[Assessed 104%] Apartment building in Tsurugashima, Saitama — 13 min from Tsurugashima Sta.

An apartment block in Oaza Tsurugaoka, Tsurugashima City, Saitama, a 13-minute walk from Tsurugashima Station on the Tobu Tojo Line. The building is named Corpo Mimine. Ikebukuro is around 50 minutes away by express, and the shops along the street in front of the station — a supermarket, a drugstore and a row of restaurants — cover everyday needs within walking distance.

It is a two-storey wooden block of three units (two 2DK and one 4K) on 174.74 sqm of land with 192.24 sqm of floor area, built in December 1970 and therefore 55 years old. The asking price is 16,800,000 yen and the units are currently tenanted. The listing gives annual income at full occupancy as 2,172,000 yen and a gross yield at full occupancy of 12.92 percent. The land is held in freehold, and the zoning is Neighbourhood Commercial with a building coverage ratio of 80 percent and a floor area ratio of 200 percent.

Multiplying the 2026 inheritance-tax roadside land value of 100,000 yen per sqm by the 174.74 sqm of land gives a land assessment of 17,474,000 yen, or 104.0 percent of the 16,800,000 yen price. The building is 55 years old, well past the 22-year statutory service life for wooden construction, so it is carried at zero in the assessment — the figure consists of the land alone. The roadside land value was flat at 100,000 yen per sqm across 2024, 2025 and 2026.

Three points deserve checking. The first is the road frontage. The front road is a 2.50-metre-wide private road on the north-east side, along which the site runs for 17.50 metres. Because it is narrower than four metres, whether it qualifies as a road under Article 42(2) of the Building Standards Act, and how much setback a rebuild would require, cannot be read from the listing. The listing carries no mention of being unrebuildable, of a proviso road, or of the cliff ordinance, but we have not been able to confirm the road classification itself.

The second is how the land area is stated. This listing site states land area net of private roads, and here 174.74 sqm and a separate 71 sqm of private-road burden are given as two figures. We treated the private road as a separate parcel and assessed the full 174.74 sqm. What share of the private road comes with the property, and whether consent for passage and excavation has been obtained, are not stated. The third is the building: three wooden units, 55 years old. The occupancy is described inconsistently across listings — "fully occupied" in one and "tenanted" in the other — and we have taken the more conservative reading. Neither the repair history nor the condition of the interiors is given.

With no remaining value in the building, the land alone assesses above the asking price. Confirming the classification and share of the private road, and the current occupancy, would make the decision considerably clearer.