[Assessed 83.8%] Apartment building in Kawagoe, Saitama — 15 min from Shingashi Sta.
Property Overview
| Location | Kawagoe, Saitama |
| Nearest Station | Tobu Tojo Line Shingashi Sta. |
| Walk | 15 min walk |
| Assessed Ratio | 83.8%Assessed 83.8% |
| Price | ¥68,000,000 |
| Type | Apartment building |
| Expected Yield | 14.21% |
| Structure | Wooden |
| Built | Built Mar 1977 (49 years old) |
| Land Area | 407.18㎡ |
| Building Area | 490.53㎡ |
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 ratio | 83.8% |
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%| Year | Road price (JPY/m²) | YoY |
|---|---|---|
| 2024 | 130,000 | — |
| 2025 | 135,000 | +3.8% |
| 2026 | 140,000 | +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.
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
Neighborhood ② Dining Near the Station
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
Suggested Lenders
※ General tendencies of lenders covering this area, for information only. This does not guarantee or suggest any specific financing outcome.