Investment Building Near Shimonoseki Station Requiring Renovation
This property is a four-story reinforced concrete building located in Nagato-cho, Shimonoseki City, Yamaguchi Prefecture, approximately an eight-minute walk from the east exit of Shimonoseki Station. The building has a land area of 75.99 square meters and a total floor area of 268 square meters. It was purchased about five years ago with the intention of renovating each unit for rental use, but the owner's primary business has prevented them from completing the work.
The first floor currently houses a restaurant tenant, providing a stable rental income of 65,000 yen per month, totaling 780,000 yen annually. This gives a current yield of approximately 7.9%. The second, third, and fourth floors each contain two rooms, for a total of six unrenovated units. At the time of purchase, there was a leak, and the owner invested approximately 1.5 million yen in April 2021 to waterproof the roof and exterior walls. Since then, no further leaks have occurred. However, one room on the second floor, as well as the third and fourth floors, are in significantly deteriorated condition.
The property is being sold in its current as-is condition. The asking price is 9,800,000 yen. A key advantage is the proximity to the station and the existing rental income from the first-floor tenant. The main challenge is the large number of rooms, which will require considerable effort and cost to renovate for full utilization. The transaction is based on the current condition and public registry.
