[Assessed 90.9%] Condominium building in Ageo, Saitama — 4 min from Shonan Sta.

This apartment block is a 4-minute walk from Shonan Station on the Saitama New Urban Transit Ina Line (the New Shuttle) and an 8-minute walk from Haraichi Station, so two stations are within reach. The New Shuttle runs through to Omiya without a change, and connecting at Omiya puts central Tokyo around 50 minutes away. An Inageya supermarket sits about 120 m from the property and a convenience store within 180 m, so everyday shopping does not require a trip via the station.

The site measures 673.32 sq m on the register and the building 540.54 sq m: a three-storey reinforced concrete block completed in January 1998, now 28 years old. All twelve units share the same 2DK plan at 45.05 sq m, and the building is currently fully occupied and sold with tenants in place. Against a projected annual income of 9,427,200 yen the gross yield is 6.45 percent. The plot faces public roads on two sides, 5.99 m to the south-west and 6.47 m to the north-east, with no private-road burden recorded. Zoning is Category I residential, with a 60 percent building coverage ratio, a 200 percent floor area ratio and parking on site.

The inheritance-tax road price for FY2026 is 90,000 yen per square metre, having run 87,000 yen in 2024 and 88,000 yen in 2025 - a 3.4 percent rise over two years. The land is assessed at 60.59 million yen; reinforced concrete carries a 47-year statutory life and 19 years remain, so the building adds 72.11 million yen, for a total of 132.7 million yen. Against the asking price of 146 million yen that is an assessed ratio of 90.9 percent. The building accounts for 54 percent of the assessment, which makes this a different proposition from an older land-value play.

Because the listing gives the address down to the block - 1-3-13 Haraichinaka - we identified the block and measured the road price there rather than extrapolating from the surrounding Oaza Haraichi. Substituting the adjacent 86,000 yen band gives 89.1 percent, the highest band in the district at 94,000 yen gives 92.7 percent, and even the conservative 76,000 yen for Oaza Haraichi gives 84.4 percent, so no choice of band drops below 80 percent.

There are, however, things the listing does not tell us. It describes the building as fully occupied, but the rent, lease term and renewal date for each of the twelve units are not disclosed, so the make-up of the projected income cannot be checked. For a 28-year-old reinforced concrete building the record of major repairs - external repainting, roof waterproofing - would matter, and that is absent too. The building confirmation number field is blank. We could confirm from the four listing photographs that the road and the plot sit at much the same level, with no retaining wall, slope or stepped approach.