[Assessed 81.5%] Apartment building in Funabashi, Chiba — 15 min from Tsukada Sta.
Property Overview
| Location | Funabashi, Chiba |
| Nearest Station | Tobu Noda Line Tsukada Sta. |
| Walk | 15 min walk |
| Assessed Ratio | 81.5%Assessed 81.5% |
| Price | ¥65,000,000 |
| Type | Apartment building |
| Expected Yield | 7.33% |
| Structure | Wooden |
| Built | Built Jan 1994 (32 years old) |
| Land Area | 392.55㎡ |
| Building Area | 244.72㎡ |
Where This Property Is Listed
This property appears on the sites below. Listings matching on location, land area and building area are merged into a single article as the same property.
| athome | ¥65,000,000View listing |
Assessed Value Breakdown
| Land assessed value | ¥52,994,250 |
| Building assessed value | ¥0 |
| Total assessed value | ¥52,994,250 |
| Asking price | ¥65,000,000 |
| Assessed ratio | 81.5% |
Calculation basis
- Land = road price ¥135,000/m² × land area 392.55m²
- Building = replacement cost ¥220,000/m² × floor area 244.72m² × remaining life 0y ÷ statutory life 22y
- Built Jan 1994 (32 years old)
Official Road Price Trend (last 3 years)
Cumulative change 2024 → 2026: +8.0%| Year | Road price (JPY/m²) | YoY |
|---|---|---|
| 2024 | 125,000 | — |
| 2025 | 130,000 | +4.0% |
| 2026 | 135,000 | +3.8% |
※ Based on inheritance-tax road prices published each July — a reference for the trend in land collateral value.
How We Checked This Property
The listing had only two photos, both of nearby facilities, so besides the 2026 road price map we used past rental-listing photos of the same building and GSI elevation data to check the site and the income figures.
What We Could Not Confirm
- The listed expected income of ¥4.77 million a year (about ¥66,000 per unit per month) exceeds the roughly ¥4.10–4.25 million a year implied by past advertised rents of ¥57,000–59,000 per unit with all units let. The listing does not show current rents, occupancy or the basis for the full-occupancy figure.
- The listing has no exterior photo, so the condition of the 32-year-old building's walls and roof and its repair history could not be checked. The photos we did see are from past rental listings and may not reflect the current state.
- The full boundary could not be seen in photos, so whether there are retaining walls or level differences with neighbouring lots needs an on-site check (the two photos of the grounds and elevation data indicate flat land). We take it to be a detached building rather than a terraced one, but have not confirmed this with a photo of the whole building.
- Because the lot number is not disclosed, we have not determined whether the lot faces the ¥135,000/㎡ road or the ¥145,000/㎡ road; the lower value is used.
- The listing only says the car park has no vacancies; it does not give the number of spaces or whether parking fees are included in the income.
※ Rather than reproducing the listing as-is, we verified the figures against public sources such as the official road price maps and the listing photos. This is not based on a site visit, so please confirm on site and with the seller before deciding.
Neighborhood ① Shopping Near the Station
Neighborhood ② Dining Near the Station
About This Property
A wooden apartment building in Natsumidai 5-chome, Funabashi, a 15-minute walk from Tsukada Station on the Tobu Noda Line. Past rental listings also give access as a 15-minute bus ride from JR Funabashi Station plus a 2-minute walk from the Sangenya stop. The area is a flat Category 1 low-rise exclusive residential zone. Measured as straight-line distances from the town-block centroid to positions registered on OpenStreetMap, the Chinese restaurant Fukumanen and Sukiya are about 90–140 m away, Welcia Pharmacy Funabashi Natsumidai about 290 m, and YorkMart Natsumidai about 770 m.
Built in January 1994, it is a two-storey wooden building with six 2DK units (one 6-mat Western-style and one 6-mat Japanese-style room each) and a total floor area of 244.72 ㎡. The land is 392.55 ㎡ freehold (registered area) with 11.0 m of frontage on a 7.0 m-wide public road to the north, and there is no private-road burden. The building coverage ratio is 50% and the floor-area ratio 100%. The car park has no vacancies, bicycle parking is free, and the property is managed by periodic patrol.
⚠️ It is sold with tenants in place (owner change). The listing's expected annual income is ¥4.77 million (gross yield 7.33%), which works out to about ¥66,000 per unit per month. Past advertised rents for the same building were ¥57,000–59,000 per unit, which would give only about ¥4.10–4.25 million a year even with all six units let (gross yield about 6.3–6.5%). The basis for the full-occupancy figure and the current rents and occupancy need to be checked. The building is 32 years old, past the 22-year statutory useful life for wood, so its assessed value is ¥0 and the assessment rests on the land alone. The 2026 road price is ¥135,000/㎡, up 8.0% over two years from ¥125,000/㎡ in 2024.
The 81.5% assessed ratio comes entirely from the land valuation and moves with the road-price band of the road the lot faces (¥135,000/㎡ adopted; ¥145,000/㎡ would give 87.6%). The listing's two photos show only nearby facilities, so the building exterior and grounds cannot be confirmed from the listing. An on-site check of the building and a rent roll to back up the income figure are needed.
Estimated Financing
Suggested Lenders
※ General tendencies of lenders covering this area, for information only. This does not guarantee or suggest any specific financing outcome.
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