[Assessed 83%] Land in Adachi Ward, Tokyo — 20 min from Ogibashi Sta.

A plot of land in Motoki 1-chome, Adachi Ward, Tokyo, a 20-minute walk from Ogibashi Station on the Nippori-Toneri Liner. The listing's promotional text also says the walk is 10 minutes, but the straight-line distance from the station coordinates is about 1.27 km, which works out to a 19-20 minute walk. We use the conservative figure of 20 minutes. Nippori Station is about 13 minutes away, connecting to the Yamanote and Keihin-Tohoku lines toward Tokyo and Ueno.

The land rights come first here. The listed land area is 423.79 sqm (registry), but 55.58 sqm of that is an old-law leasehold. The buyer acquires freehold title to only 368.21 sqm. Roughly 13% of the site is leasehold and cannot be used freely as one's own land. The same property appears on another site, which lists the land area as 368.21 sqm (registry) and states the 55.58 sqm old-law leasehold separately in its remarks. Since 423.79 minus 55.58 equals 368.21 exactly, the 423.79 sqm figure clearly includes the leasehold portion. Our assessed valuation therefore covers only 367.41 sqm: the 368.21 sqm freehold portion less 0.8 sqm of setback.

The price is 88.5 million yen. The zoning is quasi-industrial with 80% building coverage and 200% floor area ratio, and the land category is residential. The frontage road is a 3.8 m public road on the south side with 8.0 m of contact; because it is under 4 m wide, a setback is required. The listing's road-access field was entirely blank, so the width, type and contact length all come from the other site's entry. Where the source listing does not state access conditions, the terms around rebuilding can change later. We recommend checking on site and with the local authority.

On the valuation: the fiscal 2026 inheritance-tax road price of 200,000 yen/sqm applied to 367.41 sqm of usable land gives a land value of 73.48 million yen, or 83.0% of the asking price. An unregistered warehouse (about 124 sqm on each of two floors) remains on the site, but the photographs show badly rusted steel framing with parts of the second-floor walls and roof missing, so we assess the building at zero. The listing does not state demolition costs. Valuing the 55.58 sqm leasehold at the 60% leasehold ratio used for inheritance tax would raise the figure to about 90.6%, but we exclude it because the buyer cannot use that portion freely.

The plot is an L-shape running north to south: a wide rectangle to the north and a 6-9 m wide strip to the south meeting the 3.8 m road. The strip is wide enough to build on rather than being a mere access pole, but the shape does constrain how the site can be used. The current condition is described inconsistently, as vacant land delivered vacant on one listing and as building present delivered as-is on the other, so whether the warehouse remains at handover needs confirmation with the seller.

The other listing's publication date is 13 March 2026, meaning the same property has been on the market for about six months. This listing is a new posting by a different agency. That is not long enough to call it stale, but we note it as context.