Maisonette Miyamura: A Corner Lot Apartment Building with Investment Potential in Kitakyushu

This property is a two-story wooden apartment building named Maisonette Miyamura, located in Kitakyushu City, Fukuoka Prefecture. Built in November 1974, it is over 50 years old and consists of five units. The building is situated on a corner lot with road frontage on two sides: a 4.5m wide paved public road to the northwest with a 22m frontage, and another 4.5m wide paved public road to the northeast with a 15m frontage. The land area is 329.73 sqm (approximately 99.74 tsubo) and the total building floor area is 278.82 sqm (approximately 84.34 tsubo).

Critical agent notes have been provided. The equipment and facilities include propane gas, a toilet, a separate bath and toilet, a shower, and storage space. Special remarks detail the layout: Units 1 through 4 are 3DK layouts (comprising two Japanese-style rooms and one Western-style room), while Unit 5 is a 2LDK (two Western-style rooms). Units 4 and 5 are equipped with two air conditioners each. Unit 5 features an entrance monitor intercom, while Units 1-4 have doorbells. Unit 5 also has stair handrails. Importantly, Unit 2 is noted as unrepaired and will require interior renovation. The property is located within a cultural property buried inclusion area. Due to the wooden structure being over 50 years old, prospective buyers are advised to consider the costs for interior and exterior repairs. Parking is available for up to seven vehicles, and the parking fee is included in the rent.

The property is currently for sale as an entire apartment building with an asking price of 16 million yen. It is partially tenanted, with a current annual income of 1,884,000 yen, yielding an 11% return. The projected annual income at full occupancy is 2,304,000 yen, yielding 14.4%. However, achieving full occupancy will require the mentioned repairs. The location is convenient, with a post office and supermarket both within a 10-minute walk. The nearest major train station is Jono Station on the Nippo Main Line.

The area of Kitakyushu is a major industrial and cultural hub, formed from the merger of five cities. An interesting local fact is that the city is home to the historic Kokura Castle, which was famously spared from the atomic bombing in 1945 due to poor visibility; the primary target was switched to Nagasaki at the last minute. For nature enthusiasts, a key nearby landmark is the Aburayama Citizens' Forest and the Aburayama Park, offering hiking trails, botanical gardens, and panoramic views of the city.