[Assessed 83.1%] Apartment building in Kawasaki Ward, Kawasaki, Kanagawa — 4 min from Kawasaki-Shimmachi Sta.

A two-storey wooden apartment building completed in March 2016 in Watarida-Shinmachi 3-chome, Kawasaki Ward, Kawasaki. The nearest station is Kawasaki-Shimmachi on the JR Nambu Line (the branch section between Shitte and Hama-Kawasaki), a 4-minute walk. The price is ¥140 million and the assessed ratio is about 83.1%. ⚠️ The road access field is blank in every listing; the width, type and frontage length of the front road are not stated and have not been confirmed. Photos show a front road with a centre line and a pedestrian crossing, and the opening on the road side spans the full width of the site, so it is not a flag-shaped lot.

The land is 351.5 m² freehold (registered area) with no private road burden or setback, as also shown on the seller-side agent's own website. Zoning is Category 2 Residential (60% coverage, 200% floor area ratio), Height District 3, in a quasi-fire prevention district. The building has 193.76 m² of floor area with twelve 1K units of 16.14 m² each and is currently let. Annual rent at full occupancy is ¥8.0395 million, a gross yield of 5.74%. ⚠️ The listing states that a sublease (master lease) contract is in place (handling negotiable); the rent actually received and the terms of the sublease, including whether it can be terminated, cannot be determined from the listing.

For the route price we used ¥265,000/m², the most common value on the local streets of Watarida-Shinmachi 3-chome (leasehold ratio D). The same route rose from ¥240,000 (2024) to ¥250,000 (2025) and ¥265,000/m² (2026), about 10.4% over two years. The land accounts for about 66.5% of the price in the assessment, and the building is valued on the 12 years remaining of the 22-year statutory useful life for wood. From the map location on the seller-side agent's site we narrowed the location to block 7 of 3-chome, but we have not confirmed that this location is the property itself. ⚠️ If the site fronts the narrow lane at ¥245,000/m² on the north side of this block, the assessed ratio would fall to about 78.1%. The front road in the photos does not look like a lane, but the route the site fronts has not been confirmed.

In the eight listing photos the site is flat; on the road side the external corridor slab is only one step (about 0.15–0.2 m) up, with no stairs from the road. The block walls on the neighbouring boundaries are at most about 0.8 m high, and the building stands on its own rather than being attached to a neighbour. Nearby shops, measured as straight-line distances from the centroid of Watarida-Shinmachi 3-chome (OpenStreetMap), include a 7-Eleven at about 200 m, My Basket at about 340 m and Maruetsu at about 380 m. Before considering a purchase, the width, type and frontage of the front road and the terms of the sublease need to be confirmed with the agent.