[Assessed 100%] Apartment building in Sakado, Saitama — 16 min from Kita-Sakado Sta.

⚠️ Neither the Kenbiya listing nor its LIFULL HOME'S Investment mirror includes any photos, and no listing of the same property with photos was found on Rakumachi or athome. We have not been able to check for retaining walls, level differences with the front road, whether it is a flag-shaped lot, whether the two buildings are attached, or the condition of the building exteriors. ⚠️ The only road frontage is a 3.50 m-wide private road on the southwest side. The listing does not state the road's legal type (designated road or Article 42-2 road), the private-road ownership share, consent for passage and excavation, or whether setback is required. These affect whether the buildings can be rebuilt, so confirming them with the broker is a precondition for considering a purchase.

This is a bulk sale of two two-storey wooden apartment buildings in Shimizu-cho, Sakado, Saitama. The nearest station is Kita-Sakado on the Tobu Tojo Line, 16 minutes on foot. The lot number is not disclosed. The zoning is Category 1 Exclusively Low-rise Residential (building coverage 50%, floor area ratio 80%). Nearby facilities, measured as straight-line distances from Shimizu-cho's reference point in the GSI address search: 7-Eleven Sakado Kamakuracho about 240 m, Yoshinoya Sakado Kamakura about 320 m, Gatten Sushi (Motomachi) about 350 m, Steak no Don Sakado about 400 m, Gyomu Super Sakado about 490 m, and Welcia Pharmacy Sakado Yanagicho about 500 m (OpenStreetMap; because the lot number is undisclosed, actual distances from the property will differ).

The price is 36.8 million yen. Buildings (A) and (B) are each a two-storey wooden building with a cement-tile roof, 8 units, built in February 1988 (38 years old), with 119.24 m² of floor area each (238.48 m² and 16 units in total). The listing's building-area field shows 119.24 m² for one building, but the remarks give the breakdown for both, so we state the total. Expected annual income at full occupancy is 3.0 million yen, a gross yield of 8.15%, and the property is currently leased. Taking over the existing master-lease (sublease) contract is a condition of sale; the rent, term and termination terms are not stated in the listing. The land is 524 m² freehold, and the transaction is brokered.

The assessed ratio is about 100%. Using the FY2026 rosenka (roadside land price) map, we adopted 71,000 yen/m² (leasehold ratio D), the most common value on Shimizu-cho's local roads, as the representative value. Local roads in the town range from 71,000 to 74,000 yen/m², and the same band has stayed flat at 71,000 yen/m² from FY2024 to FY2026. Because the private road in front is 3.50 m wide (under 4 m), we treated it as an Article 42-2 road and deducted the setback strip up to 2 m from the road centreline (about 5.72 m², assuming a frontage of about 22.9 m), valuing the land at 518.28 m². Without the deduction the ratio would be about 101.1%, and at the 74,000 yen/m² band about 104.2%. The buildings are 38-year-old wooden structures past their 22-year statutory useful life, so their assessed value is zero and the valuation rests entirely on the land.

The asking price of 36.8 million yen is below the land value calculated at Shimizu-cho's lowest local-road band of 71,000 yen/m² (about 37.2 million yen for 524 m²). The listing does not explain why. The price may reflect that the site fronts only a private road narrower than 4 m, that a master-lease must be taken over, and that two 38-year-old buildings come with it. The road-access and photo checks noted at the top are preconditions for this valuation.