[Assessed 90.1%] Apartment building in Setagaya, Tokyo — 8 min from Chitose-Funabashi Sta.

A whole-building apartment in Funabashi 3-chome, Setagaya-ku, Tokyo, an 8-minute walk from Chitose-Funabashi Station on the Odakyu Odawara Line. Chitose-Funabashi is a semi-express stop with a direct 22-minute run to Shinjuku. A Maruetsu supermarket, convenience stores and restaurants cluster by the station, and Funabashi elementary and Funabashi-Kibo junior high schools are within walking distance.

Built in September 1991, the light-gauge steel two-storey building has eight units — six 1K and two 1LDK. The land is 220.69 sqm and the total floor area is 179.58 sqm. The land is freehold, fronting a 4.0 m private road on the south side. Zoning is Category 1 low-rise exclusive residential with a 50% building coverage ratio and 100% floor area ratio. It is currently tenanted, with 6,600,000 yen of annual income at full occupancy and a gross yield of 5.08%.

Against the 129,800,000 yen asking price, the land assessed value at the inheritance-tax road price of 530,000 yen/sqm comes to 116.96 million yen — an assessed ratio of 90.1%. The building is 34 years old, beyond the 22-year statutory life for light-gauge steel, so its assessed value is zero. The road price has risen 12.8% over three years from 470,000 yen in 2024.

Exterior photographs show a flat frontage with no retaining wall or stepped access. Note, however, that the frontage road is a private road — please see the research notes.