[Assessed 81.5%] Apartment building in Shibuya Ward, Tokyo — 10 min from Yoyogi-Uehara Sta.

⚠️ All 10 units of this building have their entrances lined up along an on-site passage (about 2.7m wide) at the back of a flag-shaped lot, and the listing photos show neither a shared staircase nor a second-floor common corridor. We therefore think it is likely a wooden stacked row house (nagaya), in which each unit has its own entrance and internal stairs. If it is a row house, it may be a legally non-conforming existing building under Article 5 of the Tokyo Metropolitan Building Safety Ordinance as amended in April 2019 (which requires an on-site passage at least 3m wide for row houses with 10 or more units, among other conditions), and it may not be possible to rebuild at the same scale. Whether the building is legally an apartment building or a row house cannot be determined from the listing. The building confirmation number field is blank and the listing does not say whether a completion inspection certificate exists, so confirmation with the broker and the local authority is a prerequisite.

The property is in Tomigaya 2-chome, Shibuya Ward, Tokyo, a 10-minute walk from Yoyogi-Uehara Station on the Odakyu Odawara Line; Yoyogi-Koen Station on the Chiyoda Line (11 min) and Komaba-Todaimae Station on the Keio Inokashira Line (14 min) are also within walking distance. Tokai University's Yoyogi Campus is immediately to the south. The building is a two-story wooden structure built in May 2013 with 10 units in total (five 1R and five 1R with loft, 13.61–26.59㎡ each) and a total floor area of 164.27㎡. The price is ¥181.5 million; it is currently tenanted, with projected full-occupancy income of ¥9.168 million a year and a gross yield of 5.05%. The 163.73㎡ lot (registered area) is freehold, zoned Category 1 Low-rise Exclusive Residential (building coverage 60%, floor area ratio 150%), in a Class 2 height control district and a quasi-fire prevention district. There is an auto-lock entrance and an on-site garbage area, but no parking.

⚠️ The lot is flag-shaped: it touches the private road on the west (4.0m wide, dead end) only through a 2.7m-wide access strip (the "pole"). We estimated the depth of the strip at about 5.2m from the photos and assessed the land at 149.69㎡, excluding the 14.04㎡ strip. The depth is an estimate from photos; if it is actually longer than about 6.4m, the assessment ratio falls below 80%. The private road in front has no route price of its own, so we borrowed ¥890,000/㎡ (leasehold ratio C) from the adjacent neighborhood street. Among the streets in Tomigaya 2-chome, ¥890,000 and ¥900,000 appear equally often, so we took the lower one; at ¥900,000 the ratio would be 82.4%. The unit price needed to keep the ratio at 80% is ¥871,238/㎡, only about 2% below the value used. The listing says nothing about consent for passage or excavation on the private road. The 5.12㎡ private-road burden is listed separately from the land area, so it is not deducted.

On the same street, the route price rose from ¥750,000 (2024) to ¥810,000 (2025) and ¥890,000/㎡ (2026), about 19% in two years. The building is 13 years old, and 9 of its 22-year statutory useful life remain and are counted in the assessment. The property offers a good location and rental income, but it carries open questions that affect both the assessment and rebuilding: the building type, the dimensions of the access strip, and the conditions of the private road. Distances to nearby places are straight-line distances from the representative point of the property's block (GSI address search) to each shop (its OpenStreetMap position).