Investment Opportunity: Two-Building Apartment Complex in Tokyo's Kita Ward
This property presents a unique investment opportunity as an owner-change apartment complex in Tokyo's Kita Ward. The listing comprises two buildings sold together as a single lot. The first building is a single-story wooden structure with tile roofing, built in March 1961 (Showa 36) with a floor area of 52.89㎡ (approx. 16 tsubo). The second is a two-story wooden building with galvanized steel sheet roofing, constructed in November 1965 (Showa 40) with a floor area of 207.07㎡ (approx. 62.64 tsubo). The total building area is 259.96㎡ on a land area of 431.83㎡.
Critical agent notes provide essential financial and legal details. The property is currently 85% occupied, with 17 of 20 rooms tenanted as of January 13, 2025. The projected annual income at full occupancy is 12,722,400 yen, representing a gross yield of 9.78%. It is crucial to note that the agent does not guarantee this projected rental income will be achieved. This projected income is calculated before deducting taxes, land fees, and other necessary maintenance expenses. A key condition of this owner-change sale is the inheritance of the existing lease agreements. A rent roll is available, but design documents are not. The fixed asset tax valuation for the land is 82,216,110 yen and for the building is 2,444,600 yen (both for Reiwa 7 fiscal year). The combined fixed asset and city planning tax is 215,400 yen (Reiwa 7). There is no building confirmation or final inspection documentation available. The land is accessed via a one-sided road to the northwest with a width of 4 meters.
The property is situated in the Akabanenishi 3-chome area of Kita City, Tokyo. The area is well-connected, within walking distance of several major train lines including the Shonan-Shinjuku Line, Saikyo Line, and Keihin-Tohoku Negishi Line via Akabane Station. An interesting local landmark is the Akabane Hachiman Shrine, a historic Shinto site that has been a focal point for the community for centuries. The property is located in an Urbanization Area zoned as Category I Medium-to-High-Rise Exclusive Residential District, with a building-to-land ratio of 60% and a floor area ratio of 200%.
