Investment Opportunity: A Profitable Apartment Building on Okinawa's Ageta Bypass
This four-story reinforced concrete apartment building, constructed in December 1990, presents a compelling investment opportunity in Okinawa City. Strategically positioned along the Ageta Bypass, the property benefits from high visibility and accessibility, making it suitable for a variety of future uses, including retail or residential, should tenants vacate. The building has undergone recent exterior improvements, with both the rooftop and outer walls freshly painted.
Critical financial details from the agent's notes are provided. The current monthly rental income is broken down by floor: the first floor generates 32,000 yen, the second floor 45,000 yen, the third floor 47,000 yen, and the fourth floor 33,500 yen. Additionally, there is a billboard advertisement generating 3,800 yen per month, which is currently being recruited. This brings the total monthly income to 161,300 yen, resulting in an annual gross revenue of 1,935,600 yen. Based on the asking price, this translates to a surface-level expected yield of approximately 5.9%. The property's fixed asset tax for the 2024 fiscal year is 133,107 yen.
The building offers a total floor area of 193.58 square meters (approximately 58.55 tsubo) on a corner plot of land measuring 118 square meters (35.69 tsubo). The layout varies across floors: the first floor's floor plan is unspecified, the second and third floors feature 2LDK (two bedrooms plus living, dining, kitchen) units, and the fourth floor consists of a 1-room unit. The land is designated for residential use type 1, with a building-to-land ratio of 60% and a floor area ratio of 200%.
The Ageta area of Okinawa City offers convenient access to central Okinawa. An interesting local fact is that Okinawa City, formerly known as Koza, has a rich cultural history deeply influenced by its post-war relationship with the nearby U.S. military bases, creating a unique blend of American and Okinawan cultures. The closest major tourist attraction is the Okinawa Zoo & Museum (Okinawa Kodomo no Kuni), a popular family destination featuring a variety of animals, a natural history museum, and expansive park grounds.
