[Assessed 83.6%] Apartment building in Itabashi Ward, Tokyo — 6 min from Itabashi-kuyakushomae Sta.

A 91 million yen apartment building in Hikawacho, Itabashi Ward, Tokyo, a 6-minute walk from Itabashi-kuyakushomae Station on the Toei Mita Line. Wooden, two storeys, built December 2019 (6 years old), with eight units (eight studios). Land 106.83 sqm (registry) and floor area 94.94 sqm. It is fully occupied, at a gross yield of 5.22%.

The assessed ratio is 83.6%: 60.89 million yen for the land and 15.19 million yen for the building, 76.08 million yen in total. The inheritance-tax roadside land value for fiscal 2026 is 570,000 yen/sqm (roadside value map 47090). The building is calculated at the wooden replacement unit price of 220,000 yen/sqm over a 22-year statutory life; at 6 years old with 16 remaining it comes to 15.19 million yen. The roadside value has risen 23.9% in two years: 460,000 yen in 2024, 520,000 in 2025 and 570,000 in 2026.

The listing states the age as seven years, but December 2019 to August 2026 is 80 months — six full years. We calculate in whole years, so we take 16 years remaining.

The point to weigh most carefully is that the private road this site fronts carries no roadside land value. The frontage is a 4.00 m private road to the south-west, and being a dead end it has no value printed on the map. Under inheritance-tax practice this is the sort of case where you apply to the tax office for a specific roadside value.

We therefore took the 570D of the adjoining residential street as our representative value, on three grounds. First, 570D is the nearest valued road and defines the western edge of the block the property sits in (Hikawacho block 11). Second, the same 570D road encircles blocks 11, 12, 17 and 25, making it a residential street rather than an arterial (the arterials along Nakasendo and the expressway run 810C to 1,140C). Third, within the surrounding 2026 band of 450D to 600C, 570D is the modal value, appearing on three roads.

The margin is thin, however. The roadside value needed to reach 80% is 539,264 yen/sqm, only 5.7% below the 570,000 yen we adopted. A 5.4% drop in the frontage value would take it under 80%. In practice a plot fronting a dead-end private road has inferior access and often receives a specific roadside value below that of the adjoining street, so this figure may be on the high side. On sensitivity: the 590C to the south-east gives 86.0% and the 550D to the south gives 81.3%. Taking the narrow-street band two blocks west (490D, 480D, 450D) would give 74.2% to 69.5%, but those lie across the 570D road in a different block, the nearest some 79 m from the property.

We fixed the location as follows. Hikawacho spans four roadside value map sheets (47083, 47084, 47089 and 47090), so rather than inferring from facility names we geocoded twenty block numbers printed on the sheets through the Geospatial Information Authority's address API and calibrated by affine transform on sheet 47090 alone (scale about 1.05 m/pt). Residuals across twelve nearby points averaged 6.3 m with a maximum of 11.4 m, and varying the calibration subset four ways left the position within a few points. Independent verification against Itabashi Ward Office, 500 m away, gave an error of 21 m. We also warped the roadside value map onto the national base map with the same transform and confirmed the red lines match the actual roads. The property falls in Hikawacho block 11, the residential block immediately west of Itabashi Daiichi Municipal Elementary School.

We took the listed 106.83 sqm as the effective site area. The private-road burden field is blank, but the selling points state "land area 106.83 sqm (plus a private-road burden of 81.94 sqm at a 117/1,000 share)" — the private road is a separate parcel held in common (about 9.6 sqm by share) and is not included in the listed area. Our practice is not to deduct a private road held as a share of a separate parcel.

We examined four of the five images that show the site (two exteriors, one of the passage between buildings and one including the frontage road), enlarging the boundaries four to seven times. The private road is flat asphalt, and between road and site there is a single concrete kerb giving a step of about 0.15 m — cross-checked against a bicycle wheel about 0.68 m across and a 2.0 m door height in the same frame, giving 0.10 to 0.20 m, of which we took the upper 0.20 m.

On the western boundary there is a stone-look block wall about 0.8 m tall overall, but the ground is level with the road on both sides of it and it retains nothing. The retaining height is under 0.2 m — a boundary wall. The passage between the buildings is flat throughout with no steps. Nowhere around the site — front, the school side to the east, the neighbour to the west, or the north — does a retaining wall of 1 m or more, a frontage step of 1 m or more, stepped access with a 1 m difference, a slope face or sloping ground appear. This is not a flagpole plot; the building fronts the road directly, and it is a detached structure, not a party-wall row.

As a cross-check, national 1 m laser survey data across the site centre and eight points at 20 m intervals reads 28.6 to 28.9 m, a maximum difference of 0.3 m. A metre-scale step would not vanish in 1 m laser data, so this agrees with the photographs.

On income: the building is fully occupied with a projected annual income of 4.752 million yen (396,000 yen a month) at a gross yield of 5.22%. However, the sublease is due to end on 31 January 2027, and from 27 December 2026 the sublease rent is scheduled to change to 408,000 yen a month (a gross yield of 5.38% thereafter). If market rents after the sublease ends fall short of the projection, the yield will drop.