Investment Opportunity: Two-Building Apartment Complex in Naha, Okinawa
This property presents a compelling investment opportunity in the Matsugawa 3-chome district of Naha City, Okinawa. The offering consists of two separate apartment buildings on a single 621 square meter plot of land, generating a combined annual income of 3,468,000 yen, which translates to a surface yield of 3.1%. As the property is managed by the listing company, prospective buyers can be provided with the most up-to-date financial and operational documentation.
Critical details from the agent's notes are as follows: Building 1 is a residential and multi-family dwelling constructed with reinforced concrete block (RCB) across three stories. The floor areas are 72.69 m² for the first floor, 72.54 m² for the second, and 72.54 m² for the third. It was originally built in 1968 (Showa 43), and there is an unregistered extension. Building 2 is a multi-family dwelling constructed with reinforced concrete (RC) across two stories. Both the first and second floors measure 93.24 m² each. This building was constructed in 2005 (Heisei 17).
The property is situated in a convenient location, approximately a 2-minute walk from the Samukawa bus stop and about a 19-minute walk from the Yui Monorail's Omoromachi Station. The area is zoned under the Second Category Medium-to-High Rise and First Category Medium-to-High Rise Residential zones, with a building-to-land ratio of 60% and a floor area ratio of 200%. The land is registered as farmland, and there is no private road burden.
The Matsugawa area offers a blend of residential calm and urban accessibility. An interesting local fact is that the nearby Omoromachi district is home to Okinawa's premier shopping and entertainment complex, DFS Galleria and the Naha Main Place shopping mall, built on land that was once a U.S. military housing area, symbolizing the island's post-war transformation. The closest major tourist attraction is the majestic Shuri Castle, a UNESCO World Heritage site and the former royal palace of the Ryukyu Kingdom, located a short drive away.
