[Assessed 96%] Apartment building in Kawaguchi, Saitama — 13 min from Higashi-Kawaguchi Sta.

A whole-building apartment block in Totsukahigashi 2-chome, Kawaguchi City, Saitama, a 13-minute walk from Higashi-Kawaguchi Station on the JR Musashino Line. Totsuka-Angyo Station on the Saitama Rapid Railway is also usable at 29 minutes on foot. The frontage is an 8.00-metre public road to the west. The zoning is Category I Medium-to-High-rise Exclusive Residential within an urbanisation promotion area, with a building coverage ratio of 60 percent and a floor area ratio of 200 percent.

A two-storey wooden building completed in November 1987, on 133.56 sqm of land (registry) with 121.24 sqm of floor area, laid out as four 2K units. All four are currently let, and against the 32,000,000 yen price the gross yield is 7.46 percent on projected annual income of 2,388,000 yen. The land is held in freehold, the land category is residential, and no private-road burden is noted. There is no parking.

Multiplying the 2026 roadside land value of 230,000 yen per sqm by the 133.56 sqm of land gives a land assessment of 30,718,800 yen. At 38 years old the building has passed the 22-year statutory service life for timber construction, so it is carried at zero in our calculation. The assessment is therefore the land alone at 30,718,800 yen, or 96.0 percent of the price. The roadside land value has been climbing: 200,000 yen per sqm in 2024, 220,000 in 2025 and 230,000 in 2026.

The listing flags three conditions: boundaries not demarcated, no liability for non-conformity, and sale in current condition. The first of these needs reading alongside the fact that the land area is the registry figure of 133.56 sqm. A survey could come in below that, and the land assessment would fall in proportion. Whether a confirmed boundary survey has been carried out is worth establishing before buying.

Because the address is published only down to the chome, we derived the roadside land value by working through every band in it. Totsukahigashi 2-chome spans four map sheets (28012, 28013, 28018 and 28019), with bands running from 200,000 to 245,000 yen per sqm and the arterial at 260,000. We took 230,000 yen per sqm, the most common value on the residential streets of sheet 28018, which covers the bulk of the chome. The lowest band in the chome, 200,000 yen, would still give 83.5 percent; 215,000 gives 89.7 percent and 240,000 gives 100.2 percent. As a check, the 2025 published land price for Totsukahigashi 2-chome was about 267,000 yen per sqm, and that year's roadside value of 220,000 is 82.4 percent of it — consistent with the usual relationship of roughly 80 percent.

The listing carries a single photograph of the exterior, and it is a street-view image. On the road side, the mortar joints in the brick facing let us read the retaining height at about 0.75 metres, and the national elevation data shows the surroundings to be flat. The full perimeter of the boundary, including the eastern and northern sides, could not be checked. With the building assessed at zero after 38 years, this is in substance a land purchase that comes with rental income. Confirming the boundaries and inspecting the property in person are the sensible first steps.