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[Assessed 83.8%] Apartment building in Kawagoe, Saitama — 15 min from Shingashi Sta.
Assessed 83.8%Apartment buildingKawagoe, SaitamaShingashi Sta. 15 min walk

[Assessed 83.8%] Apartment building in Kawagoe, Saitama — 15 min from Shingashi Sta.

Published: Sep 1, 2026Updated: Sep 3, 2026

Property Overview

LocationKawagoe, Saitama
Nearest StationTobu Tojo Line Shingashi Sta.
Walk15 min walk
Assessed Ratio83.8%Assessed 83.8%
Price¥68,000,000
TypeApartment building
Expected Yield14.21%
StructureWooden
BuiltBuilt Mar 1977 (49 years old)
Land Area407.18㎡
Building Area490.53㎡

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¥68,000,000View listing

Assessed Value Breakdown

Land assessed value¥57,005,200
Building assessed value¥0
Total assessed value¥57,005,200
Asking price¥68,000,000
Assessed ratio83.8%

Calculation basis

  • Land = road price ¥140,000/m² × land area 407.18m²
  • Building = replacement cost ¥220,000/m² × floor area 490.53m² × remaining life 0y ÷ statutory life 22y
  • Built Mar 1977 (49 years old)

Official Road Price Trend (last 3 years)

Cumulative change 2024 → 2026: +7.7%
YearRoad price (JPY/m²)YoY
2024130,000
2025135,000+3.8%
2026140,000+3.7%

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

How We Checked This Property

This listing has an internally inconsistent construction date, and the seller has volunteered that the building coverage ratio may be exceeded. We record how we handled each, and how we identified the block on the roadside price map. Photographs were supplemented from a separate listing to reach nine images.

Listing check

The construction date is inconsistent within the listing. The structured field reads March 1986 (shown as 41 years old), while the notes field reads "Construction: Sakae-so March 1977, April 1980". Our policy where figures conflict is to take the older, so we adopted March 1977. A separate listing of the same property also gives March 1977 and an age of 50 years, which supports that. In any case, every candidate date is well beyond the statutory 22-year service life for wooden structures, so the building assessment is zero and the result does not change.

Rights and restrictions

The listing's notes field carries a seller statement that "the building coverage ratio may be exceeded". In other words the buildings may be legally non-conforming. Zoning is Category II residential with 60% building coverage and 200% floor area ratio; the floor-area-to-land ratio of about 120% does satisfy the floor area ratio. On occupancy: Sakae-so is fully let (5 residential units and 1 retail unit), while Saint Heights has two vacancies (8 residential units and 2 retail or office units). Three of the 16 units are retail or office space, so the letting profile differs from a purely residential building.

Locating the road price

The property is block 12, Sunashinden 1-chome, in block 12 on roadside price map sheet 26126. The coordinates in the listing HTML agree within about 30 m with the Geospatial Information Authority address API result for "Sunashinden 1-chome block 12". We then geocoded eight points, blocks 6 through 13 on the same sheet, and fitted a transform from latitude and longitude to sheet coordinates by least squares (maximum residual 16 m; we also confirmed the horizontal and vertical scales were near-isotropic). The predicted position of block 12 under that transform matched the measured position of the oval-enclosed 12 on the sheet within about 5 m.

View source
Locating the road price

Block 12 is bounded by only two roads, 140D to the north-east and 155D to the south-west, and no lower-valued road runs along the block's perimeter. The listing gives the frontage as "public road, south-west, 6.00 m", which by orientation alone would be the 155D side. But 155D is the value for a named arterial route, so to avoid being pulled up by the arterial we conservatively adopted the modal access-road value of 140,000 yen/sqm. The frontage road in the photographs is also a local street of about 6 m with no centre line. Taking 155,000 yen/sqm would give 92.8%, and even the prior-year 135,000 yen/sqm gives 80.8%. For the three-year series we retrieved 2024, 2025 and 2026 from the same sheet and matched the same roads: 130D to 135D to 140D on the north-east, and 145D to 150D to 155D on the south-west. The leasehold ratio symbol is D (60%).

On-site check from photos

We reviewed nine images in total — the three in the listing plus six from a separate listing of the same property (identical address, price and area). The south-west frontage and the site are at exactly the same level, with the retail shutter and glass-door sills about 10-15 cm above the paving (cross-checked against a 200 cm door height). On the north-west and south-east boundaries, both the ground and the building foundations of the neighbouring houses are at the same level. There is a concrete block wall at the north-east rear, but the air conditioning units and building foundations of the neighbouring house on both sides of it are at the same level, so we judged it a boundary wall that is not retaining earth. The passage between the two buildings is flat concrete throughout, with no step along its length. The steel external stair on the left serves the first-floor units and is not a stepped access from the road up to the site. There were no retaining walls or slope faces.

Effective land area

We used the listed land area of 407.18 sqm (registry, about 123 tsubo) as the effective residential area. The private road burden field is blank and no private road burden is stated. The photographs confirm a regular-shaped plot with wide frontage onto the road, so there is no flagpole strip. There was no mention of a sloped portion either. The Geospatial Information Authority's 5 m laser survey data also gives 13.8 m at the centre of the site and 13.1-13.8 m at eight compass points 40-50 m out, a gentle gradient with a 1.0 m difference even across about 100 m. That corroborates by measurement that there is no metre-class step.

