Investment Apartment Building in Okayama City
This property is a multi-unit apartment building located in Tsushima Nishizaka, Kita-ku, Okayama City, Okayama Prefecture. The building comprises 18 apartment units and one separate house, offering a total floor area of 344.16 square meters on a 547.01 square meter land plot. The structure is a two-story steel-frame building completed in February 1987.
The property is being sold as an owner-change (オーナーチェンジ) investment, meaning the current tenants remain. As of July 2025, 17 out of 19 total units are occupied, generating an annual rental income of 8,178,936 yen, which includes common area fees, parking fees, and solar power generation income. The current yield is approximately 9.62%. The estimated full occupancy rental income is 8,970,936 yen per year, with an estimated yield of 10.5%. Please note that the yield is calculated as the ratio of annual rental income (including common area fees) to the sale price, before deducting property taxes and other maintenance costs. Future rental income is not guaranteed.
The property is equipped with a solar power generation system. Each of the 18 apartment units has a floor area between 19 and 23 square meters, with a 1K layout. The land is zoned for Category 1 residential use, with a building coverage ratio of 60% and a floor area ratio of 200% (subject to road width restrictions). The property fronts an approximately 4-meter wide private road to the east. There is an additional approximately 52 square meters of private road with a 1/2 ownership share.
The property is conveniently located within a 10-minute walk of a supermarket and offers access to two or more train lines. It is a 26-minute bus ride from Okayama Station on the Sanyo Main Line, with a 5-minute walk from the Nishizaka Iriguchi bus stop. It is also a 28-minute walk from Hōkaiin Station on the Tsuyama Line and a 32-minute walk from Bizen-Mikado Station on the Kibi Line. The property is currently leased, and the lease agreement will be transferred upon sale. Immediate handover is possible.
