[Assessed 143.1%] Detached house in Katsushika Ward, Tokyo — 10 min from Keisei-Tateishi Sta.

⚠️ Please note the following about photos and road access. The listing (Rakumachi) has no photos at all, and the fields for road access, building coverage ratio, floor area ratio and private road share are blank. We could not confirm the type and width of the frontage road, whether the house can be rebuilt, or whether there is a retaining wall or a step between the lot and the road. We found no other listing of the same property on SUUMO, LIFULL HOME'S Investment or Yahoo! Real Estate. The asking price of 15 million yen is also below the land value based on the route price (about 21.46 million yen). Rather than a bargain, the price may reflect conditions not shown in the listing, such as road access or the terms of the lease. Anyone considering it should check with the agent.

A detached house in Higashi-Tateishi 2-chome, Katsushika Ward, Tokyo, a 10-minute walk from Keisei-Tateishi Station on the Keisei Oshiage Line. According to GSI elevation data, the ground level around the area is minus 1.0 to 1.5 metres, a flat low-lying residential district. The lot number is not disclosed, so the exact block within 2-chome is not identified. Measured in a straight line from the centre of the block, My Basket is about 370 m away, Big-A about 470 m and York Foods Tateishi about 540 m.

The building is a two-storey wooden house built in June 1983 with a total floor area of 74.33 square metres. The land is 69.24 square metres (registered), freehold, registered as residential land, in the quasi-industrial zone of an urbanisation promotion area. The property is titled a "leaseback property", with an assumed rent of 50,000 yen per month (600,000 yen per year) and a gross yield of 4.00 percent. However, the occupancy field says "vacancy available", which contradicts the title. In a leaseback, the former owner normally stays on as the tenant, so the lease term, the conditions for rent revision or vacating, and any buy-back clause determine the income and the exit, but none of these are stated in the listing. The floor plan and parking fields are also blank.

We traced the block roads of Higashi-Tateishi 2-chome on the 2026 route price maps and adopted the most common value, 310,000 yen per square metre, as the representative value. It rose about 14.8 percent over three years, from 270,000 yen to 310,000 yen. As a 43-year-old wooden building, the building is valued at zero, and the land alone gives an assessed ratio of 143.1 percent. Even the lowest band within 2-chome (260,000 yen) gives 120.0 percent. However, if the frontage road is narrower than 4 metres and a setback is required, or if part of the lot is a narrow access strip, the effective land area will be smaller.

On paper the land value alone exceeds the price by a wide margin, but without photos, road access details or the lease terms, there is not yet enough information to judge it. It is a property to consider after confirming the frontage road and the condition of the building, whether it can be rebuilt, and the terms of the leaseback contract with the agent.