[Assessed 99%] Apartment building in Sumida Ward, Tokyo — 9 min from Keisei Hikifune Sta.

A whole-building apartment nine minutes on foot from Keisei Hikifune station on the Keisei Oshiage Line and eleven minutes from Omurai on the Tobu Kameido Line. Central Tokyo is about 25 minutes away with a transfer at Oshiage, and the Kirakira Tachibana shopping street is within a five-minute walk. Zoning is Quasi-industrial with an 80% building coverage ratio and 200% floor area ratio.

The building is a two-storey wooden structure completed in November 2016 with 184.66 sq m of usable floor area, arranged as a fourteen-room share house. Six rooms are on the ground floor and eight on the first, with a single entrance and a shared living-dining-kitchen, washroom, shower room, toilet and laundry area; corridors and stairs are internal. It is currently tenanted, and the listing states 100% occupancy as of August 2026 with annual income of 8.4 million yen and a gross yield of about 10%.

Given the fourteen rooms, we checked compliance with Article 5 of the Tokyo Metropolitan Building Safety Ordinance, which governs the relationship between the main entrances of a row house and the road. That article applies to row houses; this property is a dormitory-type share house with a single entrance and shared water facilities, so it falls outside its scope. Physically, the entrance faces a public road with 7.2 m of frontage directly, and there is no on-site passage narrower than 3 m. Article 4 of the same ordinance, requiring 4 m of road frontage for special-purpose buildings under 500 sq m, is also satisfied by the 7.2 m frontage.

⚠️ The road in front is 3.6 m wide, short of 4 m, so it is likely a road under Article 42 Paragraph 2 of the Building Standards Act and a setback from the road centre could arise on rebuilding. The listing gives no setback area, so we have not deducted one. Deducting a notional 0.2 m by 7.2 m, about 1.44 sq m, still gives an assessed ratio of 98.4%, so the conclusion is unchanged.

On the assessed value, the 2026 roadside land price of 350,000 yen per square metre applied to 168.95 sq m gives 59.13 million yen for the land, and the wooden replacement cost of 220,000 yen per square metre over a 22-year statutory life, with nine years elapsed and thirteen remaining, gives 24.0 million yen for the building — 83.13 million yen in total against the 84 million yen price, or 98.97%. The roadside price has risen from 290,000 yen in 2024 to 320,000 in 2025 and 350,000 in 2026, up 20.7% over three years. The land alone accounts for about 70% of the price, with the relatively new building making up the rest.

Actual coverage is about 54.6% against the 80% limit and actual floor area ratio about 109.3% against 200%, leaving room under the regulations. There is no parking, so the location depends on the station and the shopping street. How to view the operating share-house format and the setback question are the points on which judgement will divide.