Apartment Investment Opportunity in Naha's Wakasa District

This apartment building, located in Wakasa 3-chome, Naha City, Okinawa, presents a unique investment opportunity with a total building area of 153.45m² on a 114.59m² plot of land. The property is conveniently situated within walking distance of elementary and junior high schools and is approximately a 9-minute drive from Naha Airport, with easy access to the Wakasa Interchange. The area offers a comfortable living environment with established amenities.

Critical agent notes provide essential details for prospective buyers. Please note: there is partial concrete spalling on the building. Furthermore, the doors on the second and third floors do not have locks and cannot be opened. Importantly, the land is currently leased from Naha City at an annual rent of 363,007 yen. For those not in the real estate business, it is possible to purchase the land directly from Naha City.

The property itself is a reinforced concrete block (RCB) structure built in January 1974, making it approximately 52 years old. It is located within an urbanization promotion area zoned as Category I Exclusive Residential. The transaction is handled as an exclusive intermediary listing.

The Wakasa area of Naha is a well-connected residential district. An interesting historical fact about Naha is that it served as the capital of the Ryukyu Kingdom for centuries, a thriving independent kingdom that engaged in extensive trade throughout Asia. The closest major landmark is the iconic Shuri Castle, a UNESCO World Heritage site and the former palace of the Ryukyu kings, located just a short drive away and offering a profound glimpse into Okinawa's unique cultural heritage.