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[Assessed 111.9%] Apartment building in Edogawa Ward, Tokyo — 13 min from Koiwa Sta.
Listing endedAssessed 111.9%Apartment buildingEdogawa Ward, TokyoKoiwa Sta. 13 min walk

[Assessed 111.9%] Apartment building in Edogawa Ward, Tokyo — 13 min from Koiwa Sta.

Published: Aug 9, 2026Updated: Aug 27, 2026

Property Overview

LocationEdogawa Ward, Tokyo
Nearest StationJR Sobu Line Koiwa Sta.
Walk13 min walk
Assessed Ratio111.9%Assessed 111.9%
Price¥47,800,000
TypeApartment building
Expected Yield5.97%
StructureWooden
BuiltBuilt Feb 1989 (37 years old)
Land Area162.07㎡
Building Area104.1㎡

Where This Property Is Listed

This property appears on the sites below. Listings matching on location, land area and building area are merged into a single article as the same property.

Rakumachi¥47,800,000View listing

Assessed Value Breakdown

Land assessed value¥53,483,100
Building assessed value¥0
Total assessed value¥53,483,100
Asking price¥47,800,000
Assessed ratio111.9%

Calculation basis

  • Land = road price ¥330,000/m² × land area 162.07m²
  • Building = replacement cost ¥220,000/m² × floor area 104.1m² × remaining life 0y ÷ statutory life 22y
  • Built Feb 1989 (37 years old)

Official Road Price Trend (last 3 years)

Cumulative change 2024 → 2026: +13.8%
YearRoad price (JPY/m²)YoY
2024290,000—
2025310,000+6.9%
2026330,000+6.5%

※ Based on inheritance-tax road prices published each July — a reference for the trend in land collateral value.

How We Checked This Property

Rather than reproducing the listing as-is, we checked the full road-price band given the undisclosed chome, and opened all ten listing photos to check the approach.

Locating the road price

With the address disclosed only as "Higashi-Koiwa", we took ¥330,000/m² — the most common block-street value in the area consistent with a 13-minute walk — as a conservative representative. Even the sheet's lowest ¥300,000/m² band gives 101.7%, and the lowest value observed across three years still gives 88.1%, so no band changes the conclusion.

View source
On-site check from photos

We examined all ten photos. The frontage is a flat asphalt block street with no step against the site, and the entrance gate sits at roughly road level. The decorative block wall at the front is a planter about 0.6–0.8 m high, and the boundary wall along the side lane (about 1.1–1.2 m) has ground at the same level on both sides. No retaining wall, stepped approach, slope or flagpole shape.

Effective land area

No private-road burden or setback is stated, and the photos show a regular plot with the building facing the road directly, so the full 162.07 m² is used for the land valuation.

Building valuation assumptions

Against the 22-year statutory life for wood-frame construction, the building dates from February 1989 and is 37 years old, so its assessed value is zero. The 111.9% ratio is land only.

What We Could Not Confirm

  • The frontage field in the listing is blank. The photos show direct frontage on a flat block street, but the width, public/private status and contact length cannot be read.
  • The neighbouring plot is being demolished and rebuilt (scaffolding and sheeting visible in the photos). We recommend checking the post-construction situation — boundary and sunlight — on site.
  • The 5.97% full-occupancy yield is on the low side; both valuation and financing become land-led considerations.

※ Rather than reproducing the listing as-is, we verified the figures against public sources such as the official road price maps and the listing photos. This is not based on a site visit, so please confirm on site and with the seller before deciding.

Neighborhood ① Shopping Near the Station

Shapo Koiwa
1 min walk from the station

At 7-24-15 Minami-Koiwa, Edogawa Ward. A station building directly connected to JR Koiwa Station with fresh food, delis and fashion. Open 10:00-21:00 (to 20:30 Sundays and holidays).

Source
Ito-Yokado Koiwa Store
6 min walk from the station

At 1-24-1 Nishi-Koiwa, Edogawa Ward. A general supermarket with one basement and six floors. Open 10:00-22:00.

Source
Gyomu Super Koiwa Store
2 min walk from the station

A discount food supermarket about 100 m from Koiwa Station. Open 9:00-21:00.

Source

Neighborhood ② Dining Near the Station

銚子丸
3 min walk from the station

About 191 m from the centre of the district. A fast-food restaurant. Location confirmed on OpenStreetMap.

Source
玄海寿司
11 min walk from the station

About 810 m from the centre of the district. A restaurant. Location confirmed on OpenStreetMap.

Source

About This Property

An apartment building in Higashi-Koiwa, Edogawa Ward, a 13-minute walk from Koiwa Station on the JR Sobu Line. Shapo Koiwa, directly connected to the station (10:00-21:00), houses fresh-food and deli shops, with Ito-Yokado Koiwa and a Gyomu Super near the station as well. Akihabara is about 20 minutes away on the Sobu Line.

The building is wood-frame, two storeys, with four 1K units and 104.1 sqm of total floor area, built in February 1989. The land is 162.07 sqm (49.02 tsubo) of regular-shaped ground held in freehold, zoned Category I Residential (60% building coverage, 200% floor area ratio). It is currently tenanted with a full-occupancy yield of 5.97%. Photographs show no step between the frontage road and the site, and no retaining wall or stepped access.

The inheritance-tax roadside land value is 330,000 yen/sqm. At 37 years old the wooden building is past its statutory useful life, so the building assesses at zero and the land alone gives about 53.48 million yen — 111.9% of the 47.80 million yen asking price. The roadside value has risen three years running from 290,000 yen in 2024 (up 13.8% in total).

An eastern-Tokyo apartment building where the land value exceeds the asking price. Please review the research notes below.

Estimated Financing

Assessed value ¥53,483,100 → estimated loan ¥47,800,000 (100% of the asking price)

※ Actual loan availability, amounts and terms are subject to each bank's screening.

Suggested Lenders

静岡銀行
Regional bankLand-value focusedStrong with apartment buildingsGood with older buildings
本業年収700万円以上が検討対象。 相続税路線価から算出した「土地の積算」が60%以上出ていれば、基本的にフルローンとなる。 修正後バランスシートも重視しており、属性枠だけで終了する訳ではない為、可能な限り「土地」が高積算の物件を買い進めていきたい。
L&Fアセットファイナンス
Non-bank lenderLand-value focusedStrong with apartment buildingsGood with older buildings
土地値が出る築古系が得意。 属性はほぼ問わない。 どんなに担保評価が付いたとしても8割融資が目安。 建物の価値に対してはほぼ担保評価を付けてくれない為、新築や築浅の物件は要注意。 但し、建売の売れ残りや変形地等の場合は、土地が広くて担保評価が伸びたり、賃料が高くて収益還元評価が伸びたりして、思わずハマるケースがある。 また、産休中でも行けた、貴重な存在の金融機関である。
関西みらい銀行
Regional bankAssessed-value focusedStrong with apartment buildings
土地から新築OK。 築古過ぎず、好立地で積算割合が高く、キャッシュフローが回る物件であれば、検討対象となる。 産休中はNG。 築古過ぎる場合は、信用金庫・信用組合のセゾンファンデックス保証付の不動産担保ローンが適す。

※ General tendencies of lenders covering this area, for information only. This does not guarantee or suggest any specific financing outcome.

Listing endedThe listing for this property has ended. The information reflects the time of listing and the property is no longer available.

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[Assessed 111.9%] Apartment building in Edogawa Ward, Tokyo — 13 min from Koiwa Sta.|積算100