[Assessed 181.8%] Apartment building in Kanagawa Ward, Yokohama — 11 min from Myorenji Sta.

An apartment building standing in a residential area of Oguchi-nakacho, Kanagawa Ward, Yokohama, an 11-minute walk from Myorenji Station on the Tokyu Toyoko Line. Shopping is covered in front of Myorenji Station by OK and York Mart among others, and as a Toyoko Line address with direct services towards Yokohama and Shibuya the area can be expected to hold steady rental demand.

The building dates from January 2007, wooden and two storeys with six 1R units, and is currently tenanted. Projected annual income is about 3.648 million yen (a gross yield of 7.51%). The land is 341.66 sqm held in freehold — a generous plot against the 48.60 million yen price. Zoning is Category I Residential.

On the assessment side, the inheritance-tax roadside land value for the frontage (a representative 250,000 yen/sqm) puts the land at roughly 85.41 million yen. Against the 22-year statutory useful life for wooden construction the building is 19 years old with 3 years remaining, giving roughly 2.95 million yen. Together the assessed value comes to about 88.36 million yen, or 181.8% of the price. Roadside values are up 13.6% over the past three years.

A single-building property for investors who weight collateral value, where the land value comfortably exceeds the price. As a 19-year-old wooden building, it is one to consider on the basis of first checking repair history, occupancy, and the shape and level differences of the site.