View source

What We Could Not Confirm

  • The notes field carries a seller statement that the building coverage ratio may be exceeded. If the buildings are legally non-conforming, they cannot be rebuilt at the current scale. The actual building coverage ratio and whether an inspection certificate exists need checking.
  • The construction date is inconsistent between the structured field (March 1986) and the notes field (March 1977 and April 1980). The two buildings may have different construction years, and confirmation against the property register is needed.
  • Three of the 16 units are retail or office space. Both the letting approach and the rent levels differ from residential units. The current occupancy (two vacancies at Saint Heights) and the terms of the retail leases need checking.
  • These are two wooden apartment buildings of 49 years, and the listing does not show any history of major repairs. An estimate of repair costs after acquisition is a precondition for any judgement.

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

FamilyMart
3 min walk from the station

A convenience store about 240 m from the property.

Source
Tobu Store Shingashi
11 min walk from the station

A supermarket about 840 m from the property.

Source
Yaoko
12 min walk from the station

A supermarket about 890 m from the property.

Source

Neighborhood ② Dining Near the Station

Cafe de Crie
11 min walk from the station

A cafe about 850 m from the property.

Source

About This Property

Two apartment buildings sold together for 68,000,000 yen in Sunashinden 1-chome, Kawagoe, a 15-minute walk from Shingashi Station on the Tobu Tojo Line. The two buildings, "Saint Heights" and "Sakae-so", sit on 407.18 sqm of land with 490.53 sqm of floor area, two-storey wooden construction, 16 units in total (7 studios and 9 2DK, 16.00 to 47.00 sqm). Projected annual income is 9,666,000 yen for a gross yield of 14.21%.

The assessed ratio is 83.8%. The inheritance-tax roadside land price for 2026 is 140,000 yen/sqm (map sheet 26126), which against 407.18 sqm gives 57.00 million yen. The buildings are old enough that their assessment is zero, so this figure comes from the land alone.

The listing's notes field carries a seller statement that "the building coverage ratio may be exceeded". In other words the buildings may be legally non-conforming. Zoning is Category II residential with 60% building coverage and 200% floor area ratio; the floor-area-to-land ratio of about 120% does satisfy the floor area ratio.

The construction date is inconsistent within the listing. The structured field reads March 1986 (shown as 41 years old), while the notes field reads "Construction: Sakae-so March 1977, April 1980". Our policy where figures conflict is to take the older, so we adopted March 1977. A separate listing of the same property also gives March 1977 and an age of 50 years, which supports that. In any case, every candidate date is well beyond the statutory 22-year service life for wooden structures, so the building assessment is zero and the result does not change.

On how the roadside price was measured. The property is block 12, Sunashinden 1-chome, in block 12 on roadside price map sheet 26126. The coordinates in the listing HTML agree within about 30 m with the Geospatial Information Authority address API result for "Sunashinden 1-chome block 12". We then geocoded eight points, blocks 6 through 13 on the same sheet, and fitted an affine transform from latitude and longitude to sheet coordinates by least squares (maximum residual 16 m). The predicted position of block 12 under that transform matched its measured position on the sheet within about 5 m.

Block 12 is bounded by only two roads: 140D to the north-east and 155D to the south-west. The listing gives the frontage as "public road, south-west, 6.00 m", which by orientation alone would be the 155D side. But 155D is the value for a named arterial route, so to avoid being pulled up by the arterial we conservatively adopted the modal access-road value of 140,000 yen/sqm. The frontage road in the photographs is a local street of about 6 m with no centre line. Taking 155,000 yen/sqm would give 92.8%, and even the prior-year 135,000 yen/sqm gives 80.8%.

On occupancy: Sakae-so is fully let (5 residential units and 1 retail unit), while Saint Heights has two vacancies (8 residential units and 2 retail or office units). Three of the 16 units are retail or office space, so the letting profile differs from a purely residential building.

For photographs we reviewed nine images in total — the three in the listing plus six from a separate listing of the same property. The frontage road and the site are at exactly the same level, with the retail shutter and glass-door sills about 10-15 cm above the paving (cross-checked against a 200 cm door height). There is a concrete block wall at the north-east rear, but the air conditioning units and building foundations of the neighbouring house on both sides of it are at the same level, so we judged it a boundary wall that is not retaining earth. The passage between the two buildings is flat concrete throughout. The steel external stair on the left serves the first-floor units and is not a stepped access from the road.

The land is freehold, the land category residential, and it lies in an urbanisation promotion area. The frontage is a public road, south-west, 6.00 m, with no private road burden stated. There was no mention of a no-rebuild restriction, proviso road or cliff ordinance. There is no parking, handover timing is negotiable, and the transaction type is exclusive agency. The listing was registered on 31 August 2026.

Estimated Financing

Assessed value ¥57,005,200 → estimated loan ¥57,000,000 (84% 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.

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