Investment Opportunity: Park Way Kurashiki Apartment Building
This property presents a compelling investment opportunity as a fully occupied 16-unit apartment building located in Kurashiki City, Okayama Prefecture. The building, named Park Way Kurashiki, was constructed in March 1992 and features a reinforced concrete (RC) structure over four stories. The total land area is a substantial 622.22 square meters (approximately 188.22 tsubo), with a building footprint of 391.78 square meters (approximately 118.51 tsubo). The property is currently tenanted, offering immediate rental income.
Critical agent notes provide essential financial and physical details. The equipment and facilities include propane gas, city water supply, sewer system, a parcel delivery box, electricity, separate bath and toilet, security cameras, and a bicycle parking area. Special notes on road access detail that the property fronts two roads (excluding a corner lot): a 4-meter wide public road to the north with a 16-meter frontage, and a 5-meter wide public road to the east with an 8-meter frontage, both paved. A key remark reveals the property's strong financial performance: it achieves a full occupancy yield of 9.25% based on an annual rental income of 7,406,400 yen. The land is valued at 60,000,000 yen and the building at 16,400,000 yen (tax excluded).
The property is situated in a flat, urban planning area zoned for quasi-industrial use, with a building-to-land ratio of 60% and a floor area ratio of 200%. Parking is available for 18 vehicles at a monthly fee of 4,400 yen per space. The land is freehold ownership.
The area of Kurashiki is renowned for its beautifully preserved historical district, the Kurashiki Bikan Historical Quarter, featuring white-walled warehouses and willow-lined canals. A major landmark easily accessible from this location is the iconic Kurashiki Ivy Square, a former red-brick factory complex transformed into a hotel, museum, and shopping area, symbolizing the city's blend of historical preservation and modern development.
