[Assessed 136.9%] Apartment building in Fujisawa, Kanagawa — 8 min from Chogo Sta.

⚠️ Please note the lot shape and the limits of the photos. The listing describes the frontage as "west side, 4 m public road, 2.2 m frontage" — a flag-shaped lot — and gives no depth or shape for the access strip. The photos are one exterior shot plus interiors and a view; there is no photo of the frontage road, the access strip, or the north and east boundaries, so retaining walls and level differences are unconfirmed. National elevation data puts the lot on a flat plateau, but a 2–2.5 m drop (the plateau edge) runs 20–30 m to the north-east, so a retaining wall on the north-east boundary cannot be ruled out. Under Kanagawa Prefecture's building ordinance an access strip longer than 15 m must be at least 3 m wide, so with a 2.2 m frontage the rebuildability depends on the strip length (the listing does not say the lot is non-rebuildable).

The property is a small apartment building at Chogo 614, Fujisawa, Kanagawa, an 8-minute walk from Chogo Station on the Odakyu Enoshima Line (about 400 m north-north-west of the station). Odakyu OX Chogo, Coop Chogo-ekimae, Matsuya, Doutor and McDonald's are in front of the station, so daily convenience for single and couple tenants is good. Shinjuku is roughly 60 minutes away with a transfer at Sagami-Ono or Yamato. Fujisawa lies outside Route 16, but this site already carries several articles in the city.

The building is a two-storey wooden structure with 4 units (2 × 1DK and 2 × 2DK, 36.43 m² each), built in May 1980 (46 years old), total floor area 145.74 m², land 305.85 m² (Kenbiya's figure excludes private road), freehold. It is currently tenanted with full-occupancy annual income of JPY 2.424 million (JPY 202,000/month), a gross yield of 9.01% and an asking price of JPY 26.9 million, sold as-is with the handover date negotiable. Zoning is listed as "Category 1 Residential", but the 50% coverage / 80% floor-area ratios match a Category 1 low-rise exclusive residential zone, so the zoning label needs checking. Property taxes are about JPY 87,000 a year and hot water is LP gas.

For the assessment we traced the local streets in Chogo on the 2026 land-value map and took the most common value, JPY 135,000/m² (leasehold ratio D). The same street moved 125,000 → 130,000 → 135,000 yen from 2024 to 2026, up 8.0% in two years. The narrow lane the lot fronts has no assigned value (it would need a specific road value), so we borrowed the adjacent local-street value; using the lowest adjacent band of JPY 130,000/m² gives 131.9%. For the effective land area we deducted an assumed access strip of 2.2 m × 15 m = 33 m², leaving 272.85 m²: land JPY 36.83 million, building JPY 0 at 46 years old, or 136.9% of the price. With a 25 m strip the ratio is 125.9%, and with no deduction 153.5% — all well above 80%. The listing's remark of a "JPY 120,000/m² inheritance-tax road value" does not appear as a band for this block on the 2026 map, so we did not use it.

The price sits below the raw road-value total (135,000 × 305.85 m² ≈ JPY 41.3 million); the 2.2 m flag-lot frontage on an unvalued lane, the 46-year-old wooden building sold with tenants, and the proximity to the plateau edge explain that gap, and there is no mention of leasehold or missing private-road rights. If the strip dimensions, any retaining walls and the ordinance compliance for rebuilding can be confirmed with the agent and on site, this is an older apartment building whose land value comfortably exceeds the asking price.