Investment Opportunity: Student-Oriented Apartment Building in Okayama City

This property, Happiness Court II (ハピネスコートⅡ), is a multi-unit apartment building located at 248-1 Nishigawara, Naka-ku, Okayama City, Okayama Prefecture. It is a four-story SRC (steel reinforced concrete) building constructed in March 1991, comprising a total of 24 units. The property is currently tenanted and being sold as an owner-change (オーナーチェンジ) investment.

The building has a land area of 324.73 square meters (approx. 98.23 tsubo) and a total floor area of 464.92 square meters (approx. 140.64 tsubo). Each unit features a 1K layout with a three-piece unit bath and a two-piece separate toilet and washbasin. The property is equipped with propane gas, a septic tank, air conditioning, water heating, a delivery box, and bicycle parking. Parking is available for three or more cars at a monthly fee of 5,500 yen per space.

Financially, the property offers a gross yield of approximately 8.6%, with an estimated annual rental income of approximately 9.42 million yen (calculated based on occupancy as of February 20, 2025). Please note that this income is an estimate and not guaranteed, and it is calculated before deducting taxes and public dues. The property is located on a single-sided road, facing south, with a width of 4 meters, and is a paved public road. The zoning is Category 1 residential, with a building coverage ratio of 60% and a floor area ratio of 200%. The land is flat and the property is in an urbanization promotion area.

The building is conveniently situated just a 2-minute walk from Nishigawara Station on the JR Sanyo Main Line, and is close to Shujitsu University, making it ideal for student tenants. The sale price includes consumption tax.