land rights are freehold (ownership).
The Wakasa area is conveniently located near Wakasa-dori, a major thoroughfare. A short drive or bus ride away is the vibrant Kokusai-dori (International Street), the heart of Naha's tourism and shopping district. For a cultural excursion, the iconic Shuri Castle, a UNESCO World Heritage site and former palace of the Ryukyu Kingdom, is a major historical landmark located within Naha.
