New King Building: A Prime Commercial Investment in Urasoe, Okinawa
This listing presents the New King Building, a commercial investment property located at 3-7-14 Yafuso, Urasoe City. The building is a reinforced concrete (RC) structure built in October 1990, offering a total floor area of 542.69 square meters across multiple storeys. The land area is 158.8 square meters. The property is situated in a commercial zone within an urbanization promotion area, with a building-to-land ratio of 80% and a floor area ratio of 400%. Access is via roads to the north (8m wide) and east (6m wide). The building features an elevator and is currently fully occupied, presenting a turnkey investment opportunity.
Critical investment details from the agent's notes are as follows: The property name is New King Bld. The annual income totals 11,125,600 yen, comprising rent and common area fees of 10,335,600 yen, antenna income of 660,000 yen (55,000 yen monthly), and ground lease income of 130,000 yen. This results in a gross yield of 7.17%. Annual expenses amount to 1,436,813 yen, covering elevator management fees (171,600 yen), security camera fees (151,800 yen), fixed asset tax (667,421 yen), and building management commission fees (445,992 yen). Important notes: there is land encroachment (one location on the east side road and one on the west side neighboring land), and the basement first floor is currently unused.
The property is located in the vibrant city of Urasoe, which sits between Naha and Ginowan, offering convenient access to the entire central Okinawa region. An interesting historical fact about Urasoe is that it was once the seat of the Ryukyu Kingdom's government before the capital moved to Shuri. The area is well-connected, with the Yafuso bus stop approximately a 2-minute walk away. The closest major tourist attraction is the iconic Shuri Castle, a UNESCO World Heritage site and former palace of the Ryukyu Kingdom, located just a short drive away in neighboring Naha City.
