Apartment Building Investment Opportunity in Ishigaki City

This listing presents a compelling investment property in Ishigaki City, Okinawa Prefecture. It consists of two separate apartment buildings on a single plot of land totaling 549.63 square meters. The main building features a brown exterior, was newly built in May 1979 (Showa 54), making it 46 years old. It is a three-story reinforced concrete block structure with a flat roof and houses 9 households. The second building has a white exterior, was newly built in 1964 (Showa 39), making it 61 years old. It is a two-story reinforced concrete block structure with a flat roof and houses 3 households. The property boasts a surface yield of 11.3%, with a potential annual rental income of 5,916,000 yen when fully occupied.

The total building area is 411.82 square meters. The land is designated as residential land within a Category 1 Mid-to-High Rise Residential Zone, with a building-to-land ratio of 60% and a floor area ratio of 150%. The property is situated on a corner lot with road frontage of 3.4 meters to the north and 5.9 meters to the west. The bathrooms and toilets are separate in each unit. The delivery of the property is specified to be after December 2025.

The property is located in the Tonoshiro district of Ishigaki City, the main commercial and administrative center of the Yaeyama Islands. Ishigaki is the gateway to some of Japan's most pristine natural wonders, including the UNESCO World Heritage candidate site, the coral reefs and diverse ecosystems of the surrounding waters. A major landmark nearby is Kabira Bay, renowned for its stunning emerald-green waters and iconic black pearl cultivation, located approximately 20 kilometers from the city center.