[Assessed 99.9%] Apartment building in Minami Ward, Yokohama, Kanagawa — 10 min from Gumyoji Sta.

A caution first. This listing carries no site photographs at all. The listing page has no photo section, and neither the bulk-building listings on another portal nor a web search turned up a second listing for the same property. As a result the photo checks we normally carry out, whether there is a retaining wall, whether there is a step down to the road, whether the approach is by stairs, whether the plot is flag-shaped, and the condition of the building exteriors, are all unverified. On top of that, elevation data from the Geospatial Information Authority shows Nakazato 3-chome to be sloping ground with an 18-metre difference across a 100-metre square. Please read this on the premise of a site visit or of obtaining photographs.

The location offers two lines: a 10-minute walk from Gumyoji Station on the Keikyu Main Line and a 15-minute walk from Gumyoji Station on the Yokohama Municipal Subway Blue Line. Yokohama Station is just under 10 minutes away, and Shinagawa is roughly 35 minutes with one transfer. A shopping street sits in front of the station, with grocery supermarkets and a drugstore within a few minutes' walk.

The property is sold as two buildings together. The first, built in November 1974, is a two-storey steel-frame structure with 174.96 square metres of floor area; the second, built in November 2001, is a two-storey wooden structure with 158.98 square metres, for a combined 333.94 square metres. The layout is six 2K units, with projected annual income at full occupancy of 8.48 million yen and a gross yield of 10.60 percent. The land is 469.98 square metres by the register, in a Category 1 exclusively low-rise residential zone with a 50 percent building coverage ratio and a 100 percent floor area ratio.

The handover terms carry constraints. The second building is under a sublease that cannot be terminated, and units 101, 103, and 201 in the first building are occupied by the owner and an acquaintance of the owner. Whether a move to self-management or vacant possession is feasible needs to be confirmed with the seller.

The 2026 inheritance-tax road price is 170,000 yen per square metre, putting the land value at about 79.9 million yen. Both buildings are past their statutory lives, the first at 51 years for steel frame and the second at 24 years against 22 for wood, so both count as zero. Land alone at 79.9 million yen gives 99.9 percent of the 80 million yen asking price, meaning the income comes from the buildings while the valuation is explained by the land. The road price needed to reach 80 percent is 136,176 yen per square metre, leaving a margin of 24.8 percent against the figure used. Even the lowest band in the district, 150 thousand yen, still gives 88.1 percent, so a mis-assigned street would not drop it below 80 percent.

One more point: the listing has no field for road frontage or for private-road burden. The width of the road in front, the frontage, and whether a private road is involved are all unconfirmed, so confirmation with the seller or agent is needed, including whether rebuilding is permitted. The land area is from the register rather than a survey.