Frontege Nakanishi: An Investment Apartment with Existing Office Tenant

This property is a 10-story reinforced concrete apartment building located in Urasoe City, Okinawa Prefecture. The specific unit for sale is on the 3rd floor, with a private area of 49.07 square meters (approximately 14.84 tsubo) laid out as a 1-room floor plan. The building was constructed in December 1992, making it 33 years old. The total land area for the building is 1,192.75 square meters.

The property is currently tenanted and being used as an office. The monthly rental income is 50,000 yen, with an additional 18,000 yen in common area fees and 5,000 yen in consumption tax, bringing the total monthly collection to 73,000 yen. The listing provides a detailed breakdown of monthly fixed costs for the owner: 7,810 yen for management fees, 870 yen for repair reserve fund, 6,000 yen for parking lot usage fee (for two spaces), 500 yen for water charges, and 3,341 yen for ground rent, totaling 18,521 yen per month. Annual expenses include a fixed asset tax of 68,700 yen (for the Reiwa 6 fiscal year). Based on the sale price, this translates to a gross yield of approximately 12.9% and a net yield of approximately 8.6% (both on a tax-excluded basis). It is important to note this is a leasehold property.

The location offers convenient access, with the Nakanishi bus stop approximately a 4-minute walk away, and the property is situated along National Route 58. The building has a total of 73 units, a management association, and employs full delegated management. Parking is available for a fee.