[Assessed 82.3%] Apartment building in Nishitokyo, Tokyo — 8 min from Higashi-Fushimi Sta.

Sun Court Higashi-Fushimi, a two-storey wooden apartment building in Fujimachi 6-chome, Nishitokyo, Tokyo, 8 minutes on foot from Higashi-Fushimi Station on the Seibu Shinjuku Line (the listing says 5 minutes in its summary and 8 in the text; we use the longer). Built July 2015 (11 years old), 20 studio units of 25.02-27.96 sqm, 530.20 sqm of floor area on a 530.45 sqm registered lot, priced at 220 million yen. Projected full-occupancy rent is 15,516,000 yen a year (7.05 percent gross yield) and the building is currently fully let, sold with tenants in place. Category 1 low-rise residential zone (50 percent coverage, 100 percent floor-area ratio), freehold, no private-road burden, fronting a 4.0 m public road on the east. General agency by Nomura Real Estate Solutions.

The assessed ratio is 82.3 percent. The building, 11 years into the 22-year statutory life for wood, retains 11 years and is assessed at about 58.32 million yen (220,000 yen per sqm x 530.20 sqm x 11/22). For the land we used 270,000 yen per sqm, the most frequent band among the neighbourhood roads of Fujimachi 6-chome, applied to 454.85 sqm of effective land for about 122.81 million yen; the total is about 181.13 million yen. Because the seller's website gives the frontage as '4 m public road on the east, 3.6 m of frontage', we treat the site as a flag-shaped lot and deduct the access strip (3.6 m wide x about 21 m long, about 76 sqm). Without the deduction the ratio is 91.6 percent, and with the strip at a minimum 10 m it is 87.2 percent, so it stays above 80 percent in every case. Three-year trend: 255,000 (2024), 265,000 (2025), 270,000 (2026).

Caution: the sale listing has no site photos at all. Using rental listings for the same building name (two exterior shots, the entrance and shared facilities), the path in front of the building is level with the lot and the entrance floor with no step, and the boundary with the neighbour to the south is a decorative block wall about 1 m high with the ground at the same level on both sides, so not a retaining wall. The surroundings are flat with no retaining wall, slope or stair access, and the building stands alone rather than sharing walls. These are older photos taken for tenant recruitment, however, so check the condition at the time of sale on site.

Three points to note. First, a 20-unit apartment building on a flag-shaped lot raises the question of Article 10 of the Tokyo Metropolitan Building Safety Ordinance (restrictions on special buildings on flag-shaped lots); confirm through the building permit and completion certificate that it was lawfully built, and if the '3.6 m frontage' is an error and there is no access strip, the deduction is unnecessary. Second, the 530.20 sqm floor area is almost at the 100 percent floor-area ratio, leaving no room for extension. Third, the listing gives no nearby shops, so the places below are shown by straight-line distance from the rental listing's address (Fujimachi 6-4-11).