[Assessed 85.8%] Apartment building in Hino, Tokyo — 14 min from Toyoda Sta.

This is an apartment building in 3-chome Tamadaira, Hino City, Tokyo, a 14-minute walk from Toyoda Station on the JR Chuo Main Line. Kita-Hachioji Station on the JR Hachiko Line is also usable, 18 minutes on foot. Tamadaira is a residential district laid out from the former Japan Housing Corporation estate, so the blocks form a tidy grid. The listing gives the chome only; the lot number is withheld.

The asking price is 100,000,000 yen. The land is 343.30 square metres on the register and the building is 294.80 square metres, a two-storey steel-frame structure completed in October 1985. It holds eight units of 1LDK and 2DK, each 36.30 square metres, with three parking spaces. All are tenanted, with expected annual income of 6,960,000 yen and a gross yield of 6.96 percent. The frontage is a 6.0-metre public road on the southeast side; the listing states there is no private-road burden and no set-back, and describes the plot as regular in shape. The zoning is Category 1 exclusively low-rise residential.

Our assessed value is 85,825,000 yen, which is 85.8 percent of the asking price. The structure field says only "steel frame", without distinguishing light-gauge from heavy-gauge. We treated it conservatively as light-gauge steel, with a 22-year statutory life, but even as heavy-gauge steel (34 years) a building 40 years old is past its life, so either way it is valued at zero. The whole assessment rests on the land.

A word on the roadside land value. The seller's own sheet quotes 265,000 yen per square metre and the headline claims a land assessment above 90 percent, but we did not take that figure and measured it ourselves. Tamadaira 3-chome spans four sheets of the roadside value map, on which the street values range from 235,000 to 275,000 yen per square metre. We took 250,000 yen, the most common value on the sheet with the widest and most uniform blocks. At the lowest figure found in the chome, 235,000 yen, the ratio is still 80.7 percent; at the seller's 265,000 yen it is 91.0 percent. Because the lot number is withheld we cannot pin the position within the chome, so that spread remains.

The listing carries a single photograph. We enlarged it three times and cropped the front and the side. The three parking bays are level with the road, and a car can be driven straight in from the marked surface. The west boundary is only a green mesh fence on a low concrete footing, with level ground on both sides. The steel stair on the right of the building leads up to the second-floor units; it is not an approach stair. Twenty-five readings from the Geospatial Information Authority's one-metre elevation data across a 40-metre square give 107.6 to 108.9 metres, a gentle slope of about 3 percent over 40 metres. The northwest and northeast boundaries are outside the frame and remain unchecked.

The listing site categorises this as a condominium block, but in substance it is a two-storey, eight-unit apartment building with an external steel stair, and we treat it as such. The building is valued at zero at 40 years old, while the land alone, 343 square metres of it, reaches 85.8 percent of the price. The reasoning behind every figure is set out in the research record below.